CBN coordinates banks, other financial institutions on a rescue mission to raise N1.5 trillion for infrastructure
Businessam Staff
March 13, 2020
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said the apex bank would work in collaboration with commercial banks and other financial institutions in the country, to raise the sum of N1.5 trillion. The money will serve the purpose of financing the construction of critical infrastructure in Nigeria through a special purpose vehicle. Apparently, […]
CBN’s LDR policy improves access to credit – Business operators
Businessam StaffNovember 22, 2019
Members of the organised private sector (OPS) have said the directive by the Central Bank of Nigeria’s (CBN) that banks should channel 65 per cent of their lending to the real sector is impacting positively on access to credit. Representatives of the OPS disclosed that the policy has begun to provide solutions to the problem […]
Equities market appreciates 0.4% as investors hunt bargain
Adesola AfolabiFebruary 4, 2019
Investors at the equities segment of the Nigerian Stock Exchange kick-started the week searching for bargains in fundamentally sound stocks. Buying interest in bellwether stocks such as Nigerian Breweries (+5.3%), Access Bank (+1.6%) and Guaranty Trust Bank (+0.5%) improved the All Share Index by 0.4 percent to 30,745.05 points. Market capitalisation thus rose by N40.5 […]
FG Rakes in $9.5b from over subscribed bonds
Adesola AfolabiNovember 15, 2018
Nigeria’s fund drive for project finance received a major boost on Wednesday as the country’s $2.86 billion Eurobond offering to international investors was over subscribed by 327 percent. The over subscribed figure stands at $9.5 billion. Zainab Ahmed, the minister of finance in a thread of tweets Thursday morning, noted that the fund raising was […]
AfDB approves $100m senior loan to Nigeria’s Indorama Fertilizer
Businessam StaffMay 17, 2018
The African Development Bank has approved $100 million senior loan to Nigerian firm, Indorama Eleme Fertilizer & Chemicals Limited, to support the company’s plans to double its fertilizer production from 1.4 million tons of urea to 2.8 million tons per annum. The Bank’s intervention follows a previous loan extended to Indorama Fertilizer in 2013 for […]
Election funds, minimum wage review to change inflation curve in Q2
Businessam StaffApril 15, 2018
The impending release of election funds, budget passage in May and the minimum wage review are seen feeding into prices, which would change the current inflation curve, according to analysts. They say the demand-pull effect of increased liquidity could exacerbate inflationary pressure despite headline inflation (year-on-year) declining for the 14th consecutive month to 13.34 percent […]
Nigeria’s Wema Bank secures $35m from AfDB, ICD to fund SMEs
Businessam StaffMarch 27, 2018
Nigeria’s Wema Bank Plc. announced Tuesday it has received total of $35 million from the African Development Bank (AfDB) and the Islamic Corporation for the Development of the Private Sector (ICD) to grow financial support to small and medium enterprises. It specifically said it signed a line of credit agreement with the African Development Bank […]
World Bank approves $486m for Nigeria’s electricity grid improvements
Bukola OdufadeFebruary 16, 2018
The World Bank Thursday approved an International Development Association (IDA) credit and an IDA scale-up facility credit in the tune of $486 million for the rehabilitation and upgrading of Nigeria’s electricity transmission substations and lines. The investments, which are under the Nigeria Electricity Transmission Project, would increase power transfer capacity of the transmission network and […]
Beijing kills Viacom’s $1bn movie-funding deal
Businessam StaffNovember 8, 2017
Viacom’s Paramount Pictures said a $1 billion movie funding deal with China’s Huahua Media has been scrapped after Beijing tightened foreign investment policies. It’s the latest Hollywood-China tie-up to unravel due to regulatory pressure, following Wanda Group’s abandonment of a deal to buy production company Dick Clark Productions for $1 billion earlier this year. Under an agreement announced […]