GOVERNMENT GETS $1B DEBT OFFER FROM AFREXIMBANK
The African Export-Import Bank (Afreximbank) has reiterated its cooperation with Nigeria in its quest for development, as well as willingness to arrange financing of up to $1 billion to support the government’s investments in trade-enabling infrastructure.
The bank also invited President Muhammadu Buhari and the government to the Afreximbank’s yearly meetings scheduled to take place in Abuja from July 11 to 14, as well as the Intra-African Trade Fair in Cairo slated for December 11 to 17, in efforts to promote trade among African countries.
In the yet to be signed 2018 national budget, there is a planned N1.95 trillion deficit, which would be funded by the usual mix of local and international debt.
Read more…….https://newsbreakers.ng/government-gets-1b-debt-offer-from-afreximbank/



BOI, EBONYI UNVEIL N4BN AGRIC FUND FOR CIVIL SERVANTS
The Bank of Industry (BoI) and Ebonyi State government have unveiled another N4 billion matching funds to improve agricultural activities embarked upon by workers in the state.
This is riding by the side of the Anchor Borrowers Scheme initiated by the Central Bank of Nigeria, which the state has used to upscale its agricultural activities, especially in rice cultivation.
The N4 billion EBSG-BoI Agro-based Fund for civil servants, is coming on the heels of the N4 billion MSME Matching Fund that was activated in July 2017.
Read more…….https://newsbreakers.ng/boi-ebonyi-unveil-n4bn-agric-fund-for-civil-servants/



NSIA’S PROFIT DROPS BY N107BN
The Nigeria Sovereign Investment Authority (NSIA), which is the agency managing the Sovereign Wealth Fund, has ruled out the possibility of paying dividend to the three tiers of government from its 2017 profit despite the fact that the fund has been profitable in the last five years.
The Act setting up the agency stipulates that if it makes returns consistently for five years after commencing operations, then it has to pay dividend to the three tiers of government.
The agency commenced operations in 2013 with $1.55bn and there had been expectations that dividend would be paid at the end of the 2017 financial period.
Read more………….https://newsbreakers.ng/nsias-profit-drops-by-n107bn/




STATES RAISE DOMESTIC DEBT BY N1.64TN IN THREE YEARS
The resort to borrowing by the country to finance virtually everything has become worrisome to many analysts, with the state governments increasing their exposure to the foreign and domestic debt markets at will, EVEREST AMAEFULE writes
The 36 states of the federation and the Federal Capital Territory increased their domestic debts by N1.64tn in the past three years, available data have shown.
According to statistics obtained from the Debt Management Office, the subnational governments raised their domestic borrowings from N1.71tn as of December 2014 to N3.35tn as of December 2017.
Read more………..https://newsbreakers.ng/states-raise-domestic-debt-by-n1-64tn-in-three-years/



POOR DEMAND, OTHERS PUSH INVENTORY TO N321.12B – MAN
The Manufacturers Association of Nigeria (MAN) has attributed the rising stock of unsold goods to low real consumption in the economy.
According to the association, the situation is caused by accelerating inflation, smuggling, counterfeiting of Nigerian manufactured products as well as the general sluggishness of the economy due to delayed passage of the national budget.
Although capacity utilisation has continued to gain momentum, the inability of many local producers to offload already produced goods remains a concern for industry stakeholders as it negatively affects the sector’s contribution to the Gross Domestic Product (GDP).
Read more……….https://newsbreakers.ng/poor-demand-others-push-inventory-to-n321-12b-man/