Alternative Africa

Top Menu

  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

Main Menu

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?

Lost Password

Back to login
  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

logo

Alternative Africa

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
  • A third of covid-19 patients were readmitted to hospital with heart problem-Study

  • Egypt signs agreement for $23 billion first high-speed electric train

  • Doctor shares shocking image of Covid-19 damaged lung after scan

  • Joe Biden to prioritize legal status for millions of immigrants

  • EU impressed with Museveni victory despite allegations of fraud

BusinessNews Now
Home›Business›Nigeria’s Commercial Foreign Loans Risen by $7.3bn in 3 Years

Nigeria’s Commercial Foreign Loans Risen by $7.3bn in 3 Years

By alternativeafrica
September 6, 2018
524
0
Share:

London, September 6, 2018 (AltAfrica)-Nigeria’s Exposure to Commercial Loans have risen by $7.3bn in 3 Years

From $1.5 billion as at June 30, 2015, commercial loans stood at $8.8 billion by June 30 2018.

The nation’s foreign debt component also posted an increase of $11.77 billion during the same period.

Nigeria’s external debt, the DMO stated, grew from $10.32 billion as at June 30, 2015 to $22.08 billion as at June 30, 2018.
This translated to a growth of 114.05 per cent in the last three years.

According to the DMO figures posted on its website, while multilateral debt accounts for $10.88 billion or 49.28 per cent of Nigeria’s foreign debt profile, the greatest chunk of the increases in the last three years were traceable to commercial loans.

The World Bank accounted for 38.36 per cent of the nation’s foreign debt portfolio, with a commitment of $8.47 billion, even as the country is exposed to other multilateral organisations, including the African Development Bank (AfDB’s) $1.32 billion and that of African Development Fund ($843.47 million).

Nigeria is also indebted to the International Fund for Agricultural Development (IFAD) to the tune of $159.44 million; the Arab Bank for Economic Development ($5.88 million); the EDF Energy (France) with a portfolio of $64.96 million and the Islamic Development Bank with a portfolio of $16.92 million.

However, Nigeria’s bilateral debt account for $2.39 billion or 10.87 per cent of the country’s external debt exposure.

Such bilateral agencies include the Export-Import Bank of China ($1.91 billion); Agence Francaise de Development ( $274.98 million), Japan International Cooperation Agency ($74.69 million); the EXIM Bank of India ($4.76 million); and Germany (KFW),$132.24 million).

The latest debt statistics point towards a marginal decrease in the domestic component of the country’s total public due to efforts to rebalance the local/foreign debt ratio in the ratio of 70:30.

The DMO stated that there was a decrease in the federal government’s domestic debt, from N12.59 trillion in December 2017 to N12.58 trillion in March 2017 and N12.15 trillion in June 2018.

The reduction in the FGN’s domestic debt stock, the DMO explained, arose from the redemption of N198 bn Nigerian Treasury Bills in December 2017 and another N639 billion between January and June 2018.

A total of $3 billion was raised through Eurobonds to refinance maturing domestic debt as part of the implementation of the debt management strategy for the purpose of substituting high cost domestic debt with lower cost external debt to reduce debt service costs for the government, the DMO said.

The implementation of the Public Debt Management Strategy, whose overall objective is to ensure that Nigeria’s debt is sustainable, the DMO noted, is already yielding positive results.

Meanwhile, the federal government has offered for subscription two-year savings bond at 11.36 per cent and three-year savings bond at 12.36 per cent, the DMO has said.

The offer circular pasted on the DMO website showed that the two-year bond will be due in September 2020 while the three-year bond mature in September 2021.

The DMO disclosed that the maximum subscription was N50 million at N1,000 per unit, subject to minimum subscription of N5,000 and in multiples of N1,000.

According to the DMO, the bond is fully backed by the full faith and credit of the federal government, with quarterly coupon payments to bondholders.

The savings bond issuance is expected to help finance the nation’s budget deficit as well as part of the federal government’s programme targeted at the lower income earners to encourage savings and also earn more income (interest), compared to their savings accounts with banks.

According to the circular, the offer closes on Friday.

SHARE ON:
TagsDMONewsNigeria
Previous Article

Nigeria approves N6.07tn for comprehensive revamp of ...

Next Article

DR Congo: Authorities urge caution as Ebola ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

alternativeafrica

Related articles More from author

  • News Now

    Egypt singer held for ‘inciting debauchery’ in music video

    November 21, 2017
    By alternativeafrica
  • News Now

    Gunmen Kill 13 Niger Soldiers in Attack Near Mali Border

    October 22, 2017
    By alternativeafrica
  • News NowWorld

    North Korean leader promotes sister Kim Yo-jong

    October 8, 2017
    By alternativeafrica
  • News Now

    South African parents sue after son drowns in latrine

    November 13, 2017
    By alternativeafrica
  • AfricaNews Now

    UN launches $25bn global humanitarian aid for Nigeria, others

    December 5, 2018
    By alternativeafrica
  • News Now

    Nigeria 2019: CAN demands Deputy Gov Slot in Niger state

    October 11, 2018
    By alternativeafrica

Leave a reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You might be interested

