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FG Seeks $2.3bn Loans From W/Bank, China

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  • FG Seeks $2.3bn Loans From W/Bank, China

The Federal Government is seeking to borrow at least $1bn from the World Bank and another $1.3bn from China’s Export-Import Bank, the Minister of Finance, Mrs. Kemi Adeosun, has said.

Officials said the country was planning to finalise its proposal to the World Bank this month.

Adeosun told CNBC on Tuesday that the Federal Government was hoping to sign in the next few months a loan worth $1.3bn from China’s Export-Import Bank to fund railway projects.

The minister, however, said there was no need to apply for an International Monetary Fund programme as the Federal Government was pursuing its own economic reform plan, Reuters reported quoting CNBC.

Sharp falls in the price of crude oil, which have made the naira to tumble following the steep fall in foreign exchange revenue, have plunged the economy into its first recession in 25 years.

This has prompted suggestions that the country may need the IMF funding to cover a growing budget deficit.

Adeosun told CNBC in the interview, “For us, the IMF is really a lender of last resort when you have balance of payments problem. Nigeria doesn’t have balance of payments problems per se; it has a fiscal problem.

“We are already doing as much reform as any IMF programme would impose on Nigeria. Nigerians want to take responsibility for their future. We must have our home-grown, home-designed programme of reform.”

The minister stated that non-oil revenues were improving while the government was fine-tuning an economic reform plan needed to support an application for a loan of at least $1bn from the World Bank.

It is also seeking further funds from the African Development Bank.

“Non-oil revenue is improving very steadily. All the measures we have put in place are beginning to yield fruits,” she said, without giving numbers.

“Oil production is back up; we are very grateful for that, but we should be careful for getting excited about that,” she added.

The country needs to plug a gap in its record N7.3tn ($23.17bn) 2017 budget proposal, which contains a number of measures aimed at stimulating the economy.

The government had initially promised to submit an economic plan to the World Bank by the end of December but did not do so, sources told Reuters last month.

The Federal Government will also present its economic proposal to the African Development Bank to help release a second loan tranche worth $400m to support the budget, officials have said.

Adeosun also said one or two banks had yet to remit the Federal Government’s revenues to the Treasury Single Account with the Central Bank of Nigeria.

The Federal Government had in 2015 introduced the TSA policy as part of an anti-corruption drive, draining the banking system of liquidity.

“We have written to all banks,” Adeosun told CNBC, adding that one or two lenders had yet to move revenues to the new account.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Banking Sector

TAJBank Deploys NQR Solution To Ease Customer Transactions

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TAJBank, Nigeria’s non-interest bank, has announced the deployment of the NQR Payment solution, an indigenous Quick Response Code (QRC) by the Nigeria Interbank Settlement Scheme (NIBSS), for merchants and customers as the newest addition to its innovative e-business channels.

The NQR Payment solution is a secure QR-code-based payments and collections platform developed for merchants and customers to receive and make payments for goods and services in a quick, easy, contactless and secure manner.

A statement signed by the Founder/Chief Operating Officer of the bank, Mr. Hamid Joda, indicated that the ingenious solution would further drive TAJBank’s culture of innovation and create a seamless payment experience for its rapidly growing individual and corporate customers in their banking transactions.

“We are excited to have this payment channel introduced into the nation’s financial system as an addition to other innovative solutions we have deployed over the past few months.

This is a proof that, as we have said in our communications signature line, TAJBank’s interest is always in our customers”, Joda enthused.

In his remarks, the non-interest lender’s Chief Marketing Officer/Co-Founder, Mr. Sherif Idi, also maintained that the deployment of the NQR payment solution would revolutionize the e-payment experience and open new frontiers for small, medium and large scale businesses who are major stakeholders of the bank.

Since it commenced operations in the non-interest banking segment of the financial services industry, TAJBank is noted for its impeccable track record of growth and innovation, rendering exceptional quality services to customers.

The lender’s NQR solution is open to all customers of the bank, both merchants and individuals, across all its branches and digital channels globally.

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Finance

African Development Bank’s First Virtual Business Opportunities Seminar of 2021, Draws 450 Global Partners and Suppliers

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The African Development Bank hosted its first virtual business opportunities seminar (BOS) of 2021 on 6 and 7 April.

The BOS seminars offer a one-stop shop for companies, civil contractors, manufacturers, consultants, and suppliers from the Bank Group’s regional and non-regional members seeking to provide goods and services to projects or to the Bank.

Held virtually as a result of the ongoing Covid-19 pandemic, delegates were informed about the Bank’s strategy for supporting economic growth, its priority areas, rules and procedures for project and corporate procurement, and ongoing public and private sector operations.

During the sessions staff discussed the sectors that offer opportunities for partners and suppliers: climate change; infrastructure, cities and urban development; industries and trade; finance and SMEs; agriculture; health, human capital, youth, and skills development.

“The Bank’s 2021 Business Opportunities Seminar was an impressive learning experience and an open door to interact virtually with different experts and gain insights into best practices and directions for conducting effective business approaches within the Bank,” said David Andrés Rojas Mejía, Senior Business Development Specialist at Catalonia Trade and Investment Promotion Agency.

Private sector partners contributed richly to the discussion, sharing their experience around partnering and contracting with the Bank. They included Kwame Boate, country director of TechnoServe Inc., (Ghana) and Cletus Kayenwee of the Rural Enterprises Program at the Ghanaian Ministry of Trade, who shared their experience contracting with the Bank on Ghana’s “One District One Factory” Enable Youth Program. The program aims to build the entrepreneurial capacity of graduate youth. Participants also heard from Abdelillah Zenjari, Deputy General Director of TEKCIM. He shared his experience partnering and obtaining a loan of €45 million to build a cement factory with a capacity of 1.4 million tons in the region of d’El Jadida in Morocco.

Over the years, the seminars have hosted approximately 2,500 delegates from 55 countries, with an average of 75% of delegates from non-regional member countries and 90% from the private sector.

For the Bank, the seminars increase interest in Bank-financed projects and enhance competition, thereby promoting higher-quality offers that deliver optimal value for money for its regional member countries.

“The sessions have also helped me to understand how to find opportunities for my firm by being better able to navigate your procurement framework and processes,” said Dede Watkin, Business Development Manager at Beale &Co, a participant.

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Finance

Nirsal: CBN Reopens Application for N50 Billion COVID-19 Loan for Households and Small Businesses

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The Central Bank of Nigeria has started receiving fresh applications for N50 billion COVID-19 loan for small businesses and households affected by the pandemic.

The CBN through Nirsal Microfinance Bank announced it has reopened its portal for households and Micro Small and Medium Enterprises (SMEs) affected by COVID-19 to access up to N25 million.

Bashir Ahmad, the Personal Assistant to President Muhammadu Buhari on New Media, disclosed this on March 10, 2021 via his Twitter handle.

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