The British CDC Group announced a long-term investment of $75 million in Nigeria’s Stanbic IBTC Bank.  

The resource will enable the Nigerian bank to increase lending to the food, agriculture, manufacturing, and telecommunications sectors. Targeted businesses will be able to access the capital needed to strengthen their cash flow and support their operations.

“This debt facility is an important step in supporting Nigerian businesses in crucial sub-sectors such as food and agriculture. We have been investing in Nigeria for more than 70 years, and we will continue to prioritize Nigeria as a key investment country," said Benson Adenuga (pictured), head of CDC Group's Nigeria office.

Speaking on September 30 on the impact of covid-19 and Nigeria's economic outlook for the second quarter of 2020, Muyiwa Oni, Regional Head of Equity Research for West Africa at Standard Group, said the pandemic and the lockdown measures decided in the country have significantly disrupted economic activity and affected several key areas.

"The manufacturing, trade and construction sectors contracted by 8.8%, 16.6% and 31.8% year-on-year due to supply chain disruptions and the collapse of purchasing power, respectively," he said.

Chamberline MOKO