E-Financial
CBN Commits over N1.3 trillion to Boost Economy
The Central Bank of Nigeria (CBN) has committed over N1.3 trillion to various intervention programmes, in order to boost the economy, in the last one and half years following the outbreak of the COVID-19 pandemic.
Mr. Osita Nwanisobi, the Director of Corporate Communications of the bank, disclosed this, yesterday, at the 16th International Trade Fair organised by the Abuja Chamber of Commerce and Industry (ACCI).
The Bank’s critical objective was to restore stability in the economy by providing assistance to individuals, SMEs and large corporates that had been severely impacted by the pandemic, as well as by the lockdown measures during the period. Some of the measures taken by the Bank include, amongst others:
He said that the N343.21 billion has so far been released to 726,198 beneficiaries, comprising 602,730 households and 123,468 Small and Medium Enterprises through the Targeted Credit Facility (TCF).
The CBN spokesman said that another N134.57 billion was given to 38,140 beneficiaries under the Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS).
Similarly, he disclosed that over N756 billion to 3.7 million farmers cultivating over 4.6 million hectares of farmland under the Anchor Borrowers Programme (ABP).
According to him, N98.41 billion was disbursed in loans to support 103 healthcare projects, of which 26 were pharmaceutical companies and 77 healthcare institutions.
Mr. Nwanisobi who spoke on the theme: “Exploring the Opportunities of Africa Continental Free Trade Area (AfCFTA)
Said that Nigeria and other African countries that were signatories to the Agreement were expected to benefit from the elimination of tariff and non-tariff barriers (lowering trade costs and simplifying customs procedures) among member nations.
He added, “AfCFTA also provides Nigeria and other member countries with access to a large market, as movement of capital, people, goods and services would become easier within the free trade area.
“Similarly, it will facilitate increase in trade volumes, competitive prices and technological transfers among member countries; and serve as potential to boost intra-African trade, lift over one hundred (100) million Africans out of poverty while increasing wages including those of women and the unskilled workers if implemented successfully.’
The director expressed optimism that AfCFTA would increase inflow of foreign investments which would strengthen the foreign exchange market.
“At the Central Bank, we continue to take active steps and make policies to encourage growth and sound financial system, which would foster economic development, restore confidence in the economy and effectually conserve the reserves,” he added.
Mr.Nwanisobi urged Nigerians to focus on the production of items in which the nation comparative advantage “and also buy Nigerian products to grow Nigeria as a nation that is totally self-sufficient in producing what we consume and creating jobs for our youth will ultimately drive sustainable growth that will make life better for all our citizens.”
The apex bank spokesman assured that the institution, under the leadership of the Governor, Mr. Godwin Emefiele, would “not rest on its oars until Nigeria gets to its destination of inclusive economic growth and sustainable development.”
In his address, the President, ACCI, Dr Al-Mujtaba Abubakar, who was represented by the 2nd Deputy President, ACCI, Prof Adesoji Adesugba, commended the CBN its Programmes and policies toward boosting the economy.
He acknowledged the impact by the CBN programmes on keeping economic activities going despite the ravaging Coronavirus (COVID-19) pandemic.
According to him, “We understand the dimension and the depth of issues involved in being a Central banker in times of national economic emergency.
“Having said that, I want to state that only during the Nigerian civil war has any Central banker faces current level of economic complexity occasioned by multiple factors, many of which are beyond the control of the Central Bank.
“The global pandemic (COVID-19), added to local economic peculiarities, present enormous threats and opportunities to the apex bank. When insecurity is added, the ecosystem defies the best of innovations and out of box thinking.
“We want to note, however that despite the perplexing operating space, the Nigerian Central Bank leadership has transformed threats to opportunities.
Under my brother and colleague, the Central Bank Governor, Chief Emefiele, the apex bank has come to the rescue of the nation by embracing developmental financing tools to contain a recession that was dovetailing into depression.
“The many interventions of the CBN significantly restored GDP growth and created the resurgence of the non -oil sector as a critical segment of GDP.”
By 8 am on July 9, GTCO Holdings is set to commence trading on the London Stock Exchange.
As the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.
This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange.
The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.
On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List.
It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.
In place of the GDRs, the group will list all its ordinary shares directly.
aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List.
The shares will also begin trading on the LSE’s main market for listed securities.
According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria.
Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.
This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.
As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.
The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja.
Olusegun Omosehin, commissioner for Insurance emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.
The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.
SanlamAllianz recently launched its operations in Nigeria, marking a significant step in the company’s Pan-African expansion.
The launch follows the merger of Sanlam and Allianz’s Nigerian operations, creating a new entity named SanlamAllianz Nigeria.
This joint venture aims to transform the Nigerian insurance landscape by offering enhanced customer experiences, innovative solutions, and improved financial inclusion.
World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.
The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.
The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.
The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.
This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.
The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.
Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.
This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.
In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.
Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.
These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.
Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.
In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.
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