Nigeria Approves $3.5bn Loan for Education and Power

Upon receiving approval from the Nigerian government, a $3.45 billion loan has been authorized for financing critical power sector initiatives, as well as an education and resource mobilization initiative. Although the initiative is intended to stimulate progress within the nation, it has engendered apprehensions regarding the escalating national debt crisis. Minister of Finance and Coordinating Minister of the Economy Wale Edun made the announcement during a press briefing that followed a Federal Executive Council (FEC) meeting on Monday at the Presidential Villa’s Council Chambers in Abuja, presided over by President Bola Tinubu. Edun disclosed that the loans would be characterized […]



Nigeria to Receive $2.5 Billion from Afreximbank For Economy And Infrastructure

The African Export-Import Bank (Afreximbank) has announced that it has reached an agreement to spend $2.5 billion in Nigeria for infrastructure development and economic growth. This is part of the African multilateral financial institution’s commitment to help strengthen Nigeria’s economy by emphasizing the country’s importance to the bank. This admission was made by Prof. Benedict Oramah, President/Chairman of the Board of Directors of Afreximbank, when he led a delegation of the bank to meet the Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, in his office, according to the News Agency of Nigeria (NAN). “We decided that[…]