Catholic Church in Africa elected Richard Kuuia Baawobr of Ghana as new head

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His Eminence Richard Kuuia Baawobr of Ghana (middle) is now the highest-ranking member of the Roman Catholic Church in Africa. This is the first time since the establishment of SECAM 53 years ago that a Ghanaian has been elected the President of the body/Photo: SECAM

 

 

By Favour Nnabugwu

 

The Symposium of Episcopal Conferences of Africa, and Madagascar (SECAM), the association of Catholic Bishops of Africa, Madagascar, and the Islands, has elected His Eminence Richard Kuuia Baawobr of Ghana as its new President.

His Eminence Richard Kuuia Baawobr is now the highest-ranking member of the Roman Catholic Church in Africa.

The election took place in Accra, Ghana, on Saturday during the 19th Plenary Assembly of SECAM, whereby 130 participants, including cardinals and bishops from all corners of the continent.

The new President succeeds His Eminence Philippe Cardinal Ouédraogo from Burkina Faso.

Another Cardinal, His Eminence Fridolin Besungu Ambongo of the Archdiocese of Kinshasha, in the Democratic Republic of Congo, was elected First Vice-President, while Most Rev. Lucio Andrice Muandula of the Diocese of Xai Xai, in Mozambique, was elected Second Vice President.

The new President of SECAM, His Eminence Richard Kuuia Baawobr, was named Cardinal on 29 May 2022 by Pope Francis and will be officially installed Cardinal on 27 August 2022.

SECAM, established in 1969 in Kampala, Uganda during the visit of St. Pope Paul VI, was born out of the desire of African Catholic Bishops present at the Second Vatican Council to speak with one voice on matters pertaining to the Church in Africa.

The Symposium, headquartered in Accra, consists of eight regional associations:

  • Association of Episcopal Conferences of Central Africa (ACEAC).
  • Association of Episcopal Conferences of Central African Region (ACERAC).
  • Assembly of the Catholic Hierarchy of Egypt (AHCE).
  • Association of Member Episcopal Conferences of Eastern Africa (AMECEA).
  • Episcopal Conferences of the Indian Ocean (CEDOI).
  • Regional Episcopal Conference of North Africa (CERNA).
  • Inter-Regional Meeting of the Bishops of Southern Africa (IMBISA).
  • Reunion of Episcopal Conference of West Africa (RECOWA/CERAO).
Pension Asset gains N843 bn in 6 months, hit record high of N14. 27 trn

By Favour Nnabugwu

 

 

Nigeria’s pension fund assets rose by N842.7 billion in the first half of the year, hitting a record high of N14.27 trillion from N13.42 billion recorded at the beginning of the year, according to a report released by the National Pension Commission (PenCom).

On the other hand, a total of 27,157 RSA contributors switched their pension managers between January and June 2022, bringing the total number of RSA transfers processed by the Commission to 78,549 since the opening of the transfer window.

Since the launch of the PFA transfer window, which gives an opportunity for Retirement Savings Account (RSA) holders to switch from one pension fund administrator to another, Q1 2022 recorded the highest quarterly movements, increasing by 20.1 percent quarter-on-quarter, an indication of how competitive the industry has become.

Meanwhile, RSA registrations increased by 2.8 percent to stand at 9.79 million from 9.53 million recorded as of December 2021, which represents an increase of 266,830 new RSA registrations in six months.
Total pension funds increased by 6.28 percent from N13.42 trillion as of December 2021 to N14.27 trillion as of June 2022.

Investments in corporate debt securities rose significantly by 26.11 percent to N1.19 trillion in the review period (year-to-date).
PFAs increased their investments in real estate by 50.66 percent to N236.2 billion as of June 2022 from N156.8 billion recorded as of the beginning of the year.

Investments in private equity funds dipped slightly by 0.24 percent to stand at N38.87 billion from N38.96 billion.
Meanwhile, PFA allocations to FGN securities stood at N9.01 trillion, a 2.67 percent increase from N8.77 trillion in December 2021. It is worth adding that investments in FGN securities accounted for about 63 percent of the total pension fund.

This is likely to continue considering the growth in the interest rates of the FGN Bonds and BN Treasury Bills, which have been recording significant oversubscriptions.

A major incentive is that FGN securities are safer than other variable assets, which most RSA funds are averse to.
The RSA fund II accounted for most of the fund contribution with N6.24 trillion, representing 43.7 percent of the total pension funds, followed by RSA Fund III with N3.86 trillion, which represents 27 percent of the total assets.

Pension Fund Administrators earn N125.4bn in 2021 – PenCom

By Favour Nnabugwu

 

 

Pension Fund Administrators (PFAs) earned N125.39 billion in the financial year ended December 31, 2021, according to the National Pension Commission (PenCom)

PenCom in its 2021 annual report on its official website revealed

The commission said the figure indicated an increase of 14.33 per cent, compared to the total income of N109.68 billion earned in 2020 stated that the total operating expenses of the PFAs amounted to N65.58 billion, as against N55.20 billion recorded in 2020, while gross operating profits in the industry increased from N54.78 billion in 2020 to N59.52 billion in 2021.

