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Guaranty Trust Bank (GTBank) Sort Codes Across Nigeria

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List of Gtbank Sort Codes or All the Sort Codes of GTBank in Nigeria

Gtbank sort codes identifies both the bank and the branch where an account is domiciled. A GTB sort code is a 9-digit number with the first 3 digits identifying the bank’s code, while the next digit represents the location and the last 5 digits tell the branch.

Below is the complete list of Guaranty Trust Bank sort codes and branches across Nigeria.

S/N STATE BRANCH SORT CODE
1 ABIA ABA, ABA-OWERRI RD 058-235212
2 ABIA ABA, PORT HARCOURT ROAD 058-235225
3 ABIA UMUAHIA 058-237016
4 ABUJA ABUJA , WUSE II 058-083228
5 ABUJA ABUJA,  AREA 11 GARKI 058-083257
6 ABUJA ABUJA, ADETOKUNBO ADEMOLA CRESCENT 058-083299
7 ABUJA ABUJA, GARKI 058-083215
8 ABUJA ABUJA, GWAGWALADA 058-083244
9 ABUJA ABUJA, KUBWA 058-083273
10 ABUJA ABUJA, MAITAMA 058-083231
11 ABUJA ABUJA, NATIONAL ASSEMBLY 058-083260
12 ABUJA ABUJA, ULO PLAZA,WUSE ZONE 5 058-083309
13 ABUJA AMINU-KANO ABUJA 058-083286
14 ABUJA ASOKORO 058-083956
15 ABUJA CADASTRAL ZONE,CBD ABUJA 058-083969
16 ABUJA KAURA NAMODA 058-083972
17 ADAMAWA MUBI 058-098213
18 ADAMAWA YOLA 058-093616
19 ADAMAWA YOLA 058-093629
20 AKWA IBOM UYO 058-015513
21 ANAMBRA AWKA 058-027116
22 ANAMBRA NNEWI 058-025817
23 ANAMBRA ONITSHA 058-025118
24 ANAMBRA ONITSHA, NEW MARKET 058-025121
25 ANAMBRA BRIDGE HEAD 058-025134
26 ANAMBRA OLD CEMENTRY ROAD 058-025118
27 ANAMBRA NNAMDI AZIKWE UNIVERSITY 058-027129
28 ANAMBRA NNAMDI AZIKWE UNIVERSITY, AWKA 058-017126
29 ANAMBRA ONITSHA III – BRIDGE HEAD 058-025139
30 BAUCHI BAUCHI 058-036013
31 BAUCHI BAUCHI, AZARE 058-036026
32 BAYELSA YENAGOA 058-325410
33 BENUE MAKURDI 058-053818
34 BORNO MAIDUGURI 058-063413
35 BORNO MAIDUGURI, MONDAY MARKET ROAD 058-063426
36 BORNO UMTH,MAIDUGURI 058-063433
37 CROSS RIVER CALABAR 058-075618
38 CROSS RIVER IKOM 058-077412
39 DELTA AIRPORT ROAD, WARRI 058-244151
40 DELTA ASABA 058-244135
41 DELTA SAPELE 058-247310
42 DELTA WARRI 058-244119
43 DELTA DELSU ABRAKA 058-094178
44 EBONYI ABAKALIKI 058-335918
45 EDO AUCHI 058-447615
46 EDO BENIN V – IKPOBA HILLS 058-044254
47 EDO BENIN, AKPAKPAVA 058-044238
48 EDO BENIN, EKENWAN RD 058-044241
49 EDO BENIN, SAPELE ROAD 058-044128
50 EDO BENIN, USELU 058-044225
51 EDO BENIN 058-044267
52 EDO EKPOMA 058-244274
53 EKITI ADO-EKITI 058-184619
54 EKITI EKSU 058-184444
55 EKITI EKITI 058-034442
56 ENUGU ENUGU, OGUI ROAD 058-255315
57 ENUGU ENUGU, RANGERS 058-255328
58 ENUGU NSUKKA 058-257517
59 FCT APO 058-083930
