Airk Air granted Afrexim loan

Nigerian flag carrier, Arik Air, has been selected as one of the airlines that will benefit from a $20 billion (about N4 trillion) African Export-Import Bank (Afreximbank) syndicated loan. The news was revealed in a speech by Mugoya, senior manager, syndicated and special finance department, Afreximbank, at the 25th Annual Air Finance in Africa. Mugoya did not reveal how much of the loan would be granted to Arik Air, however. He went on to state how the country’s airlines were suffering from foreign exchange rates since revenues are in naira but expenses are in US dollars. He also called for