  • BusinessNews Now

    Nigeria: President Buhari signs 2019 budget Monday

  • News NowPoliticsWorld

    Despite racism controversy, Canada PM, Justin Trudeau to serve second term after election victory

  • AfricaBusinessHealthNews Now

    Kenyan teachers insured against covid after 345 infections, 36 deaths

Timeline

  • January 18, 2021

    A third of covid-19 patients were readmitted to hospital with heart problem-Study

  • January 18, 2021

    Egypt signs agreement for $23 billion first high-speed electric train

  • January 18, 2021

    Doctor shares shocking image of Covid-19 damaged lung after scan

  • January 17, 2021

    Joe Biden to prioritize legal status for millions of immigrants

  • January 17, 2021

    EU impressed with Museveni victory despite allegations of fraud

  • Popular

  • Comments

  • Lagos govt confirms first case of deadly coronavirus infection in Nigeria

    By alternativeafrica
    February 28, 2020
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • Morocco begins regional integration by connecting Casablanca Airport with High Speed Train

    By alternativeafrica
    January 4, 2020
  • Kenyan govt pressure Facebook for data on Kenyan users

    By alternativeafrica
    November 20, 2019
  • Nigeria: 32,000 capacity Lagos rice mill to start production in 2020

    By alternativeafrica
    December 23, 2019
  • The return of fortress conservation: why excluding people means biodiversity conservation will fail – Future agricultures
    on
    October 16, 2020

    Inside the training camp of Akashinga, Zimbabwe’s armed, all-women anti-poaching rangers

    […] In parallel to ...
  • The return of fortress conservation: why excluding people means biodiversity conservation will fail - The Zimbabwean
    on
    October 12, 2020

    Inside the training camp of Akashinga, Zimbabwe’s armed, all-women anti-poaching rangers

    […] In parallel to ...
  • Ethiopia joins Africa's Artificial Intelligence revolution | Alternative Africa
    on
    October 2, 2020

    Spending on Artificial Intelligence Systems in Africa, Middle East to top $374 million in 2020

    […] Many African countries ...
  • The 5 most popular Africans 2020
    on
    September 25, 2020

    Celebrating Congolese doctor Jean-Jacques Muyembe, the man behind breakthrough of Ebola cure

    […] Dr. Jean-Jacques Muyembe ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two | taktik(z) GDI (Government Defense ...
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack fol­lowed a January ...
AlternativeAfrica.com is an independent Pan African News Website dedicated primarily to influencing the negative narratives about Africa. We hope to do this by focusing and showcasing the many developmental strides sweeping across the continent.

Read more >>>

Contact Info

  • 22 Laburnum Court, Laburnum Road, Mitcham London, CR4 2NA, United Kingdom
  • +44(0)2036320939 | +44(0)7535019197 | +44(0)7305356327
  • info@alternativeafrica.com
  • Recent

  • Popular

  • Comments

  • A third of covid-19 patients were readmitted to hospital with heart problem-Study

    By alternativeafrica
    January 18, 2021
  • Egypt signs agreement for $23 billion first high-speed electric train

    By alternativeafrica
    January 18, 2021
  • Doctor shares shocking image of Covid-19 damaged lung after scan

    By alternativeafrica
    January 18, 2021
  • Joe Biden to prioritize legal status for millions of immigrants

    By alternativeafrica
    January 17, 2021
  • Lagos govt confirms first case of deadly coronavirus infection in Nigeria

    By alternativeafrica
    February 28, 2020
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • Macron in Ivory Coast to launch anti-terrorism academy

    By alternativeafrica
    December 21, 2019
  • Kenyan govt pressure Facebook for data on Kenyan users

    By alternativeafrica
    November 20, 2019
  • The return of fortress conservation: why excluding people means biodiversity conservation will fail – Future agricultures
    on
    October 16, 2020

    Inside the training camp of Akashinga, Zimbabwe’s armed, all-women anti-poaching rangers

    […] In parallel to ...
  • The return of fortress conservation: why excluding people means biodiversity conservation will fail - The Zimbabwean
    on
    October 12, 2020

    Inside the training camp of Akashinga, Zimbabwe’s armed, all-women anti-poaching rangers

    […] In parallel to ...
  • Ethiopia joins Africa's Artificial Intelligence revolution | Alternative Africa
    on
    October 2, 2020

    Spending on Artificial Intelligence Systems in Africa, Middle East to top $374 million in 2020

    […] Many African countries ...
  • The 5 most popular Africans 2020
    on
    September 25, 2020

    Celebrating Congolese doctor Jean-Jacques Muyembe, the man behind breakthrough of Ebola cure

    […] Dr. Jean-Jacques Muyembe ...

Photostream

    Follow us

    • Home
    • About Us
    • Privacy Policy
    • Terms of Use
    • Contact Us
    © Copyright Alternative Africa 2019. All rights reserved.