60 FCT JABI 058-083943
61 GOMBE GOMBE 058-036217
62 IMO OKIGWE 058-105931
63 IMO ORLU 058-105928
64 IMO OWERRI 058-105711
65 IMO OWERRI 2 058-105724
66 JIGAWA DUTSE 058-266511
67 KADUNA KADUNA 058-113114
68 KADUNA KADUNA 4 (BARNAWA) 058-113143
69 KADUNA KADUNA, KANO ROAD 058-113130
70 KADUNA KADUNA, NNAMDI AZIKWE 058-113127
71 KADUNA ZARIA 058-118119
72 KADUNA NDA KADUNA 058-113156
73 KANO KANO 058-123010
74 KANO KANO, BACHIRAWA RD 058-123049
75 KANO KANO, BELLO ROAD 058-123036
76 KANO KANO, WAPA 058-123052
77 KANO KANO, ZARIA RD 058-123023
78 KANO KANO 058-123065
79 KATSINA KATSINA 058-133916
80 KEBBI BIRNIN KEBBI 058-276116
81 KOGI LOKOJA 058-286410
82 KOGI OBAJANA 058-288311
83 KOGI OKENE 058-288418
84 KWARA ILORIN 058-144439
85 KWARA ILORIN GRA 058-144426
86 KWARA ILORIN, UNITY ROAD 058-144413
87 KWARA OFFA 058-144714
88 KWARA KWARA POLY 058-144468
89 KWARA UNILORIN 058-144455
90 LAGOS ABULE EGBA 058-152489
91 LAGOS ADENIYI JONES 058-152434
92 LAGOS ADEOLA ODEKU 058-152094
93 LAGOS ADETOKUNBO ADEMOLA 058-152146
94 LAGOS AJAH 058-152272
95 LAGOS AJOSE ADEOGUN 058-152502
96 LAGOS AKIN ADESOLA 058-152052
97 LAGOS AKOWONJO 058-152366
98 LAGOS ALABA 058-152560
99 LAGOS ALAUSA 058-152340
100 LAGOS ALLEN 058-152023
101 LAGOS AMUWO ODOFIN 058-152599
102 LAGOS ANTHONY 058-152298
103 LAGOS APAPA, BURMA ROAD 058-152515
104 LAGOS APAPA, COMMERCIAL RD 058-152049
105 LAGOS APAPA, CREEK ROAD 058-152188
106 LAGOS ASPAMDA 058-152078
107 LAGOS BANK ANTHONY 058-152065
108 LAGOS BAYO KUKU 058-152586
109 LAGOS BROAD ST 058-152036
110 LAGOS CATHOLIC MISSION 058-152243
111 LAGOS CBD ALAUSA 058-152612
112 LAGOS CHEVRON DRIVE 058-152405
113 LAGOS COMPUTER VILLAGE,IKEJA 058-152573
114 LAGOS DIYA GBAGADA 058-152528
115 LAGOS EGBEDA, IDIMU RD 058-152450
116 LAGOS FESTAC 058-152269
117 LAGOS IBAFO 058-152201
118 LAGOS IDI-ORO 058-152418
119 LAGOS IDUMOTA 058-152421
120 LAGOS IKORODU 058-152324
121 LAGOS IKORODU 058-152625
122 LAGOS IKOSI 058-152230
123 LAGOS IKOYI 058-152081
124 LAGOS IKOYI 2 058-152531
125 LAGOS ILUPEJU 058-152104
126 LAGOS ISOLO 058-152379
127 LAGOS ISOLO, AIRPORT ROAD 058-152227
128 LAGOS KETU 058-152395
129 LAGOS LASU 058-152544
130 LAGOS LAWANSON 058-152557
131 LAGOS LEKKI 058-152159
132 LAGOS LUTH 058-152308
133 LAGOS MAGODO 058-152638
134 LAGOS ITIRE 058-152641
135 LAGOS MARINA 058-152162
136 LAGOS MATORI 058-152447
137 LAGOS MOLONEY 058-152463
138 LAGOS MUSHIN 058-152256
139 LAGOS OBA AKRAN 058-152120
140 LAGOS OBA AKRAN, BERGERPAINTS 058-152382
141 LAGOS OGBA 058-152175
142 LAGOS OJODU 058-152492
143 LAGOS OJUELEGBA 058-152311
144 LAGOS OKE-ARIN 058-152476
