Saturday, February 2, 2013

AFDB To Provide $700 million Loan To BOI And NEXIM Bank

The African Development Bank (AFDB) says it has signed an agreement to provide credit of $700 million to two Nigerian development finance institutions to finance non-oil exports.
AFDB will provide the funds to the Bank of Industry (BOI) and the Nigerian Export-Import Bank in addition to technical assistance for disbursement.
AFDB’s representative in Nigeria, Mr. Ousman Dore, said the loans will target “export-oriented small and medium enterprises”.
Data from the Central Bank of Nigeria (CBN) show that the non-oil sector has been driving growth in recent years as it grew by 12.8 per cent in the first half of 2012.

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