Tag: Afreximbank

FG secures $5bn Afreximbank funds to boost economy

Aminu Imam
FG Afreximbank2

The Federal Government says it has secured $5 billion from Afreximbank to strengthen the economy, including a $3 billion targeted at de-risking the economy. Minister of Industry, Trade and Investment, Doris Uzoka-Anite, revealed this while delivering her address at the Manufacturing Association of Nigeria (MAN) summit at the Presidential Villa, Abuja on Thursday. The Ministry secured $5billion funds, including a $3b for de-risking Nigerias business environment with AFREXIM bank at an event in the Bahamas in June, the minister said. Uzoka-Anite, who delivered her address at the concluding session of…

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FG seals $3.5bn deal with Afreximbank for textile industry, CNG vehicles, other Initiatives

Aminu Imam
FG Afreximbank

The Federal Government has announced a $3.5 billion agreement with Afreximbank to enhance the textile industry and promote the use of Compressed Natural Gas (CNG) vehicles, among other initiatives. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, who made this disclosure in a statement on X on Tuesday, said the deal was signed with the international financial institution during 31st Afreximbank Annual Meeting in Nassau, The Bahamas. She stated that the agreement will help realise President Bola Ahmed Tinubus vision for a diversified and prosperous Nigerian economy. She said,…

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Constitutional lawyers declare NNPCL, Afrexim banks $3bn loan illegal, threatens court action

Aminu Imam

…Demands transparency A group of lawyers under the umbrella of Constitutional Lawyers Forum (CLF) has declared the $3 billion emergency loan recently secured on papers by the Nigeria National Petroleum Company Ltd (NNPCL) from the African Export-Import Bank (Afrexim) to stabilise the countrys foreign exchange market and crude oil repayment, as illegal and unconstitutional. Recall that the national oil company and the bank on August 16 jointly signed a commitment letter and term sheet for the emergency loan. The facility, according to them, will provide some immediate disbursement that will…

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Nigeria gets Afrexim $3bn to fight Naira speculators – NNPCL

Aminu Imam

President Bola Tinubu and the Central Bank of Nigeria, (CBN), have received a three billion dollars firepower from African Export-Import Bank, (AFREXIM) in Cairo to help them fight the so-called speculators that have ambushed the local currency. According to a statement issued late yesterday, the state oil company, the Nigerian National Petroleum Company Limited, (NNPCL), the NNPCL and Afrexim Bank have jointly signed a commitment letter and term sheet for an emergency $3bn crude oil repayment loan. It was learnt that senior oil officials from the NNPCL, NUPRC as well…

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Afreximbank, Silverbird sign deal for world-class film complex in Lagos

Aminu Imam

African Export-Import Bank (Afreximbank) and the Silverbird Group have signed a partnership agreement to build West Africas largest and most modern educational and film studio complex in Lagos. The partnership was signed by Afreximbank’s Director of Project & Asset-Based Finance, Helen Brume and Founder of Silverbird Group, Ben Murray-Bruce. According to Murray-Bruce, who stated this on the side-lines of the Africa Investment Forum, the complex will deliver a differentiated business model across the film industry value-chain. The ground-breaking project, the ‘Ben Murray-Bruce Studios and Film Academy’ (BMB Studios and Film…

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