30

Aug

Japan And the African Development Bank Have Pledged $5 Billion To Assist Indebted African Countries

The Japanese government and the African Development Bank (AfDB) have formed a $5 billion financial partnership to assist countries in the region experiencing debt crises. According to a statement on the AfDB website, the bank made the vow on Sunday at the eighth Tokyo international conference on African development (TICAD8) in Tunisia. The AfDB stated that the assistance would be provided during the fifth phase of the enhanced private sector assistance for Africa project (EPSA 5) from 2023 to 2025. It stated that the fund will consist of $4 billion from the existing window and an extra $1 billion from […]

08

Aug

The Central Bank of Nigeria Advises Manufacturers To seek Loans From Organizations That Fund Development

The Central Bank of Nigeria has recommended the Manufacturers Association of Nigeria (MAN) to seek finance from development financing institutions such as the Development Bank of Nigeria and the Bank of Industry. Mr. Eboagwu Ezulu, Deputy Director, Financial System Stability Directorate of the Central Bank of Nigeria (CBN), disclosed this at the first National Stakeholders Conference held in Lagos by the Association of Corporate Affairs Managers of Banks (ACAMB) in collaboration with the Chartered Institute of Bankers of Nigeria (CIBN). The Manufacturers Association of Nigeria (MAN) also urged commercial banks and the Organized Private Sector (OPS) to work together to[…]

26

Jul

Access Bank Will get $280 Million In Funding From DFC, Helping Small Businesses In Nigeria

The United States International Development Finance Corporation (DFC) signed a $280 million loan agreement with Access Bank on Monday to help Small and Medium Enterprises (SMEs) in Nigeria. Scott Nathan, CEO of DFC, and Roosevelt Ogbonna, managing director of Access Bank Plc in Nigeria, signed a commitment document for $280 million in funding. The loan would assist in closing the funding gap for SMEs and advancing financial inclusion in Nigeria, including the bank’s commitment to helping women-owned and led firms. “DFC’s investment in Access Bank demonstrates the United States’ support for private-sector-led development in Nigeria and across West Africa,” Nathan[…]