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Nigeria seeks $3.5 billion loan from World Bank, AfDB

President Buhari

The Federal Government of Nigeria is seeking from the World Bank and the African Development Bank the sum of $3.5bn (N697bn) in emergency loans to fill a growing gap in its budget in the latest sign of the economic damage being wrought on oil-rich nations by tumbling crude prices. The $2.5bn (N498bn) loan from the World Bank and a parallel ...

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Nigeria and Kenya considering duty-free trade

Nigeria Flag

Delegates from Kenya and Nigeria discussed the possibility of a duty-free zone for the importing and exporting of goods between the regions in the hope of opening up trade in Africa. These discussions happened as Nigerian President Muhammadu Buhari’s three-day trip to the East African country drew to a close. “We have agreed that we will improve the data gathering in ...

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Nigeria bans credit card use abroad


Nigeria’s central bank has ordered commercial banks to stop customers from using their debit and credit cards abroad, a source has told the BBC. One bank has emailed customers to this effect, stressing it is a “temporary measure”. Access to foreign online retailers will also be affected when the ban takes effect on 1 January 2016. It is part of ...

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