• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

Bank of Industry Secures €2 Billion Loan to Boost Trade in Nigeria

Blessing Joseph by Blessing Joseph
December 5, 2024
in Financial Services, News
0
Bank of Industry Secures €2 Billion Loan to Boost Trade in Nigeria
Share

The Bank of Industry (BOI) has achieved a landmark milestone, securing a €2 billion loan to bolster trade and trade-related projects in Nigeria. Facilitated by the Africa Finance Corporation (AFC)—acting as the global coordinator, lead co-arranger, underwriter, bookrunner, and guarantor—the deal represents the largest capital raise in BOI’s history and sets a new benchmark for developmental finance in Africa.

Details of the Facility

  • Purpose: Proceeds will be used for general corporate purposes, including financing trade and trade-related projects for eligible Nigerian corporates.
  • Structure: The loan syndication was executed in two phases:
    • An initial €1.43 billion raised by AFC and a senior syndicate of global and African financial institutions, including Standard Chartered Bank, African Export-Import Bank, First Abu Dhabi Bank, Rand Merchant Bank, Mashreqbank, SMBC Bank, Absa Bank, and Export-Import Bank of India.
    • A second €447 million was secured through general syndication, bringing the total to €1.9 billion, with expectations to grow to €2 billion.

Significance of the Syndication

  • Record-Setting Achievement: This global loan syndication marks the largest fundraising effort by an African development finance institution.
  • Market Confidence: Successfully securing funding during a period of global credit scarcity underscores BOI’s credibility and the strength of AFC’s A3 (stable outlook) investment-grade rating from Moody’s.
  • Collaborative Success: The transaction highlights the power of partnerships among African financial institutions and global investors.

Statements from Key Leaders

  • Mr. Banji Fehintola, Executive Board Member & Head of Financial Services at AFC:

    “This successful syndication is a significant milestone, not only for BOI but for Africa’s financial landscape. It underscores AFC’s role as a trusted bridge between global investors and Africa’s infrastructure projects.”

  • Mr. Olasupo Olusi, Managing Director of BOI:

    “This financing is the largest in BOI’s history and a testament to the unwavering support of our international funding partners, particularly AFC.”

Impact on Africa’s Development

The facility aligns with AFC’s mission to close Africa’s infrastructure gap, drive industrialization, and enhance the continent’s economic resilience. BOI’s ability to tap into international capital markets reflects a renewed confidence in Africa’s economic potential and the collaborative efforts of its leading financial institutions.

This milestone solidifies BOI’s role in advancing Nigeria’s trade landscape, fostering industrial growth, and supporting sustainable development across the continent.

 

 

 

 

Post Views: 43
Share

Related Posts:

  • MSME Africa Unveils Top 50 Remarkable MSME Founders 2023, Awards them $25,000 in Media Credits
    MSME Africa Unveils Top 50 Remarkable MSME Founders…
  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2024 Guide to the Top Business Enabling…
  • Nigerian Government Agencies that Support Entrepreneurship
    Nigerian Government Agencies that Support…
  • West African Development Bank and Africa Finance Corporation form strategic partnership to drive economic development
    West African Development Bank and Africa Finance…
  • Africa must prepare for the inevitability of a global food crisis - Akinwumi Adesina
    Overcoming Binding Constraints to Competitive…
  • Africa Finance Corporation closes EUR 150 million Loan Facility with DEG and Proparco
    Africa Finance Corporation closes EUR 150 million…
Tags: €2 Billion LoanBank of IndustryBOIEntrepreneursMSME AfricaMSME News in Nigeria todayMSMEsSMESMEsTrade in Nigeria
Previous Post

Federal Government Initiates National Youth Bank to Empower Nigerian Youth

Next Post

Oil Prices Drop Ahead of OPEC+ Meeting on Production Cuts

Next Post
Oil Prices Drop Ahead of OPEC+ Meeting on Production Cuts

Oil Prices Drop Ahead of OPEC+ Meeting on Production Cuts

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • OPEC+ Raises Production Quota by 411,000 Barrels per Day ,Piling Pressure on Naira
  • Nigeria’s Crude Export to US Increases After Dangote Lowered Production – Report
  • Cash in Circulation Slips as Nigerians Go Digital
  • Blue Sands STEM Lab Wins N2 Million Top Prize at MarkHack 4.0
  • NLNG Expands Train 7 Skills Programme to Boost Youth Participation

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2025
  • Otabor Osayomore Blessing on Ultimate 2025 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.