Connect with us


BIG STORY

FG Seeks $1.5bn Loans To Shore Up Naira, Boost Budget — Finance Minister Olawale Edun

Published

on

Nigeria is currently seeking $1.5bn aid from the World Bank to tackle the severe dollar shortage contributing to the decline of the naira.

“We’re hoping to get $1bn or $1.5bn from the World Bank” for budgetary support, Finance Minister Wale Edun said to Bloomberg on Wednesday.

Africa’s largest economy, according to the minister, may also issue a Eurobond in late 2024, adding that with the current economic reforms, the country deserves support.

Eurobonds, denominated in foreign currencies, offer Nigeria a mechanism to navigate its financial landscape amidst challenging economic conditions.

The minister said, “It is a matter of discussion at the moment, but we think we will get the support because we are continuing with our reforms.”

Nigeria has issued Eurobonds in the past to raise debt to fund infrastructure and boost its economy

In 2022, Nigeria entered the international debt markets with a $1.25bn Eurobond issuance, marking its eighth venture into this financial arena, according to the Debt Management Office.

Subsequently, in the following year, the country redeemed a $500m Eurobond issued in July 2013 as part of a dual-tranche of $1bn, held for a tenor of ten years at a coupon of 6.375 per cent per annum.

During a press conference in October 2023, at the World Bank/International Monetary Fund Annual meeting in Marrakech, Morocco, the minister mentioned that the $1.5bn World Bank loan would be coming with zero interest rate.

Nigeria is currently battling with about N87tn debt, which the International Monetary Fund said was “manageable,” but noted that the interest payment was high for the country.

The minister said the new World Bank loan would be used to finance development, disclosing that the facility would be disbursed to Nigeria very soon.

He said, “On the talks with the World Bank on $1.5bn budget support, that is correct. The World Bank is the number one multilateral development bank helping developing countries or funding developing countries, projects programs, and sectors.

“It has free money through the International Development Association. It is for the poorer countries and right now, I think we qualify as one of the countries that can borrow from the normal window of the World Bank funding, but also some concessionary IDA funding; and that means that effectively, the interest rate will be zero.”

Nigeria has nearly $7bn in forex forwards that have matured, a major concern for investors, but the Central Bank of Nigeria has promised to pay up to boost confidence in the foreign exchange market.

But the apex bank recently disbursed $2bn to settle a backlog of outstanding foreign exchange forwards, emphasizing its commitment to enhancing liquidity and stability in the foreign exchange market.

In the face of mounting economic challenges, Nigeria grapples with a budget deficit fueled by factors including soaring fuel subsidy costs, burdensome debt servicing, and restrained public spending.

The 2024 fiscal year budget stands at a hefty N28.7tn, accompanied by a deficit of N9.18tn, equivalent to 3.88 percent of the nation’s Gross Domestic Product.

President Bola Tinubu emphasised that the current deficit is an improvement from the N13.78tn recorded in 2023, representing 6.11 percent of GDP.

To address the deficit, President Tinubu outlined a multifaceted financing approach. This includes new borrowings totaling N7.83tn, N298.49bn sourced from privatisation proceeds, and a N1.05tn drawdown on multilateral and bilateral loans earmarked for specific development projects.

Africa’s largest economy is also confronted with persistent dollar shortages, increased demand for dollars, and speculative activities that have exerted pressure on the naira, leading to its devaluation.

The shortage of dollars has widened the gap between the official exchange rate and the parallel market rate, further impacting the street value of the naira.

Naira on Wednesday fell to a record low of N1,320 per dollar following strong demand on the parallel market.

The domestic currency depreciated 4.72 per cent to close at N878.57 to a dollar at the close of business, based on data from NAFEM where forex is officially traded.

BIG STORY

Adron Homes Launches Lemon Friday Plus Promo 2025 With Discounts, Flexible Payments, And December Rewards

Published

on

Adron Homes and Properties has announced the official launch of its Lemon Friday Plus Promo 2025, an exciting opportunity for Nigerians to own land at discounted rates while enjoying mouth-watering rewards this festive season.

This year’s edition allows customers to begin their homeownership journey with an initial deposit as low as ₦50,000 and spread payments over multiple instalments. Subscribers also enjoy a 30% discount on land purchases with the option to clear the balance conveniently over 24 months.

Adron Homes’ estates are carefully designed to provide residents with the best of modern living, featuring adequate power supply, good road networks, functional drainage systems, CCTV, 24-hour security, recreational centers, shopping malls, and green spaces that promote healthier lifestyles.

The promo covers estates across Lagos, Ogun, Oyo, Ekiti, Abuja (FCT), Nasarawa, Plateau, Osun, and Niger States, giving prospective homeowners multiple location options in rapidly developing communities.

Promo Rewards by Category:

• BRONZE (₦300,000 deposit): 25kg bag of Rice + 2 Chickens + Vegetable Oil OR Home Theatre.
• SILVER (₦500,000 deposit): A Goat OR 50kg Bag of Rice + 3 Chickens + Vegetable Oil OR Rechargeable Fan.
• GOLD (₦1,000,000 deposit): A Goat + 50kg Bag of Rice + Palm Oil + Garri Ijebu OR 2 Bags of 50kg Rice + 4 Chickens + Palm Oil + Garri OR Washing Machine.
• DIAMOND (₦3.5M deposit on estates above ₦20M before discount): A Cow OR Double-Door Fridge.