145 LAGOS OKOTA 058-152337
146 LAGOS ONIPANU 058-152353
147 LAGOS OPEBI 058-152214
148 LAGOS OREGUN 058-152117
149 LAGOS PLAZA 058-152010
150 LAGOS ST GREGORY 058-152609
151 LAGOS BODE THOMAS 1 058-152133
152 LAGOS BODE THOMAS 2 058-152670
153 LAGOS TIAMIYU SAVAGE 058-152285
154 LAGOS YABA 058-152191
155 LAGOS PLURAL HOUSE 058-152654
156 LAGOS IKOTA 058-152696
157 LAGOS IKOTUN BRANCH 058-152706
158 LAGOS WESTERN AVENUE 058-152683
159 LAGOS CELE – IJESHA 058-152719
160 LAGOS ABULE EGBA 2 058-023266
161 LAGOS APAPA, DUOLLA ROAD 058-152883
162 LAGOS EGBE ROAD 058-152845
163 LAGOS FESTAC 2 058-152777
164 LAGOS INTL AIRPORT RD 2 058-152722
165 LAGOS IPAJA 058-152764
166 LAGOS LASPOTECH 058-152829
167 LAGOS MASHA 058-153006
168 LAGOS OGBA 2 058-152942
169 LAGOS ORILE COKER 058-152748
170 LAGOS UNILAG 058-152751
171 LAGOS IJU 058-152890
172 LAGOS LAUTECH 058-199112
173 NASARAWA KARU 058-206911
174 NASARAWA LAFIA 058-206814
175 NIGER KONTAGORA 058-168017
176 NIGER MINNA 058-163711
177 OGUN ABEOKUTA 058-174218
178 OGUN ABEOKUTA, ASERO 058-179077
179 OGUN ABEOKUTA, UNAAB 058-179064
180 OGUN AGBARA 058-179080
181 OGUN IJEBU ODE 058-179048
182 OGUN OOU AGO-IWOYE,OGUN STATE 058-174144
183 OGUN SAGAMU 058-179035
184 OGUN SANGO OTTA 058-174810
185 OGUN RCCG 058-179129
186 OGUN BABCOCK 058-174823
187 ONDO AKURE 058-184318
188 ONDO FUTA 058-184321
189 ONDO ONDO 058-184334
190 OSUN ILE-IFE 058-294910
191 OSUN ILESA 058-299012
192 OSUN O.A.U ILE-IFE 058-294923
193 OSUN OSOGBO 058-294512
194 OYO IBADAN, APATA 058-194049
195 OYO IBADAN, BODIJA 058-194023
196 OYO IBADAN, CHALLENGE 058-194065
197 OYO IBADAN, DUGBE 058-194010
198 OYO IBADAN, MOKOLA 058-194052
199 OYO IBADAN, RING ROAD 058-194036
200 OYO OGBOMOSO 058-199028
201 OYO OYO 058-199057
202 PLATEAU JOS, AHMADU BELLO WAY 058-203325
203 PLATEAU JOS, JENGRE ROAD 058-203312
204 RIVERS BONNY ISLAND 058-217214
205 RIVERS PORTHARCOURT, ABA RD 058-215025
206 RIVERS PORTHARCOURT, AZIKIWE RD 058-215041
207 RIVERS PORTHARCOURT, EAST WEST RD 058-215054
208 RIVERS PORTHARCOURT, INDUSTRIAL LAYOUT 058-215070
209 RIVERS PORTHARCOURT, SHELL RA 058-215038
210 RIVERS PORTHARCOURT,TRANS AMADI 058-215012
211 RIVERS PORTHARCOUT, IKWERRE ROAD 058-215067
212 RIVERS PORTHARCOUT, NTA ROAD MGBUOBA 058-215083
213 RIVERS NAOC 058-215096
214 RIVERS RVSG Secretariat 058-215944
215 RIVERS ABA ROAD PH E-BRANCH (Reports to 502) 058-023600
216 SOKOTO SOKOTO 058-223512
217 SOKOTO SOKOTO, MAIDUGURI ROAD 058-223525
218 SOKOTO USMAN DAN FODIO 058-223538
219 TARABA JALINGO 058-306617
220 TARABA WUKARI 058-308518
221 YOBE DAMATURU 058-316717
222 ZAMFARA GUSAU 058-326312

