Anambra State Government to boost MSMEs with N3bn in 2017
The Anambra State government plans to generate over N3 billion in 2017 to assist the Micro, Small and Medium Enterprises (MSMEs) sector in the state.
Managing Director, Anambra State Small Business Agency, ASBA, Mr Clement Chukwuka, said, in Awka, that the plan was part of the agency’s target to raise N20 billion in the next seven and half years in furtherance of government’s commitment to remain the choice destination for commerce in the country. He said that Governor Willie Obiano was determined to encourage investments and build institutions that would not only promote micro, small and medium enterprises but outlive his administration.
BoI approves NAFDAC number as Prerequiste for lending to SMEs
THE Bank of Industry, BoI, has beckoned Small and Medium Enterprises (SMEs) operators whose products have met quality certification by National Agency for Food, Drug Administration and Control, NAFDAC, to come for loan to expand their operations and create employments.
Recall that four years ago, specifically in 2014, BoI earmarked over N300 billion loan facility for viable firms in the over 17 million SMEs in the country. Also, recall that in its effort to develop the sector, the bank is working with Business Development Service Providers across the country to ensure that SMEs have bankable business proposals. In addition, the bank recently disbursed over N3 billion to 14 microfinance banks for on- lending to companies in this sector.
IMF Releases $12 Billion Egypt Loan Details
The International Monetary Fund released the details of the $12 billion loan it approved for Egypt in November, the Washington-based lender’s largest in the region.
Egyptian officials have said the loan adds credibility to its program to overhaul the economy, which has already included subsidy reductions, a currency float and higher interest rates. The government is currently marketing Eurobonds worth as much as $2.5 billion on a global roadshow that will help fund its spending plans.
Even so, the IMF loan was controversial among some Egyptians, who feared the economic conditions attached. Below is a summary of the IMF staff report on the loan, as well as the Egyptian government’s letter of intent in securing it.
Troubled Loans Predicted to Continue Climbing Before Economic Rebound
Access Bank Plc is predicting that the level of troubled loans in Nigeria will continue to climb before an economic recovery in the second half of the year brings relief to the country’s lenders.
“Across the entire industry you’ll see an uptick in non-performing loan ratios,” Chief Executive Officer Herbert Wigwe said in an interview on Thursday in Lagos, the commercial hub. “We are better than most.”
Nigeria’s fourth-largest bank by assets expects that its NPLs will climb to “slightly below” 3 percent of total loans by the end of this year, Wigwe said, compared with 2.1 percent for the nine months through September. The picture is not as rosy for the rest of the industry as lower crude prices and foreign-currency shortages cause Africa’s largest economy to contract. Loans in the sector in danger of not being repaid surged to an average 13.4 percent by the end of September, above the 5 percent threshold set by regulators.
Rosabon wins Middle East, Africa’s 2016 best wealth manager
ROSABON Financial Services has won the Middle East and Africa, MEA Bespoke Wealth Management Services business award for 2016. The award was organised by UK-based publisher, AI Global Media. The award which focuses on all sectors and industries recognizes and rewards outstanding works by the Middle East and Africa’s most dedicated and experienced companies.
Rosabon Financial Services was declared winner as a result of her outstanding record in creating tailor made wealth management solutions; the first Nigerian owned company to be awarded such honours in Africa. Commenting on the award, Chidimma Onyeokoro, Head, Strategy and Marketing said: “We are very excited to be recipients of this award. It shows that our dedication and commitment to ensuring better access to affordable financial products, educating our clients on wealth creation and the management of such wealth do not go unnoticed even outside the shores of our country.