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Tag: Loans

Finance

Only 18% of Nigerian retailers can access formal loans — FMCG

A new report by commerce technology company Omni, has revealed that only 18 per cent of Nigerian retailers have been able to access formal loans despite widespread demand for financing. Nairametrics reported that the report, launched at the Omni Insights Forum in Lagos on Friday, noted that access to credit remains the biggest challenge facing […]

featured Opinion

‘Stop giving Tinubu’s govt loans’, Nigerians on X warn World Bank

Economists and Nigerians have raised concerns about Nigeria’s debt level, describing it as a high-risk fiscal state, warning that improvement is necessary despite stability in some critical debt measures. Nigerians have taken to social media, urging the World Bank to reject the recent proposed $1.2 billion loan request. The Nigerian Economic Summit Group has cautioned […]

featured Finance

FG seeks fresh $1.25bn World Bank loan for reforms, jobs

The Federal Government is in advanced discussions with the World Bank over a proposed $1.25bn loan facility aimed at supporting economic reforms, investment growth, and job creation in Nigeria. According to The PUNCH, the proposed funding, known as the Nigeria Actions for Investment and Jobs Acceleration Programme, has reportedly reached a critical stage in the […]

Finance

Nigeria secures $10bn in external loans in two years

The Federal Government has secured external loans worth over $10 billion in the last two years, but only about $5 billion, roughly half of the secured amount, has been disbursed so far. According to data from the Debt Management Office, these loans were contracted from multilateral organizations, regional financial institutions, and the International Capital Market […]

NELFUND clears student loans for 108 institutions nationwide
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How to apply for student loan

The long-awaited student loan programme has commenced on Friday, benefiting 1.2 million students in federal tertiary institutions across Nigeria, according to Akintunde Sawyerr, Managing Director/Chief Executive Officer of the Nigeria Education Loan Fund. Speaking at a pre-application sensitisation press conference in Abuja on Monday, Sawyerr announced that students from federal universities, polytechnics, colleges of education, […]

News

Foreign loans account for 59% capital importation – NBS

The National Bureau of Statistics’ most recent capital importation data for foreign loans accounted for no less than 59.1% of the $2.31 billion in capital imported into the country in 2023. According to The PUNCH, the study states that “foreign capital inflow increased to $1.09 billion in the last quarter of 2023 from $654.65 million […]

Tinubu appoints Olusi as new BoI boss
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Tinubu writes Senate, seeks $7.8bn, €100m loans approval

President Bola Tinubu on Wednesday sought the approval of lawmakers at the Red Chamber for another $7.8bn and another €100m. This is coming barely 24 hours after seeking approval of N2.18tn Supplementary budget. The President’s request was contained in a letter read by the Senate President, GodsWill Akpabi, on Wednesday. The letter from the President […]

Nigerian retailers, wholesalers may not escape poverty – World Bank economists
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World Bank okays fresh $700m loan for Nigeria

    The World Bank has approved a new loan of $700 million aimed at strengthening educational opportunities and empowerment for adolescent girls in Nigeria. This additional funding is allocated to support the ongoing project, the Adolescent Girls Initiative for Learning and Empowerment, which seeks to improve access to quality education and empower young girls […]

Banks’ bad loans hit N478bn in Q1 2023
Banking

Banks’ bad loans hit N478bn in Q1 2023

    During the first half of 2023, four prominent banks, including Guaranty Trust Bank Holding Plc , FBN Holdings Plc, FCMB Group Plc, and Fidelity Bank Plc, collectively reported non-performing loans valued at N478.93 billion. According to The PUNCH, this marked a notable increase of almost 16 percent from the N413.36 billion reported at […]

Workers knocks govs over N2.2tn loans from banks
News

Workers knocks govs over N2.2tn loans from banks

    Findings have revealed that the state governments across the federation are owing commercial banks the sum of N2.2tn. According to data from the Central Bank of Nigeria’s quarterly statistical bulletin obtained by PUNCH, states and LGAs owing banks a total of roughly N2.21 trillion as of March 2023. The aforementioned represents a significant […]

Nigerian firm seals $750k solar deal
Business Energy featured

Nigerian firm seals $750k solar deal

A Nigerian mini-grid participant named Husk Power Systems has secured finance for solar mini-grid projects in Nasarawa State totaling $750.000. According to Nairametrics, the loan was made accessible by a German development finance organization. Husk intends to build eight new community solar microgrids in the state of Nasarawa. Funds from DEG’s Up-Scaling Program, which is […]

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