All the Sort Codes of GTBank in Nigeria

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.

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Insurance

Global Insurance Market Records Losses in H1 2021

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Insurance NAICOM- Investorsking

The global insurance market in the first half of 2021 was inundated with claims from natural disasters and catastrophes as well as claims from civil unrest, a report by the global insurance broker, Aon has revealed.

According to the report, claims from the risks are estimated to have reached $42 billion for the first half of 2021. Aon in the report stated that the claims are 2 percent higher than the 10-year average.

In Nigeria, while both the Nigeria Insurers Association (NIA), which is the umbrella body of insurance underwriters and the regulator, the National Insurance Commission (NAICOM) are still collating the actual claims figure paid by insurers within the period, many insurers are still battling with a backlog of claims resulting from the October 2020 EndSARS protest.

Insurers told explained that the EndSARS protest claims are already clashing with their claims responsibilities in the first half of the year.

According to NIA, there are a total of 1,661 protest-induced claims as a result of the #EndSars protests, of which 143 substantiated claims worth an N105.0million have been settled.

A similar experience is shared by South African insurers as reports from that clime said losses from week-long riots were estimated at over $690 million.

According to Reuters, claims from damage and theft from businesses affected by civil unrest in South Africa are likely to be between ZAR7bn ($484m) and ZAR10bn ($692m).

The news agency said the riots and looting which started on July 9 and ended July 17, left more than 117 people dead, hurt thousands of businesses and damaged major infrastructure, including telecommunications towers, in some of the worst civil unrest in decades.

It said the unrest triggered by the jailing of ex-president Jacob Zuma failing to appear at a corruption inquiry, widened into an outpouring of anger over poverty and inequality.

South African Special Risks Insurance Association (Sasria), a state-owned insurer set up after private firms stopped underwriting risks relating to political violence due to unrest during apartheid, has received around ZAR100m in claims so far, its managing director Cedric Masondo told Reuters, adding this was expected to rise significantly.

Aon, said that while $42 billion of first-half catastrophe insured losses is only 2 percent higher than the 10-year average ($41 billion), it is 39 percent higher than the 21st Century average ($30 billion) and 101 percent higher than the average of all years since 1980 ($21 billion).

In total, Aon estimated that natural disasters cost the global economy around $93 billion in the first half of 2021.

It stated, “The economic loss tally is some 32 percent lower than the previous decade ($136 billion), 16 percent lower since 2000 ($110 billion), but 9 percent higher than the average of all years since 1980 ($85 billion). All of these numbers remain preliminary, “it stated.

Aon’s data comes from a minimum of 163 natural disaster events that occurred in H1 2021, which was below the 21st Century average (191) and median (197).

In terms of loss of life, it said natural disasters claimed 3,000 lives during the first half, which is well below the long-term average (since 1980) of 38,900 and the median of 7,600.

Across the events, Aon counted 22 that drove billion-dollar economic losses, the majority of which were weather-related.

The global broker said there were at least 10 separate billion-dollar industry catastrophe loss events on an insured loss basis, it also said the costliest of them all was the US winter storm and freezing weather delivered by the polar vortex, which Aon pegs at the generally accepted $15 billion levels.

It added, “After that, the severe weather event in Europe in June drove a $3.4 billion industry loss, the Fukushima offshore earthquake a $2.5 billion loss and another US severe weather event $2.5 billion as well.”

