At the end of March 2019, the African Development Bank’s active portfolio in Nigeria rose to 60 operations with total commitments of $4.5bn. The bank said these comprised 28 public sector operations with total commitments of $1.7bn (21 national and seven regional); 34 non-sovereign operations with total commitments of $2.8bn. In a statement, the bank…
A mutilated banknote refers to a poor quality banknote that requires a special examination to determine its value. The note could be partially or permanently damaged by fire, water, dye, insects, rodents or destroyed by natural disasters. In a circular issued by the CBN, it said the initiative was in a bid to enhance the…
The Senate has declared that when passed into law, the Bill on Agriculture, Industry and Modernisation currently before the Senate would transform Nigeria. According to the Senate, the bill when passed into law, will give the required legal framework for mechanised farming in the country, particularly in the area of land to be used for…
The board of the African Development Bank has approved an institutional support grant of $4.8m to the African Union, to accelerate the momentum of the African Continental Free Trade Area Agreement. AfCFTA received its 22nd ratification on April 2, bringing the agreement into force. Nigeria, has however been assessing the impact the AfCFTA would have…
Despite the ratification of the African Continental Free Trade Area (AfCFTA) Agreement by 22 countries, the delay by four countries in depositing their instruments, as well as other trade issues needed to be addressed before the deal becomes operational, may stall the implementation beyond the proposed date of July, 2019. The AfCFTA is expected to…
Edo State Government has acquired a N5bn loan from the Central Bank of Nigeria (CBN) under the Commercial Agric Credit Scheme, to be invested in rice and maize production across the three senatorial districts. The State government seeks to harvest 17,000 tonnes of rice and 11,000 tonnes of maize by cultivating 6,600 hectares of land…
A multi-billion-dollar healthcare system in the United States, Montefiore Health System, has expressed readiness to help find a lasting solution to Nigeria’s healthcare problem. President of Montefiore, Prof. Phillip Ozuah, stated this when the Consul General of Nigeria in New York, Mr. Benayaogha Okoyen, visited the hospital to have a firsthand assessment of the facilities.…
Godwin Obaseki, Governor, Edo State, has disclosed that MainOne and Facebook have invested $20m for the development of terrestrial fiber infrastructure in the state. Obaseki made the disclosure in Dubai, United Araba Emirates (UAE), after attending the ninth edition of the Annual Investment Meeting (AIM), themed, “Mapping the Future of Foreign Direct Investment: Enriching World…
The Board of the African Development Bank has approved a $15m investment package for Infrastructure Credit Guarantee Company, to support infrastructure financing through the domestic debt capital markets in Nigeria. The investment package to InfraCredit comprised a subordinated loan of $10m and a risk sharing facility of up to $5m. AfDB stated that the intervention…
