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Nigeria signs $300m loan agreement with AfDB

Nigeria signs $300m loan agreement with AfDB

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Image result for Nigeria signs $300m loan agreement with AfDBNigeria has signed a $300 million loan agreement with the African Development Bank to create jobs in the country.

Secretary to the Government of the Federation Boss Mustapha said the approved amount under the ‘’ENABLE Youth Programme’’ would also take care of rural income generation and improved livelihoods for the youths in both urban and rural areas.

He added that government is partnering with the International Institute for Tropical Agriculture Youth programme to create business opportunities and decent employment for 1,000 young Nigerians.

Mustapha explained that government, through the Bank of Industry, had launched a N20 billion Youth Entrepreneurship Support programme to empower the youths with loans to start business.

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News that the Nigerian government will repay about $1bn dollar treasury bills in the second quarter, half of a total of $2.7bn billion worth of bills, has sent yields down 0.4 per cent in the secondary market.

The debt auction calendar, released on Wednesday shows it will raise that amount between March and May to lower borrowing costs.

Nigeria sold a $2.5 billion Eurobond in February to help refinance naira-denominated treasury bills at a lower borrowing cost and repayment of the bills will be in phases as they mature.

 

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