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During the launch of the Jolaade Adekola Initiative for the Retired Ageing and Aged (JAIRAA) event on 25th November 2021, Mr Harrison, a businessman brought attention to the fact that his bank did not grant him a business loan facility which he had previously had access to, claiming he was now unable to access the loan after he turned 60.
A Dataphyte analysis of the just presented 2022 Budget by President Muhammadu Buhari has revealed that 38% of it will be financed by loans.
Nigeria has one of the most competitive markets in Africa. With an estimated population of over 200 million people and a population growth rate of 2.6 percent per annum, Nigeria has the seventh-largest population in the world. The country also sits atop 70 percent of the effective West African market and it is the most competitive destination for the establishment of medium and large manufacturing industries.
The Central Bank of Nigerian (CBN) has waived the guarantor requirement for the ₦50 billion COVID-19 loan applications. This was revealed in a press statement that was posted on Twitter recently. From the statement, households and SMEs applying for the ₦50 billion COVID-19 targeted credit facility would not be required to provide guarantors before they can access the credit.
The EXIM Bank of China is Nigeria’s biggest bilateral creditor in nearly 2 decades, having lent the African largest economy $6.5 billion (or N1.9 trillion) since 2002, analysis of official disclosures exclusively obtained by PREMIUM TIMES has shown.
In recent years, the amount of loans committed to Micro, Small and Medium Enterprises (MSMEs) has not only been low, but the news is also that it is actually getting lesser by the years. A National Bureau of Statistics (NBS) data revealed that, between the year 2015 and 2017, the number of borrowers that gained access to loans within the various categories of MSMEs declined consistently and considerably (see chart below).
