Financial Services Government 

Rising global oil prices “good omen for Nigeria” — Finance Minister

The Federal Government has described as a welcome development the rising price of crude oil in the global market, saying, “this is a good omen for Nigeria”. The Minister of Finance, Budget, and National Planning, Dr Zainab Ahmed, made this known on Thursday, February 25, in Abuja when she addressed State House correspondents on the state of the nation’s economy under the Buhari-led administration. According to her, gaining more revenue from the sale of crude will yield more revenue for the government as well as reduce the country’s rate of…

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Oil and Gas 

Rising global oil prices “good omen for Nigeria”

The Federal Government has described as a welcome development the rising price of crude oil in the global market, saying, “this is a good omen for Nigeria”. The Minister of Finance, Budget, and National Planning, Dr Zainab Ahmed, made this known on Thursday, February 25, in Abuja when she addressed State House correspondents on the state of the nation’s economy under the Buhari-led administration. According to her, gaining more revenue from the sale of crude will yield more revenue for the government as well as reduce the country’s rate of…

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Malawi To Receive $45.07M For National COVID-19 Emergency Response From African Development Bank

Malawi will get US$ 45.07 million to finance the federal government’s reaction to the health, social and financial impacts of the COVID-19 pandemic, following a choice by the Board of Directors of the African Advancement Fund (ADF) held Wednesday. The package consists of a loan of US$ 24.48 million, and a grant of US$ 20.59 million as direct budget assistance, and matches an earlier amount of US$ 8.9 million to six nations in the area, consisting of Malawi, under the Bank’s COVID-19 Reaction grants to the Southern African Development Neighborhood…

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Financial Services 

Fitch Rating Company Verifies Triple A (AAA) Score Of African Advancement Bank, With Steady Outlook

Fitch Rankings, the international credit ranking company, has verified the African Development Bank’s (AfDB) (www.AfDB.org) Long-Term Issuer Default Ranking (IDR) at ‘AAA’, with a steady outlook. According to the agency, “the ‘AAA’ ranking of the AfDB is driven by amazing assistance it receives from its investors, which Fitch Rankings evaluate at ‘aaa’”. It evaluated the Bank’s threat management policies as conservative and outstanding in line with ‘AAA’ ranked local peers. Fitch Scores examined “the Bank’s liquidity profile at ‘aaa’, showing an ‘outstanding’ liquidity buffer and quality of liquid assets”, while…

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Africa Financial Services Government Healthcare 

African Development Bank grants $0.5 million emergency relief assistance to Libya

The Board of Directors of the African Development Bank have approved a grant of $480,000 to Libya under the Special Relief Fund (SRF) for the procurement of much-needed personal protective equipment (PPE) intended for treatment of cases of infection of the novel Coronavirus. The bank’s funding will contribute to supporting the country’s national response plan for COVID-19. The assistance is intended to focus on infection prevention and control and to shield communities, particularly those most vulnerable including the health workers. The $480,000 grant is considered the first granted to the…

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