Local News

World Bank, WAIFEM: Collaborates to Ensure Nigeria’s Debt is at Sustainable level

The World Bank and West African Institute for Financial and Economic Management (WAIFEM) have announced collaboration between them, which may result in measures that will help keep Nigeria’s local and foreign debt within sustainable levels.

The Debt Management Office (DMO) statistics reveal that the country currently owes local and international creditors a total of $50.91billion (about ₦7.93trillion). As at June 2013, the nation’s external debt stood at $6.92billion (about ₦1.08trillion), while the domestic debt component stood at ₦6.85trillion ($43.99billion).

BoI Disburses ₦517b to Key Sectors of the Economy

The Bank of Industry (BoI) has so far disbursed ₦517billion to key sectors of the economy under the Federal Government’s intervention programme.

A breakdown of the interventions shows that out of the ₦235billion Central Bank of Nigeria’s Refinancing/Restructuring Fund of commercial banks loans to the manufacturing sector, about ₦229.18billion had been disbursed as of the end of the first quarter of 2013 with over 525 companies benefiting from the scheme.

SEC Creates New Rule on Red Herring

In order to tackle some of the shortcomings discovered by operators in applying the Book Building process, to deepen the capital market and make fixed income securities issuing process faster, the Securities and Exchange Commission (SEC) has introduced a new rule that will facilitate price discovery and marketing ahead of the opening of offers.

ABB to Collaborate with Core Investors on Power Distribution

As the federal government finalises the sale of the assets of the Power Holding Company of Nigeria (PHCN) and the 10 power stations built by the Niger Delta Power Holding Company (NDPHC), under the National Integrated Power Project (NIPP), ABB, said it would collaborate with the new owners of these assets to fix the entire distribution network nationwide.

CBN to launch ₦200b MSME Fund August 15

The Central Bank of Nigeria (CBN) has disclosed that the much-awaited ₦200billion Micro, Small and Medium Enterprise (MSME) fund will be launched on August 15.

The fund which was announced last year had been delayed because of the need to accommodate inputs from stakeholders and address key regulatory framework to aid its successful implementation, it targets 60% intervention for women entrepreneurs including insurance, capacity building and interest draw back. The CBN had also unveiled plans to introduce financial literacy in schools curriculum.

Financial Flows to Nigeria, Others Increase by 9% in December

External financial flows to Nigeria and other African countries are projected to increase by 9.5% to a new record of $203.9 billion (₦32.2 trillion) by end of 2013, compared with $186.3 billion (₦29.4 trillion) in 2012, a report by African Economic Outlook, has revealed.

 According to the report, the expected $17.6 billion (₦2.78 trillion) increase, over the 2012 figure would be boosted by projected contributions of remittances, Official Development Assistance (ODA) and investments respectively.