16

Nov

Nigeria will benefit from Afreximbank’s $40 billion pledge for intra-African commerce

Over the next five years, the African Export-Import Bank (Afreximbank) plans to disburse $40 billion to stimulate intra-African commerce. Nigeria is anticipated to profit from the money because it has expressed an interest in contributing to intra-African trade prospects. Afreximbank President Benedict Oramah announced this on Monday during the opening session of the 2021 Intra-African Trade Fair (IATF) in Durban, South Africa. He stated that the bank is committed to supporting Africa’s drive to create institutions as well as the implementation of the African Continental Free Trade Agreement (ACFTA). AfCFTA is a trade agreement between African Union member states that […]

01

Nov

Banks Begin Deducting Loans From The Accounts Of Habitual Debtors

According to research, Deposit Money Banks are recovering debts due by chronic debtors from their accounts in other banks in order to slow the increase of non-performing loans in the industry. According to data from the Central Bank of Nigeria and the National Bureau of Statistics, NPLs in banks decreased slightly from N1.2tn at the end of the second quarter of 2020 to N1.1tn at the end of July 2021. Despite an increase in gross loans in the industry during the time, this is the case. The CBN stated that the actions it implemented, such as the Global Standing Instruction,[…]

21

Oct

The Bank of Industry Has Been Faulted For Its Inability To Track SME Loans

ABUJA, Nigeria– The Bank of Industry (BOI) leadership was chastised by the Senate yesterday, Wednesday, for its inability to identify the whereabouts of loans disbursed to beneficiaries of government credit facilities under the Small And Medium Enterprises (SMEs) support program. Members of the Senate Committee on Trade and Investment took turns questioning the BOI’s Managing Director, Olukayode Pitan, who claimed that the bank was unaware of the loan recipients. The BOI’s Managing Director went before the Committee on Industry for an interactive discussion on the 2021 budget. Pitan stated during his budget defense that the loans are secured by bank[…]