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Banking Sector

Zenith Bank GMD, Onyeagwu Advocates Impact Investment In Africa

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Zenith Bank - Investors King

The Group Managing Director/Chief Executive of Zenith Bank, Mr. Ebenezer Onyeagwu, has called for increased impact investing in Africa for the continent to attain its full potential.

He made the call during his keynote address at the Africa Investment Risk & Compliance Summit 2021 organised by the Emerging Business Intelligence & Innovation (EBII) Group which was held at the prestigious University of Oxford, United Kingdom, on Friday, July 30, 2021.

Mr Onyeagwu delivered his keynote address after the special keynote address by His Excellency, Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana & Commander-in-Chief of the Ghana Armed Forces, who was the Special Guest of Honour. Her Excellency Dr Amani ABOU-ZEID, The African Union Commissioner in charge of Infrastructure and Energy, also delivered a keynote address at the Summit.

Delivering the keynote address with the theme “Leveraging Impact Investment Opportunities for Growth in Africa”, Onyeagwu described impact investing as an investment that yields optimal returns for investors, value for all stakeholders, and guarantees continued sustenance and existence of humanity.

He decried the shallowness of Africa’s financial market as depicted by the fact that no African exchange is among the Morgan Stanley developed markets index, only two African exchanges (Egypt and South Africa) are in the MSCI Emerging Markets Index, and just six African exchanges are in the MSCI Frontier Market Index.

He noted that although the International Finance Corporation (IFC) estimates that the global investors’ appetite for impact investing could total as much as $26 trillion, only approximately 8 percent of the assets of impact intent funds are focused on Africa.

According to him, this is not significant enough, and Africa appears to be in the room but not on the table, considering that Africa is in dire need of investment and the continent’s 1.3 billion people represent about 17 percent of the global population of about 7.8 billion.

Citing the immense opportunities in Africa that represent enormous investment proposition for discerning investors, including the huge population, large market and active labour force, and the rich natural endowment, Onyeagwu described Africa as “the new frontier” for global growth.

He made a case for increased impact investment in Africa, noting that investment opportunities on the continent cut across agriculture, healthcare, housing, infrastructure, electricity, and the creative sectors.

Onyeagwu exuded immense optimism on the coming into effect of the African Continental Free Trade Area (AfCFTA) initiative, which would create a single, continent-wide market for goods and services, business and investment as being in one country on the continent grants investors access to the entire continent.

He also called investors’ attention to Africa’s rich natural endowment, which includes 60 percent of the world’s uncultivated arable land and 9 percent of the world’s freshwater bodies, noting that Africa holds enormous potential for organic food production.

He, therefore, implored investors in the agribusiness value chain to focus attention in Africa on organic food production instead of genetically modified food in other climes.

Onyeagwu also noted that as a socially responsible organisation, Zenith Bank continues to promote impact investment in Africa. For example, the bank has maintained strong advocacy for investment in Africa through its flagship sponsorship of “Inside Africa” on CNN for 16 consecutive years, which is helping to highlight the immense creativity and talent that abound on the continent and the enormous investment opportunities on the continent of Africa.

He also said that the bank leverages its in-depth knowledge of the African market to guide investors and hedge their exposures.

According to him, the bank has been on a steady Environment, Social and Governance (ESG) investment journey, which started with ESG integration as a business strategy as well as being a signatory to the Nigerian Principles for Sustainable Banking and the United Nations Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking.

For its efforts, Onyeagwu noted that Zenith Bank received recognition as the “Best Company in Promotion of Gender Equality and Women Empowerment in Africa” at the 2020 Sustainability, Enterprise and Responsibility Awards (SERAS).

In his call to action, Onyeagwu called for a paradigm shift, noting that Africa is a work in progress, and leaders in the public and private sector should not despair. He encouraged leaders to champion the changes they want to see, pay close attention to responsibility and accountability in leadership.

He also called for the de-risking of Africa through reforms, improved ease of doing business, respect for the rule of law and sanctity of contract, and human capital development.

