The African Development Bank (AfDB) has approved $300 million and $50 million trade finance loans to First Bank of Nigeria and FSDH Merchant Bank Nigeria to support local enterprises involved in import-export activity. The AfDB disclosed this in its monthly newsletter signed by the Nigeria Country Field Office, on Wednesday in Abuja. The publication stated […]
Read More The African Development Bank (AfDB) has approved a $9million equity investment in the Fund for Agricultural Finance in Nigeria (FAFIN) to provide expansion capital to agric small and medium-sized enterprises (SMEs), according to a statement issued by continental lender yesterday. The statement said FAFIN is a first-generation private equity fund that provides financial, capacity-building and […]
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It was recently reported that Nigeria is seeking for an “emergency loan” of $3.5b to help finance the 2016 Budget. According to the Financial Times, Nigeria is seeking funding of $2.5b and $1b World Bank and Africa Development Bank (ADB) respectively. The medium quoted the Minister of Finance Kemi Adeosun: I’m getting sub 3 per […]
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The Federal Government has asked the African Development Bank for a $1bn (N199bn) loan to help fund an increased budget deficit, the bank said on Tuesday. The AfDB, according to Reuters, stated that it was considering the loan to the continent’s largest economy and oil producer, where the drop in crude prices has hit growth, […]
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Christine Lagarde is having some trouble sleeping at night. The head of the International Monetary Fund said “quite a few countries” are keeping her awake lately, but at the top of the list are low-income nations that rely heavily on exporting oil. “I think of a country like Nigeria, for instance, where 90% of its […]
Read More MINISTER of Finance, Mrs. Kemi Adeosun, says Nigeria is exploring local and domestic sources to fund the N1.8tn deficit in the 2016 budget currently undergoing approval at the National Assembly, Punchng report. She, however, maintained that Nigeria had yet to submit any formal application for loans with any of the multilateral institutions. The minister said […]
Read More THE Federal Government is seeking from the World Bank and the African Development Bank the sum of $3.5bn (N697bn) in emergency loans to fill a growing gap in its budget in the latest sign of the economic damage being wrought on oil-rich nations by tumbling crude prices. The $2.5bn (N498bn) loan from the World Bank […]
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