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African Development Bank VP Resigns

The African Development Bank has revealed that it’s vice president foragriculture, human and social development, Jennifer Blanke, will stepdown from her present position by next month.Business News Report has it that Blanke will be resigning to join herfamily in Switzerland, as opposed to the media speculations which saythat she is resigning in response to the …

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COVID-19: World Bank, IMF, G20, Paris Club suspend debt service

Four global multilateral institutions – World Bank, International Monetary Fund, G20 and Paris Club – yesterday agreed to a time-bound debt service payment suspension for world’s poorest economies that request forbearance. IMF Managing Director, Kristalina Georgieva, who broke the news yesterday said the move was the first time that the four institutions agreed to suspend …

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Nigeria seeks $3.5bn from IMF, AfDB to support implementation of 2020 budget

The Federal Government says it has applied for $3.5 billion request from International Monetary Fund (IMF) and African Development Bank (AfDB) to access concessional funding to support the implementation of the 2020 Budget. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed disclosed this during a news conference on fiscal stimulus measures in …

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Nigeria’s total public debt rises to N27.4tn

The Nigerian Government and the 36 component states, as well as the Federal Capital Territory, owed a total N27.4tn as of December 2019, according to latest figures released by the country’s Debt Management Office(DMO) last Wednesday. The development marked an increase in Nigeria’s public debt portfolio from September 2019, when it was disclosed that the …

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Nigeria’s Central Bank, Dangote plan N120bn COVID-19 fund

The Central Bank of Nigeria and the private sector, led by Aliko Dangote Foundation and Access Bank, have announced plans to set up a coalition aimed at raising N120bn towards the fight against COVID-19 in Nigeria. Godwin Emefiele,the governor, Central Bank of Nigeria, said at a press briefing in Lagos on Thursday that the Nigerian …

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AfDB to support Africa’s economies with $3bn COVID-19 bond

The African Development Bank has raised $3bn in a three-year bond to help alleviate the economic and social impact the COVID-19 pandemic will have on livelihoods and Africa’s economies. It said in a statement last Friday that the Fight Covid-19 Social bond, with a three-year maturity, garnered interest from central banks and official institutions, bank …

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Nigeria may slide into recession in six months –Finance minister

Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has warned that the Nigerian economy may slide into recession if the coronavirus pandemic continues for the next six months. She stated this during her appearance on Nigeria’s Channels Television programme, Politics Today where she spoke on steps being taken by the government cushion …

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E-commerce expands across Africa as COVID-19 lockdown intensifies

As COVID-19 sweeps the globe, more and more people are relying on e-commerce to get what they need so they can practice social distancing. Businesses across Africa are also seeing a boost in their online sales, though as experts say due to the digital divide, not everyone will have access. Founder of Big Samps Market …

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Chad to settle U.S.$100 million debt to Angola with cattle

In a novel strategy that will attract some curiosity across Africa, Angola has agreed to receive 75,000 cattle from Chad as payment of a $100 million debt from the cash-poor north-central African country.The cattle will be delivered over the next 10 years as repayment for the 2017 debt. Local news report said the first instalment …

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COVID 19: Central Bank of Nigeria reels out package to help stabilize country’s economy

The Central Bank of Nigeria (CBN) has announced measures to help businesses survive the global onslaught from coronavirus. To on the list is the reduction of interests rate on its intervention loans from 9 per cent to 5 per cent, as well as, an extension of moratorium from one to two years.  The Governor of …

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