Onyeagwu expressed satisfaction with the several reforms of the Federal Government of Nigeria, including the Road Infrastructure Tax Credit Scheme (RITC), the establishment of the Rural Electrification Agency’s (REA) Rural Electrification Fund (REF), Infraco Plc, and several other development finance initiatives of the Central Bank of Nigeria.

He also noted that several African countries, including Ghana, Kenya and Rwanda, are recording massive improvements in the ease of doing business, leveraging digital technology to simplify government processes and deepen the financial system.

He implored Africans to see themselves as brothers and sisters, say no to xenophobia, and speak with one voice and not with discordant tunes.

Onyeagwu implored the rest of the world to look at Africa as an investment destination that guarantees optimal returns. He noted that Africa has profound talent that abounds across the world and contributes to the development of these climes, and this should be reciprocated.

He encouraged Africans to imbibe the spirit of UBUNTU – “I AM BECAUSE YOU ARE” since we are all connected in humanity.

Zenith Bank is Nigeria’s largest and one of Africa’s largest financial institutions by tier-1 capital, with shareholders’ funds in excess of NGN1.1 trillion ($2.64 billion) as of December 31, 2020. The bank is a clear leader in the Nigerian financial space, with several firsts in the deployment of innovative products and solutions that ensure convenience, speed and safety of transactions.

The Emerging Business Intelligence & Innovation (EBII) Group is independent specialist compliance and global risk management consultancy firm offering education and expert consulting services to entities in the West seeking opportunities for diversification and growth in emerging markets and Africa.

The Group supports African entities and governments with their risk management and compliance requirements and delivers practical and genuine support to firms by providing a comprehensive and relevant assessment of risks, enabling them to successfully navigate their risks and ensure adherence to their compliance requirements.

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Loans

Nigeria’s Loans From World Bank, AfDB Stood At $14.35B Under Buhari Administration

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Loan - Investors King

Nigeria’s liabilities to the World Bank and the African Development Bank rose from $7.14 billion to $14.25 billion between June 30, 2015, and March 31, 2021, data obtained from the Debt Management Office have shown.

This means that the commitment of the banks to the country rose by $7.11 billion within the period under review. This represents an increase of 98.48 percent.

As of June 30, 2015, the Federal Government had borrowed a total sum of $6.19 billion from the World Bank.

A breakdown of the group’s portfolio in the country shows that a greater part of the loans was obtained from the International Development Association, an arm of the World Bank that specialises in giving concessional loans to poor and fragile countries.

The IDA commitment to Nigeria amounted to $6.09 billion. Another member of the group, the International Fund for Agricultural Development, had a commitment of $94.80 million in the country.

Similarly, at the same time, the AfDB commitment to the country stood at $946.52 million, comprising loans from various internal bodies such as the African Development Bank ($350 million) and African Development Fund ($596.53 million).

By March 31, 2021, the Federal Government’s debt to the World Bank had risen to $11.51 billion, reflecting a $5.32 billion or 86 percent increase.

This debt portfolio included loans of $11.10 billion and $410.23 million from the International Development Association and International Bank for Reconstruction and Development respectively.

With a commitment of $11.51 billion, the World Bank is responsible for 35.02 percent of Nigeria’s foreign portfolio of $32.86 billion as of March 31.

At the same period, the Federal Government acquired $1.59 billion from the AfDB, $0.21 million from Africa Growing Together Fund and $942.51 million from ADF.

This brought the AfDB’s commitment to the country to $2.74 billion, representing 8.3 percent of the country’s total external debt. Most of the loans from the World Bank and the AfDB were tied to a programme or infrastructure project.

On December 14 2020, the World Bank approved a $1.5bn loan to Nigeria, earmarked for two projects: Nigeria COVID-19 Action Recovery and Economic Stimulus Programme and The State Fiscal Transparency, Accountability, and Sustainability Programme.

