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.
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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