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.
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.
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.
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.
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.