On June 27, 2018, the bank approved a loan of $775 million for the following projects: Fiscal Governance and Institutions Project, Nigeria Erosion and Watershed Management Project – Additional Financing, Nigeria Polio Eradication Support Project Additional Financing, Nigeria Electrification Project and the State Fiscal Transparency, Accountability and Sustainability scheme.

On March 23, 2017, the bank approved a $200 million credit for the implementation of the Agro-Processing, Agricultural Productivity Enhancement and Livelihood Improvement Support Project and Nigeria, while a $150m credit was offered for Mineral Sector Support for Economic Diversification Project on April 14 same year.

On June 7, 2016, the bank approved a $1.1 billion credit as additional finance to fund the following projects: State Education Program Investment Project, Community and Social Development, Nigeria Youth Employment and Social Support, State Health Investment Project, Third National Fadama Development Project, NG-Polio Eradication Support Project and the National Social Safety Nets Project.

One of the loans approved by the Board of Directors of the AfDB to the Nigerian government is a financing package comprising $150 million ADB loan, $100 million ADF loan and the £5m RWSSI Grant Facility, to finance the Inclusive Basic Service Delivery and Livelihood Empowerment Integrated Programme on December 14, 2016.

Also in 2016 but on December 16, another loan was approved, which was a financing package of $100 million, comprising an $80 million loan and $20 million equity for the rehabilitation of the Kainji and Jebba hydro plants.

On December 3, 2018, the Board of Directors of the AfDB approved a $150 million sovereign loan to finance the Nigeria Electrification Project.

Another loan was approved on April 24, 2019, which was a $70 million loan for a road project in Nigeria’s Southeastern Ebonyi State with the bank providing $40m and its co-financier, AGTF, contributing $30 million.

On June 5, 2020, a $288.5 million loan was approved to help Nigeria tackle the COVID-19 pandemic and mitigate its impact on people and businesses.

As of March 31 2021, 54.26 percent of the country’s external debt portfolio belonged to multilateral organisations including the International Monetary Fund ($3.48 billion), Arab Bank for Economic Development in Africa ($5.88 million), European Development Fund ($51.33 million) and Islamic Development Bank ($29.72 million) and $223.28 million from International Fund for Agricultural Development.

Bilateral debts make up $4.18 billion or 12.73 percent of the country’s external debt exposure.

Nigeria’s is currently indebted to the following bilateral agencies: Export-Import Bank of China, with a portfolio of $3.40 billion; the Exim Bank of India, with a portfolio of $34.95 million; the Agence Française de Développement, with a portfolio of $486.6 million; the Japan International Cooperation Agency, with a portfolio of $74.6 million; and Germany, with a portfolio of $183.7 million.

Commercial loans now comprise 32.47 percent of the country’s external debt exposure, with a value of $10.67 billion.

These loans include $10.36 billion Eurobonds, and $300 billion Diaspora Bond, through which the Federal Government borrowed from Nigerians living abroad.

On the other hand, as of June 30 2015, Eurobond was the only commercial loan available and it constituted 14.54 percent of the country’s external debt exposure with a value of $1.5 billion.

Meanwhile, multilateral sources constituted 70.11 per cent of the country’s external debt exposure at the stated period while bilateral sources made up 15.35 percent of the country’s total foreign debt exposure of $10.32 billion.

Financial experts have continually condemned the huge borrowings of the Federal Government, noting that the country’s rapidly growing debt profile is detrimental to the economy.

The President of the AfDB, Dr Akinwumi Adesina, had during the virtual launch of the African Economic Outlook 2021 described debts owed by African countries including Nigeria as unsustainable.

Adesina had said, “The issue of debt is so fundamental because it’s like you are running up a hill but you have a bag full of sand on your back; you can’t go far. The amount of debt that we have is not sustainable.

“The amount of debt that we have right now is about 70 to 75 percent of the Gross Domestic Product. It used to be sustainable, but what is even more alarming is the structure of the debt, where the debt right now is largely in the hands of commercial creditors, almost $337 billion in terms of high creditors and those that are the private creditors without any type of securitisation for it.”

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