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AFDB To Lend Nigeria $4.1bn

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10 years ago

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The African Development Bank is working on giving Nigeria loan facilities of $4.1bn between now and next year for critical sectors of the economy.

The loans include $1bn at a concessionary interest rate of 1.2 per cent for Nigeria to address the 2016 budget deficit and aid her economic recovery.

The President, AfDB, Dr. Akinwunmi Adesina, disclosed this to State House correspondents on Monday after a meeting with Vice President Yemi Osinbajo and other members of the Economic Management Team at the Presidential Villa, Abuja.

According to the AfDB president, the package includes; $1bn in budget support, $300m to create jobs for 185,000 youths, $250m towards infrastructure development in the North-East, $1m grant to deal with challenges of Internally Displaced Persons, $300m for infrastructure development around Abuja, and $200m for the Transmission Company of Nigeria to improve its facilities, among others.

Stressing that Nigeria was the largest shareholder in the bank, Adesina said that the bank was in the country to offer its support in the face of the current tough times.

He said, “I think the times are difficult but I want to commend the government for being bold in taking the right decisions. I think that the fact that the price of crude oil has gone down is a big challenge, because you have 98 per cent external forex revenue coming from the sector.

“So, it has created calibrations; I’m not going to go into the details of all the problems, but what is important is what we are going to do about it.

“I’m not here to lecture the Nigerian government. I’m here to support very strongly. We have said that we are going to support the Nigerian government with the budget support to be able to deal with some of the fiscal imbalances that they have. We are looking to consider for an award of $1bn to help to deal with that particular deficit.”

Adesina added that the bank would help to revive Nigeria’s economy, especially by deepening the level of diversification in critical sectors such as agriculture, solid minerals and manufacturing.

According to him, the bank is going to provide in total $4.1bn to Nigeria between 2016 and 2017 for power, infrastructure, agriculture and for the private sector, including financing and lending to the Small and Medium-scale Enterprises.

He also said that he expected the AfDB portfolio in the country to grow to $10bn by 2019.

Adesina, a former Nigerian Minister of Agriculture, added, “We also recognise that power is perhaps the most important challenge that is driving inflation in the country. So, we expect in our portfolio this year to invest in a total of 1,400 megawatts of power to focus on the energy sector; and by 2017, we plan to add 1,387 megawatts to the sector.”

He said that the bank also discussed with Osinbajo and the Minister of Finance, Kemi Adeosun, on how to invest in areas of women and youth employment in the country as well as to look for opportunities to support access to finance by supporting the Development Bank of Nigeria with $500m, which will help to provide cheap financing for the real sector that the country wants to grow.

According to him, the bank is also providing $100m to the Bank of Industry to enable it to lend to small and medium-sized enterprises.

Adesina said, “Let me just say that Nigeria is experiencing tough times, but Nigeria is not falling apart; and when people talk about debt crisis, Nigeria is not in a debt crisis. If you look at the fiscal deficit of this country with regard to the GDP, it is about three or 3.5 per cent. It is still way below the five per cent recommended by the Fiscal Responsibility Act.

“If you look in terms of the debt to the GDP ratio for Nigeria, it is 15 per cent. So, there is no debt crisis in Nigeria; what you have is liquidity problem and we are trying for the country to be able to drive down inflation and to be able to make sure we are working with the government to be able to provide incentives for the private sector.

“Because to come out of recession you need more than the government, you need the private sector. So, incentives are very important. The Finance minister talked about a whole lot of incentives that they are going to give and I think that is the right way to go.

“Nigeria will come out of this as a better and more diversified economy than before it went into the recession.”

Also speaking, Adeosun said there was no need to fear over the new loan as it would be put into good use, adding that the government was not over-borrowing.

She added, “And as Dr. Adesina said, we are looking unto them with $1bn budget support; but beyond that, there are lots of loans and initiatives around agriculture, job creation for the youths, solid minerals, women empowerment and women’s access to finance, and access to finance by the SMEs.

 

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

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2 weeks ago

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April 24, 2026

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

 

 

 

Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”

 

Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.

 

The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.

 

This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.

 

Speaking on the collaboration, the Laffmattazz team stated:

 

“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”

 

As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.

 

With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.

 

⸻

 

About Laffmattazz

 

Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.

 

About First Bank of Nigeria Limited

 

First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.

