Senate approves ₦850 billion domestic loan
The FG seeks to source ₦850 billion in loans from the domestic capital market to finance the 2020 budget. This comes after expected revenues for the year were cut from ₦8 trillion to ₦5 trillion. This additional borrowing shows that despite the proposed $6.9 billion (₦2.6 trillion) loan from multilateral organizations, the FG still has holes to fill in funding the 2020 Budget and tackling COVID-19.
Coronavirus consolidates Alibaba group's global expansion goals
Multinational e-commerce company, AliExpress marked a 20% & 14% web traffic increase in Spain & Italy respectively during the first quarter of 2020 compared to the previous year. This period has allowed China's largest e-commerce company to increase penetration in foreign countries. Its parent company, Alibaba group, has also donated personal protective equipment (PPE) to countries around the world, including Nigeria and other African regions.
Bank of Industry reduces interest rates to 8%
The Bank of Industry (BoI) has reduced the interest rate on all BoI-funded loan projects from 10% per annum to 8%, given the harsh economic conditions experienced by businesses across the country. The bank has also issued a 3-month moratorium (pause in loan repayments) to its borrowers. The BoI’s loan include projects like the ₦10 billion Youth Entrepreneurship Scheme. It also consists of a ₦6 billion Solar Energy fund, and the ₦1 billion Nollyfund (a developmental fund to provide financing to film producers in the Nollywood industry).