LAGOS (Reuters) – Nigeria’s United Bank for Africa (UBA) has secured a $150 million loan deal with the African Development Bank (AfDB) to support infrastructure projects in Africa’s top economy, the bank said on Thursday.
UBA said the credit line would also be used to support small and medium scale enterprises and businesses owned by women.
Nigeria is in its deepest recession in 25 years, brought on by low oil prices, which has seen foreign investors flee its financial markets, caused chronic dollar shortages and created risk aversion among local funds.
“The line of credit comes at an opportune time and would boost efforts at reducing the huge power sector financing deficit … and complement our support to medium and small scale enterprises,” said Kennedy Uzoka, UBA’s chief executive.
The AfDB has provided liquidity to UBA in the past for trade finance and other lending activities, he said.
Nigeria’s economic slowdown coupled with the currency crisis has impacted loan growth in Africa’s most populous nation, frustrating businesses and households.
(Reporting by Oludare Mayowa; editing by Chijioke Ohuocha and Jason Neely)
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi
The economic crisis and hardship in Nigeria are parts of the discussion.
Watch, leave your comments, and share to create more awareness on this issue.
#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com