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…
The Federal Government was to issue Promissory Notes worth N195.08bn to 270 companies to settle part of the Export Expansion Grant liabilities to exporters. The amount is expected to bring succour to the export sector in particular and the economy in general following a series of delays that have plagued the release of the EGG.…
The Executive Directors of the World Bank have unanimously selected David Malpass as the 13th President of the World Bank Group for a five-year term beginning on Tuesday, April 9, 2019. The World Bank said in a statement on recently that the board expressed its deep gratitude to its interim President, Kristalina Georgieva, for her…
Nigerian entrepreneur Fajemi Gognaje, 35 years old, started a new business in 2016, selling agricultural inputs like seed and fertiliser. Under a new contract with Cultivating New Frontiers in Agriculture (CNFA), an international agricultural development organisation, the U.S. Agency for International Development (USAID), recently launched the new Feed the Future Nigeria Agribusiness Investment Activity. This…
The Central Bank of Nigeria has said the country attracted $6 billion foreign investments in the first three months of the year. Speaking with journalists at the end of the Bankers Committee meeting in Lagos recently, Central Bank of Nigeria (CBN) Director, Banking Supervision, Ahmad Abdullahi noted that confidence in the economy by both local…
Nigeria is building a new deep-sea port and considering two additional facilities to ease congestion in the main harbors of the commercial capital, Lagos, which currently handle about 80 percent of all shipping traffic in Africa’s biggest oil producer. A new facility is already under construction in the Lekki Free Trade Zone in Lagos through…
The Nigerian National Petroleum Corporation (NNPC) has expressed its commitment to a zero gas flare regime for every new gas project, even as it trains its sights on commercializing existing gas flare projects for the benefits of the host communities and Country at large. Group Managing Director of the NNPC, Dr. Maikanti Baru, stated this…
The Federal Government said it plans to set up cashew processing plants in four states of the country to add value to the product and create employment, wealth in the country. Audu Ogbeh, the Minister of Agriculture and Rural Development, said this in an interview with the News Agency of Nigeria (NAN) in Abuja. Mr.…
Anambra State Governor, Willie Obiano of Anambra has inaugurated a modern fish feed production plant valued at N1.2 billion in Onitsha to boost fish business in the state. The News Agency of Nigeria (NAN) reports that the private plant is owned by Grand Cereals Ltd., a Nigerian integrated foods company that produces and markets consumer…
The Federal Executive Council (FEC) has approved over five key power projects to improve electricity supply and distribution in the country, Communication Adviser to the Minister of Power, Work and Housing, Hakeem Bello said. Bello said FEC approved distribution expansion programme to off-take part of the stranded 2,000 megawatts (MW) to provide dedicated power. Final…