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Posts tagged with "African Development Bank"

Power minister reveals that Nigeria needs to attract $4bn clean energy investment annually African News

Power minister reveals that Nigeria needs to attract $4bn clean energy investment annually

NIGERIA'S minister of state for power Goddy Agba has revealed that a sum of $4bn needs to be invested into the sector annually if the country is to access clean and renewable energy in line with global convention.   A signatory to the 2015 Paris climate Change Agreement, Nigeria is committed to reducing greenhouse gases and...
Nigeria to borrow $14bn to fund the 2021 budget as collapse in oil demand depletes state revenue African News

Nigeria to borrow $14bn to fund the 2021 budget as collapse in oil demand depletes state revenue

NIGERIA's federal government is planning to borrow an extra N5.6trn ($14.6bn) during the course of this year to help fund the 2021 budget as the economic meltdown precipitated by the coronavirus pandemic has made it impossible to raise the N13.59 ($35.4bn) budgeted.   Faced with an impossible economic situation, Nigeria's...
Buhari should levy a one-off windfall tax on every Nigerian billionaire and invest that money in infrastructure African News

Buhari should levy a one-off windfall tax on every Nigerian billionaire and invest that money in infrastructure

Ayo Akinfe (1) I for one am dead scared about Nigeria’s economic prospects in 2021. We are simply not going to sell the quantities of crude oil required at the needed prices for the government to afford any new capital projects (2) With the African Development Bank pointing out that we have an annual infrastructural deficit of...
World Bank offers Nigeria fresh $1.5bn loan to ameliorate the effects of the coronavirus slump African News

World Bank offers Nigeria fresh $1.5bn loan to ameliorate the effects of the coronavirus slump

WORLD Bank officials have approved another $1.5bn loan for Nigeria as part of a fresh plan to help the country recover from the debilitating effects of the coronavirus pandemic which has hit the Nigerian economy hard.   Being a mono-economy dependent on crude oil exports, Nigeria's federal government generates up to 90% of its...
News of vaccine availability and Saudi oil tanker explosion combine to rally crude prices over $50 African News

News of vaccine availability and Saudi oil tanker explosion combine to rally crude prices over $50

NIGERIA has been given a brief economic lifeline after crude oil prices recently rallied to over $50 a barrel due to a combination of news that a coronavirus vaccine will be soon be available and a tanker explosion in Saudi Arabia which created supply worries.   Following the outbreak of the global pandemic, industrial...
Bill to stop Nigeria taking out irresponsible loans passes second reading in House of Reps African News

Bill to stop Nigeria taking out irresponsible loans passes second reading in House of Reps

NIGERIA'S House of Representatives has initiated moves to stop the country from signing what lawmakers have described as obnoxious loan agreements as part of a move to address the ballooning public debt and the growing inability of the government to service these debts.   According to a World Bank report published earlier this...
African Development Bank partners with allies to float Fund for Agricultural Finance in Africa African News

African Development Bank partners with allies to float Fund for Agricultural Finance in Africa

CONTINENTAL lender the African Development Bank (AfDB) is partnering with several stakeholders to design a pan-African private equity fund for agriculture to be known as the Fund for Agricultural Finance in Africa (Fafina).   Currently Africa’s premier development finance institution, the AfDB comprises of 54 regional and 27...
Nigeria begged buyers to come and purchase her crude oil at $9 a barrel at one stage if the lockdown African News

Nigeria begged buyers to come and purchase her crude oil at $9 a barrel at one stage if the lockdown

NIGERIA'S avoided total economic collapse earlier this year at the height of the coronavirus pandemic lockdown in April when crude oil prices collapsed to such a low level that the federal government was begging buyers to make purchases at $9 a barrel.   Being a mono-economy, over 90% of Nigerian government revenue comes from...
No matter how you cut it there is no way out of Nigeria’s current economic quagmire other than religious finance African News

No matter how you cut it there is no way out of Nigeria’s current economic quagmire other than religious finance

Ayo Akinfe (1) I have studied the recent report just published by the Nigerian Bureau of Statistics and from everything I can see, the economy looks set to shrink by between 9% and 10% during the course of 2020 as a result of the Covid-19 pandemic (2) Anyone thinking the government can bail the country out is...
African Development Bank wins award for issuing a Covid-19 social bond aimed at raising $3bn African News

African Development Bank wins award for issuing a Covid-19 social bond aimed at raising $3bn

CONTINENTAL lender the African Development Bank (AfDB) was been selected as the best issuer in the year in an online poll for coming up with the idea of a $3bn dollar-denominated Covid-19 social bond issued on March 27.   As a result of the global coronavirus pandemic, Africa has been hit hard as most of her countries have...
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