Tag: LOAN

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 Nigeria’s 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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Nigeria’s foreign loans push capital inflow up by 19%

Aminu Imam
DMO3

Higher loan inflows in to Nigeria increased capital importation into the country in January 2024 by 19 percent month-on-month, MoM, to $330 million from $280 million in December 2023, according to the Central Bank of Nigeria (CBN). The apex bank which disclosed this in its ‘Monthly Economic Report for January 2024‘, said: “Higher inflow of loans boosted foreign capital inflow in the review month”. Providing further details on the capital importation during the period, the CBN report stated: “New investments to the economy increased by 17.9 per cent to $0.33…

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?’Ex President Buhari lavished’ $100m World Bank women empowerment loan on meetings’ – Women Minister

Aminu Imam
Ex Women's minister

Minister of Women Affairs, Uju Kennedy-Ohanenye, has accused former President Muhammadu Buhari’s administration of lavishing the initial $100 million of a $500 milion World Bank loan for women empowerment. Ohanenye said Buhari’s government “lavished” the $100 million on meetings, advocacy and consultancy. The Minister made this known in a published interview yesterday. Recall that the World Bank on June 27, 2023 approved a fresh $500 million loan for Nigeria to help improve the livelihood of women in Nigeria. Ohanenye commended President Bola Tinubu for his proactive involvement in the project,…

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FG mulls fresh N7.24tr borrowing to fund Intervention plan

Aminu Imam
FG loan

The Federal Government may borrow an additional N7.24 trillion in 2024 to fund its economic intervention plan. This was revealed during a presentation by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on an Accelerated Stabilisation and Advancement Plan (ASAP) designed to address key challenges affecting the reform initiatives and stimulate development in various sectors of the economy. The Government already intends to borrow N9.18 trillion to fund its deficit in the year. The intervention financing will cost an additional N7.24 trillion, pushing the total debt…

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FG secures $7bn foreign direct investment to boost oil sector – Edun

Aminu Imam
Minister Edun

Minister of Finance, Wale Edun, has said that Nigeria secured a $7 billion Foreign Direct Investment, (FDI), in order to boost the country’s oil and gas sector. Edun disclosed this during an interview in a television programme at the weekend. “In terms of figures, seven billion dollars is estimated to come in from the oil sector, with another major improvement in the economic environment, the national single-window project, which is an e-community and trade facilitation platform, which will revolutionise what goes on at the ports”, he said. Meanwhile, in the…

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Independent Broadcast Stations accept Tinubu’s BOI loan offer – IBAN Chairman, Ramalan

Aminu Imam
IBAN Chairman, Ramalan

…Keys into FG’s CNG agenda Chairman of Independent Broadcasters Association of Nigeria, (IBAN), Alhaji (Dr.) Ahmed Tijjani Ramalan has submitted a letter on behalf of its 33 members, accepting Presidential Bola Tinubu’s offer of the Bank of Industry (BoI) soft loan to Broadcast Media stations. Ramalan revealed this to the Hon. Minister of Trade and Investment, Dr. Nkiruka, during a courtesy call on the Minister by the leadership of IBAN in Abuja, yesterday. The Trade and Investment Minister assured members of IBAN that the Bank of Industry would be having…

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FG secures $500m World Bank loan to boost DisCos

Aminu Imam
W'Bank loan

The Federal Government has secured $500million loan from the World Bank to improve electricity Distribution Companies (DisCos) performance. This was disclosed in a press statement issued yesterday by the Bureau of Public Enterprises (BPE)’s Head, Public Communication, Amina Tukur Othman. She said, approved on February 4, 2021, by the World Bank Board of Directors, this funding supports the Nigerian Distribution Sector Recovery Program (DISREP) aimed at improving the financial and technical performance of the DisCos. The Distribution Sector Recovery Programme, (DISREP), said the Head of Public Communications, is designed to…

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Senate approves $500m loan for metering Nigerians

Aminu Imam
Senate approves

…Says over 92m Nigerians yet to be metered The Senate has approved a $500 million loan request by the Federal Government to be used by the Bureau of Public Enterprises, (BPE), for “metering Nigerians” for the supply of electricity to their homes. According to the Ministry of Power, over 92 million Nigerians have yet to be metered. In another development, a Bill to establish the Federal Polytechnic Onueke, Ebonyi State in the South Eastern Nigeria, which was sponsored by Senator Kenneth Emeka Eze, has passed a second reading in the…

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Nigeria set to receive fresh $2.2bn World Bank loan – Edun

Aminu Imam
9ja map green

The Federal Government is set to receive around $2.2 billion single-digit interest loan from the World Bank and another budget support facility from the African Development Bank, (AfDB). Minister of Finance, Wale Edun, disclosed this during a press briefing at the end of Nigeria’s activities at the World Bank/International Monetary Fund, (IMF) Spring meeting in Washington DC, the United States on Saturday. Speaking on the sources of international funding to the Nigerian economy, Edun listed diaspora remittances, foreign portfolio investments, and facilities from the World Bank and other international development…

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CBN suspends application for new intervention loans

Aminu Imam

The Central Bank of Nigeria has announced a suspension of applications for new loans, under its development finance intervention funds programme. The suspension represents a significant shift in its approach to development finance intervention funds, which was previously considered a cornerstone of the central bank. The apex bank also charged Deposit Money Banks with the recovery of previously granted loans under the scheme. The CBN made this known in a circular, titled: “Suspension of Acceptance of New Applications under the Existing Central Bank of Nigeria, CBN Development Finance Intervention Programme”,…

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