The Nation, Jan 30 2013, Abuja Nduka Chiejina:

The African Development Bank (AfDB) has given $700 million credit to the Bank of Industry (BoI) and NEXIM Bank of Nigeria.

The AfDB credits are sovereign-guaranteed (Federal Government) multi-tranche lines of credit (LoCs) of USD $500 million to BoI and of USD $200 million to NEXIM.

The agreements for the LoCs were signed yesterday in Abuja between the officials of the BoI and NEXIM as well as the officials of the AfDB. At the ceremony, it was disclosed that the lines of credits will be extended to support export-oriented small and medium enterprises’ (SMEs) modernisation and expansion in Nigeria.

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