World Bank approves $2.25 billion loan to back Tinubu’s reforms Wale Edun, Nigeria’s minister of finance and coordinating minister of the economy announced Thursday night the approval of two major financial support packages by the World Bank. The loans are part of President Tinubu’s ongoing efforts to stabilise the economy,[Read More…]
Dangote says $2.4bn borrowed to fund refinery repaid Aliko Dangote, Africa’s richest person, says he has repaid about $2.4 billion of the $5.5 billion borrowed to build his $19 billion refinery. Speaking at the Afreximbank annual meetings (AAN) and AfriCaribbean Trade and Investment Forum in Nassau, The Bahamas, on[Read More…]
AfDB to support Nigeria’s power sector reforms with $1bn loan The African Development Bank announced its plans to support Nigeria’s power sector with a $1 billion policy-based operation (PBO) fund to boost electricity access. Kevin Kariuki, AfDB vice-president, power, energy, climate change and green growth complex, revealed the[Read More…]
FG to get $2.25bn loan from World Bank in June The World Bank will, in June 2024, consider and give final approval to Nigeria’s $2.25 billion loan request, the finance ministry said Monday. The loan comprises a $1.5 billion loan in Development Policy Financing and another $750 million in[Read More…]
FG wants $1.5b World Bank Loan to support Naira The Federal Government of Nigeria is seeking a new $1.5 billion loan from the World Bank to support naira exchange value. The loan if given will raise the country’s debt to $115.85 billion, having piled up in the Muhammadu Buhari years[Read More…]
Union Bank, BFREE Forge Strategic Partnership to Revitalise Loan Portfolios Union Bank of Nigeria and BFREE, a cutting-edge German-Nigerian FinTech firm, have signed a Memorandum of Understanding (MOU). This agreement, according to a statement, signifies a joint commitment to addressing economic challenges and revitalising distressed loan portfolios in Nigeria[Read More…]
Nigeria Ranks 4th On World Bank Borrowers’ List With $14.3Billion Debt World Bank has ranked Nigeria fourth position on the top 10 of its International Development Association (IDA) borrowers’ lost with $14.3 billion in debt. This was revealed in a World Bank Fiscal Year 2022 audited financial statement, which[Read More…]
FCMB’s SheVentures launches interest-free loans for female exporters First City Monument Bank (FCMB) has launched the SheVentures Export Readiness Programme to support women-owned businesses in Nigeria looking to expand into global markets. The programme will give participants access to insightful knowledge, focused advisory, and zero-interest loans to fund their export[Read More…]
CBN reveals loan to FG rose to N23.18trn The Central Bank of Nigeria (CBN) has published its financial report for the year ended December 31, 2022, almost two weeks after President Bola Tinubu appointed Jim Obazee, ex-CEO of FRC as special investigator to investigate the bank. The published report revealed[Read More…]
In a move towards fostering gender equality, inclusiveness and economic empowerment, Polaris Bank has announced the disbursement of business support loans to female-owned businesses in the first quarter of 2023. This is part of the Bank’s commitment to supporting women and female-owned businesses through the provision of soft loans. [Read More…]
