Suggestions




·

Nigeria’s SMEs get $50m term loan

June 8, 2021
by
SME
SME

Pan African financial institution, United Bank for Africa (UBA) Plc, and Deutsche Investitions- und Entwicklungsgesellschaft mbH, the German Development Finance Institution, have entered into a partnership aimed at supporting small and medium scale businesses (SMEs) in Nigeria.
To this end, both institutions have signed a USD 50m Term Facility Agreement. The facility with a tenor of six years is targeted at supporting SMEs and family owned businesses in Nigeria.

UBA America’s Chief Executive Officer, Sola Yomi-Ajayi, who spoke about the partnership, said as a financial institution, UBA remains passionate about the growth of the private sector and small businesses which according to her, remains critical for any developing country. She noted that the passion to see this sector succeed is what led both organisations to collaborate on this laudable feat.
Yomi-Ajayi, who is also the Global Head for Financial Institutions, Multilateral and Development Organizations, said, “At UBA Group, we are proud of this collaboration with DEG, particularly as it supports our financial intervention in the SME space, enabling financial inclusion, as well as facilitating economic empowerment.

Join our WhatsApp Channel

Continuing, she said, “These objectives remain core aspects of our strategy, particularly as regards to facilitating the achievement of Sustainable Development Goals on the African continent.”

In his comments, DEG’s Regional Director for West Africa, Bernhard Tilemann, said, “DEG is delighted to enter into a long-term cooperation with UBA in Nigeria and the region. This cooperation will address the current economic challenges of the country while fostering private sector growth and impact in the largest economy of the continent.”

According to Tilemann, the funding provided by DEG is partly supported by EB-SME Finance Fund Emerging Markets, while the fund’s adviser is a 100% subsidiary of Evangelische Bank (EB).
The Regional Director noted that DEG has offices on the African continent in Lagos, Abidjan, Johannesburg and Nairobi; and pointed out that the move is a major milestone for DEG’s Regional Representative Office in Lagos which was opened in 2019.

Website |  + posts

Prime Business Africa

Related Posts

weighing up the pros and cons of outsourcing your business accounting function
Previous Story

Weighing up the pros and cons of outsourcing your Business’ Accounting Function

oilserv leverages sap s 4hana to empower data driven decision making
Next Story

Oilserv leverages SAP S/4HANA to empower data-driven decision-making

Featured Stories

Related Posts

Latest from Finance & Economy

Tinubu Approves

Tinubu Targets N40.7tn in Tax Revenue for 2026

President Bola Ahmed Tinubu’s administration is aiming to collect N40.7 trillion in revenue for 2026, Executive Chairman of the National Revenue Service (NRS), Zacch Adedeji, told the House of Representatives on Wednesday. The target covers taxes, petroleum earnings, mineral royalties, and other
weighing up the pros and cons of outsourcing your business accounting function
Previous Story

Weighing up the pros and cons of outsourcing your Business’ Accounting Function

oilserv leverages sap s 4hana to empower data driven decision making
Next Story

Oilserv leverages SAP S/4HANA to empower data-driven decision-making

Don't Miss

Dangote Refinery Fuel Distribution Expands with New Partner

Dangote Refinery Fuel Distribution Expands with New Partner

Dangote Refinery has expanded its fuel distribution network by partnering
LG Polls: Lalong lauds peaceful conduct of APC primaries

LG Polls: Lalong Lauds Peaceful Conduct of APC Primaries

Gov. Simon Lalong of Plateau has commended the All Progressives