Nigeria - First Bank of Nigeria Limited


Project Summary

Approval Date 27 Jun 2016
Signature Date 07 Dec 2016
Sovereign / Non-Sovereign Non Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 146,162,503.47
Status Implementation

Project General Description

This project involves a Trade Finance Credit Line (CFLC) for First Bank of Nigeria Limited (NBF), which will be used exclusively to support the issuance and construction of trade financing instruments in Nigeria for the benefit of small and medium-sized enterprises (SMEs) and local businesses. The facility, in the amount of US $ 300 million in the form of a 4-year preferred debt, will provide foreign exchange liquidity to al. NBF to support issuance and settlement trade finance instruments. Thus, it will constitute for the NBF, the stable source of financing at competitive rate which it needs to develop its commercial financing portfolio.

Project Objectives

The project will contribute to easing Nigeria’s foreign exchange shortages for trade finance amid growing demand and inadequacy of trade lines and dollar liquidity.

Beneficiaries

The direct beneficiaries of the intervention are First Bank of Nigeria Limited (NBF), the Federal Government of Nigeria, as well as small and medium-sized enterprises (SMEs) and local businesses.

Participating Organization

Funding
African Development Bank

Information

IATI identifier 46002-P-NG-HAB-037
Last Update 31 Oct 2019

Export

Contact Details

Email private-sector@afdb.org

Geographic Location

Country Nigeria