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Opinions divided over Pasuma Jaiye Kuti proposed wedding 

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2 weeks ago

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April 23, 2026

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Opinions divided over Pasuma Jaiye Kuti proposed wedding 

 

 

The current threading in *entertainment* world of speculated society marriage between oganla Fuji, Wasiu Alabi Pasuma with Nollywood icon, and widely acclaimed Queen of the tube jaiyeola Kuti has brought out different opinions amongst the fans and entertainment personnel.

 

What started as a rumour and mirage is gradually turning to reality and some fans are saying it’s not possible for Jaiye Kuti who is one of the scandal free Nollywood actress to be involved in such an unholy union with Pasuma

Most people who spoke with our correspondence, are of opinion that such a marriage can only happen in a mirage sessions and in Nollywood movies that apart Jaiye Kuti been responsible and married with children, Pasuma is someone who have vowed not to married and have a woman under his roof.

But to some also, it’s not impossible as artistes are known to be engaging and married to each other after denied and counter claims, which made and at the end they will go ahead and married . With this most people believe that truly there’s marriage in offspring for both celebrities While both parties refused to comment on the trend controversial issues about the whole issue , the world is anxiously waiting if this well circulated story of Pasuma getting married to Jaiye Kuti will come to pass or it will turn out to be a mirage.

Either way the die is cast as all eyes will be on Jaiye Kuti and Pasuma with searchlight on Nigeria entertainment industry once again

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PRESIDENT TINUBU CONGRATULATES OTEGA OGRA ON ELECTION TO WORLD FEDERATION OF ADVERTISERS EXECUTIVE COMMITTEE

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2 weeks ago

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April 21, 2026

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PRESIDENT TINUBU CONGRATULATES OTEGA OGRA ON ELECTION TO WORLD FEDERATION OF ADVERTISERS EXECUTIVE COMMITTEE

PRESIDENT TINUBU CONGRATULATES OTEGA OGRA ON ELECTION TO WORLD FEDERATION OF ADVERTISERS EXECUTIVE COMMITTEE

 

President Bola Ahmed Tinubu has congratulated his Senior Special Assistant on Digital Engagement, Strategy and New Media, Mr Otega Ogra, on his election to the Executive Committee of the World Federation of Advertisers (WFA).

 

The election took place today at the organisation’s Annual General Meeting, held during the Global Marketing Week Conference in Stockholm, Sweden.

PRESIDENT TINUBU CONGRATULATES OTEGA OGRA ON ELECTION TO WORLD FEDERATION OF ADVERTISERS EXECUTIVE COMMITTEE

President Tinubu described the development as a significant step for Nigeria’s growing influence in global communications.

 

He noted that Mr Ogra’s emergence as the only representative from West Africa and Sub-Saharan Africa on the Executive Committee reflects the depth of Nigerian expertise and the contribution of a new generation of young Nigerian professionals to global industry standards.

 

Mr Ogra was elected to the Executive Committee on the platform of the Advertisers Association of Nigeria (ADVAN), underscoring the role of Nigeria’s organised advertising and marketing industry in shaping representation at the global level.

 

The WFA is the leading global body for advertisers, representing over 150 multinational and Fortune 500 companies, alongside national advertiser associations across more than 60 countries, with a combined annual marketing spend running into hundreds of billions of dollars. Its Executive Committee is the organisation’s highest decision-making body, responsible for setting priorities and guiding global policy on responsible advertising, media transparency, sustainability, and the evolution of digital ecosystems.

 

President Tinubu noted that Mr Ogra’s election is both a personal distinction and a strategic opportunity for Nigeria and the African continent, placing them at the centre of global conversations on brand trust, platform accountability, innovation and the future of marketing and communications.

 

The President commended Mr Ogra, who also serves as Vice President of ADVAN, for his sustained contributions to strengthening Nigeria’s marketing and communications ecosystem, drawing on a career spanning leadership roles across the banking, manufacturing, and public sectors.

 

“Otega’s election reflects the growing recognition of Nigerian expertise and affirms our capacity to contribute meaningfully to the frameworks shaping global markets,” the President said.

 

President Tinubu added that the achievement aligns with his administration’s Renewed Hope Agenda, particularly in advancing the creative economy, strengthening digital governance, and positioning Nigeria as a competitive hub for innovation and enterprise.

 

Josh Faulks, CEO of the Australian advertiser association (AANA), and Simon Michaelides, Director General of the UK advertiser association (ISBA), also join the leadership team.

 

Current members of the executive committee, David Wheldon, President and Philip Myers, Deputy President, who is also the Chief Institutional Affairs and Corporate Communications Officer at Ferrero, continue in their current roles, as do all regional vice presidents.

 

 

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