The Board of Directors of the African Development Bank Group (AfDB) has approved a $50 million loan for the Yobe State Environmental and Climate Change Action Project (ECCAP) to enhance climate change resilience, boost food security, and improve livelihoods for over 3.5 million people in North East Nigeria. A news report from African Press Organisation […]
Tag: banking
AFC Closes $1.16Bn Loan Facility Round For Africa’s Infrastructure Projects
Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, has announced the successful close of its largest ever debt facility, a US$1.16 billion syndicated loan, attracting new lenders from the Middle East, Europe and Asia, in its efforts to bridge Africa’s yawning infrastructure gap. A news report from the African Press Organization (APO) […]
Nigeria Records 31.75% 4G Adoption Rate, As 5G’s Stands At 1.11%
Despite some technical challenges associated with fibre optic cables deployment across the country, the Nigerian Communications Commission (NCC) has reported a surging trend in telecom subscribers’ migration to the 4G network, with the rate in January this year surging to 31.75% percent. The telecom industry regulatory commission in its latest report on network adoption rate […]
FEC Approves N60Bn To Support Young Entrepreneurs
The Federal Executive Council (FEC) has granted its consent for the disbursement of N60 billion from the Central Bank of Nigeria (CBN) through its Agric Small and Medium Enterprises Investment Scheme to support small businesses, particularly among young entrepreneurs nationwide. A statement issued by the Minister of Youth, Jamila Ibrahim, after the conclusion of the […]
CBN Raises MPR To 24.75%, Retains CRR, Liquidity Ratio
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) at the end of its two-day meeting in Abuja on Tuesday raised the Monetary Policy Rate (MPR) by 200bps to 24.75% and also changed the asymmetric corridor from +100/-700 t0 +100/-300 around the MPR. Today’s upward review of the (MPR), which is the […]
AfDB, IOM Launch Migration Report To Aid Africa’s Devt
The African Development Bank (AfDB) and the International Organization for Migration (IOM) has released a joint report designed to support practitioners and decision makers to turn migration into a force for development in Africa. The report titled ‘Diaspora Engagement, Climate-Induced Migration and Skills Mobility: A Focus on Africa’ examines the impact of migration on human […]
Global Insured Cat Losses Hit $108Bn In 2023 – Swiss Re
The Swiss Re Institute has reported that global insured losses from natural catastrophes surged to $108 billion for the fourth consecutive year in 2023, with the earthquake in Turkey and Syria, severe convective storms (SCS) and large-scale urban floods acting as the main drivers. A news report from the Institute indicated that total global insured […]
CBN Sells Dollars To BDCs, Sets Sale Rate At N1,269/$1
In furtherance of its sustained policy measures to moderate the lingering volatility in the nation’s foreign exchange (FX) markets, the Central Bank of Nigeria (CBN) has hinted that it is allocating $10,000 at N1,251/$ to each Bureau de Change (BDC) operator in the country. In a memo dated March 25, 2024, and addressed to the […]
Copyright Commission Files Criminal Charges Against MTN, Others
The Nigerian Copyright Commission (NCC), has filed criminal charges against MTN Nigeria Communications Limited and four others over alleged copyright infringement. The suit with No FHC/ABJ/CR/111/2024 was filed against the mobile network operator at the Federal High Court, Abuja Division on Monday. Other joined as defendants in the suit are the Chief Executive Officer of […]
Ecobank Group Signs United Nations Women’s Empowerment Principles
Ecobank, the pan-African banking group, has formally signed the Women’s Empowerment Principles by UN Women and the UN Global Compact (WEPs), which provide guidance to the private sector on how to advance gender equality and women’s empowerment in the workplace, marketplace and community. The bank’s Group Chief Executive Officer, Jeremy Awori, announced the signing of […]