1. CBN Releases $250m For Forex Forwards
2. World Bank disburses $13.63bn loans, grants to Nigeria
3. India loses spot as Nigeria’s biggest oil buyer
4. BUA’s Loans To Farmers As Boost For Diversification
5. German Multinational Injects N7bn into Nigerian Economy
6. Nigeria to Start Repayment of $5 Billion Oil Debt This Month
7. FG sets up industrial policy, competitiveness council
8. Africa’s FDI to hit $850bn this year – UNCTAD
9. Arik Air owes local, foreign creditors N387bn – AMCON
10. AFC issues $500m Eurobond, attracts 231 investors
CBN Releases $250m For Forex Forwards
The Central Bank of Nigeria (CBN) yesterday released additional $250 million on 7 to 30 day forwards for agriculture, airline, petroleum products and raw materials. The bank also called for bids for wholesale spot for $100 million for Basic/Personal Travelling Allowance, medicals and tuition fees.
World Bank Disburses $13.63bn Loans, Grants To Nigeria
The World Bank has disbursed a total of $13.63bn in loans and grants to Nigeria as of March 31; a summary of the country’s debt portfolio provided by the bank has shown. The disbursement is out of a total of $21.44bn that had been approved by the bank’s Board of Directors. The total approval is made up of International Development Association credit of $11.65bn and International Bank for Reconstruction and Development’s loan of $7.14bn.
India Loses Spot As Nigeria’s Biggest Oil Buyer
For the first time in at least two years, India’s monthly import of Nigerian crude oil has fallen below six million barrels, the latest monthly report from the Nigerian National Petroleum Corporation has shown. The Asian country lost its spot as Nigeria’s top oil buyer in December, as its import tumbled to a record low of 5.82 million barrels from 14.42 million barrels in November. It bought 17.2 million barrels in January 2016.
BUA’s Loans To Farmers As Boost For Diversification
At a time the government of Nigeria is making frantic effort to focus more on Agriculture and other sectors to grow the economy, BUA Group, in its commitment to boosting domestic rice production, recently disbursed a total of N600 million interest-free loan to rice farmers in Kano State, in Northern Nigeria. In addition to the interest-free soft loan of N288,000 each, improved seeds, fertilizers, pumping machines and other rice farming tools were said to have been distributed free to over 2,000 rice farmers in the State.
German Multinational Injects N7bn into Nigerian Economy
German multinational, Beiersdorf Global, has said that it has invested N7 billion in the domestic economy of Nigeria in the last 18 months despite heinous economic crisis and intractable security challenges the country has been contending with recently. Also, the global skin-care giant has disclosed that over 150 jobs have directly been created while more than 1,000 indirect jobs had been created indirectly with the injection of N7 billion into the Nigerian economy.
Nigeria To Start Repayment Of $5 Billion Oil Debt This Month
Nigeria will start paying back a $5.1 billion debt owed to international oil companies, including Exxon Mobil Corp. and Royal Dutch Shell Plc, with a first installment this month in accordance with an agreement reached last year. “The initial payments would be made by the end of April 2017,” Emmanuel Kachikwu, Nigeria’s Minister of State for Petroleum Resources, said in an emailed statement Wednesday. The energy companies are expected to reciprocate “by ensuring that they ramp up investments in the country’s oil and gas sector,” he said.
FG Sets Up Industrial Policy, Competitiveness Council
The federal government has approved the establishment of the Industrial Policy and Competitiveness Advisory Council (The Industrial Council) to assist the government in formulating policies and strategies that will enhance the government’s industrialization goals.
Africa’s FDI To Hit $850bn This Year – UNCTAD
The Foreign Direct Investment (FDI) to Africa and other developing countries is expected to reach $850billion this year with Mozambique and Congo Republic having the large chunk of the investments, the United Nations Conference on Trade and Development has said. The UNCTAD Secretary General, Mukhisa Kituyi, who disclosed this during one of panel discussions at the recently concluded Annual Investment Meeting (AIM) in Dubai, United Arab Emirates, said financial experts expected flows into Africa to grow, the highest optimism of any region.
Arik Air Owes Local, Foreign Creditors N387bn – AMCON
More facts emerged yesterday on the alleged indebtedness of Arik Airline which was taken over by the Assets Management Corporation of Nigeria (AMCON). The new management of the airline has put the indebtedness at N387 billion. The amount comprises N375bn local debt; 31 million Euros being owed Lufthansa Technik Group managing Arik Air planes and $6.5m being indebtedness on the west coast. The foreign component of the indebtedness is estimated at about N12bn.
AFC Issues $500m Eurobond, Attracts 231 Investors
A pan-African multilateral development finance institution and project developer, Africa Finance Corporation, has announced the issuance of a $500m seven-year Eurobond. The senior, unsecured Eurobond, which carries a coupon of 3.875 per cent, was priced to yield four per cent and matures in April 2024, the bank said in a statement on Tuesday. It said the Eurobond received strong global interest, with an order book of $2.4bn, representing about five times over-subscription from 231 investors across the Middle East, Asia, the United Kingdom, Europe and the United States.