Adron Homes has consistently bridged the home ownership gap in Nigeria by introducing flexible and convenient payment plans that allow more families to become homeowners. With initiatives like Lemon Friday Plus, the company is breaking down financial barriers and creating sustainable pathways for Nigerians to secure their future through real estate.

Promo Duration

• Instalment payments for initial deposits run from 7th July to 31st November 2025.
• The promo officially ends 6th January 2026.

“The Lemon Friday Plus Promo is our way of making December unforgettable for our customers,” said Adron Homes’ management. “We are not only offering affordable land ownership, but also giving families gifts that make the festive season brighter.”

Adron Homes invites all aspiring homeowners, investors, and families to take advantage of this limited-time opportunity to own property with flexible payment plans and rewarding bonuses.

Continue Reading

BIG STORY

UBA Hosts Global Leaders At UNGA 2025, Launches Whitepaper On Unlocking Africa’s Potential

Published

on

Africa’s Global Bank, United Bank for Africa (UBA) Plc is set to make a bold statement on the global stage as it will be gathering world leaders, policymakers, and investors and other private sector players at the forthcoming 2025 United Nations General Assembly (UNGA).

This year’s gathering at the UNGA, which is the 80th Edition, will be held between September 15th and September 25th, and as always, UBA Group has mapped out series of engaging activities to spotlight Africa’s opportunities and foster high-level dialogue with global leaders towards boosting the continent’s potential.

A key part of the event, will be the UBA’s unveiling of a ground-breaking whitepaper that presents actionable strategies for unlocking Africa’s vast economic potential, as part of the bank’s mission to drive sustainable growth across the continent.

The whitepaper, a first-of-its-kind initiative by a leading African financial institution at UNGA, titled ‘Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth’, will highlight opportunities in trade, infrastructure, digital innovation, climate finance, and inclusive growth.

By providing a roadmap for collaboration between Africa and the global community, UBA aims to position the continent not just as a beneficiary of investment, but as a critical driver of future global prosperity.

Apart from the Whitepaper launch, other activities of the group will include the Business Council for International Understanding (BCIU) Roundtable to be hosted by UBA America, as well as the annual UBA Reception.

The reception will convene world leaders, policymakers, and influential business executives who will be involved in critical dialogues on investment and development across the continent.

UBA’s Group Chairman, Tony Elumelu, emphasized the strategic importance of these dialogues, explained that over the past few years, UBA has become an active leader in conversations and activities that will drive tangible investments to the continent.

“These conversations are fundamentally different from previous discussions because they will be followed by feasible and actionable decisions. UBA will actively work to implement these outcomes for the benefit of the continent, as committed partners in Africa’s development and sustainability,” Elumelu noted.

Continuing, he said, “’The United Nations General Assembly is the largest and most official gathering of world leaders, and we cannot let such an opportunity pass without major African players like UBA taking centre stage to bring these leaders together and showcase Africa’s potential.”

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who remarked on the upcoming event, especially the whitepaper’s significance, emphasized the need for more private organizations and players to demonstrate their commitment to the continent’s development through concrete action and proven capabilities.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

Continue Reading

BIG STORY

Iyan Olodo: The City Pulse Lounge Revives Authentic Yoruba Dining In Ikeja

Published

on

The City Pulse Lounge, a branch of The City Pulse, has introduced its flagship dish Iyan Olodo in Ikeja—a freshly pounded yam served in the traditional manner with pure palm wine in calabash style.

The experience is designed as more than just food; it’s a return to cultural roots. At the lounge, guests can hear yam being pounded live (unless it’s a pre-order), and the atmosphere is steeped in Yoruba tradition. On weekends, the venue hosts live performances featuring Juju, Fuji, Gospel, and other cultural arts, turning dining into a celebration.

“Ayoyemi Mojoyinola, popularly known as Ayo Mojoyin, founder of The City Pulse Lounge, said he created Iyan Olodo ‘to bring back the memories of our forefathers in the villages’.” He explained that, as a journalist-turned-hospitality entrepreneur, he wanted to preserve Yoruba culture by replicating how elders used to eat yam with fresh palm wine.

The new dish has already drawn several A-list personalities. Patrons include Chief Bestman Nze (President of Team Nigeria), celebrity journalist Otunba Femi Davies (founder of Metronews Nigeria), realtor Otunba Olayinka Ogundipe (‘Ultra’), and broadcaster Adebisi Adewusi (DebisiKonga). Videos featuring these influencers enjoying Iyan Olodo are being shared, fuelling its cultural buzz.

Menu prices include Iyan with Fish / Bokoto / Ogufe at ₦4,000; Iyan with Assorted & Ponmo Ijebu at ₦5,500; Iyan with Fresh Fish is priced at ₦10,000. Pure, natural palm wine (not mixed) costs ₦2,000 per bottle. Eat-in only; takeaway or delivery incurs extra packaging/dispatch fees.

Iyan Olodo is served daily from 1:30pm to 8:00pm, with pre-orders allowed for earlier or later service. The lounge is located at The City Pulse Lounge, inside Lagos Television, Plot 1 Lateef Jakande, Agidingbi, Alausa, Ikeja.

The City Pulse Lounge plans to expand Iyan Olodo soon to Ogun State and the Federal Capital Territory, with those plans already underway.

For Nigeria’s Independence Day, a special Iyan Olodo promotion will run from October 1-5, 2025. Official details are expected to be announced on September 25.

Continue Reading


 

 


 

 

 

Join Us On Facebook

Most Popular