According to the commission, the major source of income for the PFAs is fund management fees, which account for over 90 per cent of total income.

It noted that the PFAs recorded combined Return on Assets of 19.68 per cent and Return on Equity of 25.44 per cent, which indicated that the PFAs sustained their profitability in the year under review.

PenCom said the six Closed Pension Fund Administrators (CPFAs) generated total revenue of N3.65 billion, which was an increase of 19.67 per cent, when compared with the total inflow of N3.05 billion generated in 2020.

The commission explained that the major source of inflows for the CPFAs were receipts from their sponsor companies, which constituted 65 per cent of their total revenue, while management fees and investment income accounted for 32 per cent and three per cent respectively.

According to PenCom, the CPFAs incurred total expenditure of N3.55 billion and a net gain of N92.44 million for the year ended Dec. 2021.

It stated that the operating expenses consisted mainly of expenses on staff , which accounted for over 65 per cent of operating expenses.

70% of Nigerian children suffer learning poverty- UNICEF

By Favour Nnabugwu

 

Not less than 70 per cent of Nigerian children are suffering from learning poverty, according to the United Nations Children’s Fund (UNICEF)

The World Bank defined learning poverty as the inability of a 10-year-old to read or understand a simple sentence or solve basic numeracy problem.

According to UNICEF, “Research has shown that schooling does not always result in learning. Many children, even if in school, are not learning fundamental skills required for proficiency. As a result, many children are experiencing learning poverty, with an estimated 70 per cent of Nigerian children falling under this category, varying from state to state”

“Even before COVID-19, the world was grappling with a learning crisis with half of all ten-year-olds in middle and low-income countries unable to read or comprehend a simple story. In sub-Saharan Africa this is nearly 9 in every 10 children.”

Hence, the import of the ongoing launch of the Nigeria Learning Passport in states across the country.

Usamatu Mohammad Gona, the Katsina State Coordinator of the programme during the launch in Katsina said, “the Nigeria Learning Passport is an electronic distance learning medium fortified with audio-visual materials and books to aid self-based learning has been launched in Katsina State to help fast track learning among pupils and students of primary and junior secondary schools across the state.

“The platform makes learning possible even outside the confines of a school which will help address the spiralling number of out-of-school children, especially in states where insecurity hinders access to schools.”

Gona explained that “the NLP education model offers foundational literacy and numeracy skills, sciences, digital and employability skills. The Learning Passport supports early childhood education, primary and secondary education, and provides adolescent skills, technical & vocational education that is tailored to the needs of children and youth who are either out of school, or in need of support to ensure the education they are receiving is of sufficient quality.”

According to Gona, the NLP has the potential to provide access to learning to every Nigerian child within or outside the four walls of a classroom.

Gona who noted that the NLP platform is geared towards ensuring that no Nigerian child misses out of education said “education isn’t just a fundamental right but the fulcrum around which the engine of development revolves; it is the engine of the progress of any society.

“We plan to reach every Nigerian child over time with the NLP but in the short-term, out target is to reach 4.5 million learners by 2023 and 12 million by 2025.

“Additionally, 30,500 teachers and school leaders are being trained on the use of the NLP and on how to integrate technology in classroom instructional practice.

Narrowing it down to Katsina, the NLP Coordinator in the state said: “In Katsina, we are targeting 10,000 learners and teachers across the over 300 schools in the state before the end of November 2023.”

The Learning Passport is delivered by UNICEF and the Federal Ministry of Education and powered by Microsoft, with funding support from Global Partnership for Education (GPE) and is free of charge for all learners.

Why Abuja-Kaduna rail corridor yet to resume services – Sambo

By Favour Nnabugwu

 

 

Minister of Transportation, Muazu Sambo has explained that until to those in captivity from AK-9 train abducted are released, the Abuja- Kaduna train may yet resume services

The Minister during his familiarization tour of the Idu and Kubwa train stations, Abuja  stated.

Accompanied by the Permanent Secretary in the Ministry, Dr. Magdalene Ajani, Managing Director of the Nigerian Railway Corporation, NRC, Engr. Fidet Okhiria among others, the Minister also said federal government would spare no effort to install the required technological devices along the corridor to prevent future attacks.

He said: “It is very important to get those Nigerians that have been kidnapped and reunite with their families. Otherwise, it will appear the government is not sensitive whereas the government is not only sensitive but is doing everything it can to make sure that those who have been affected by this abduction are reunited with their families. I think it is an important step to do that first and foremost.

“Secondly, you must put in place adequate security and infrastructural measures to protect and prevent all forms of threats that are possible and leave what you cannot do to God but everything humanly possible must be put in place to ensure that the reoccurrence of this nature is automatically eliminated forever.

“Technology can make that possible and we are trying to deploy the best technology available anywhere in the world that has served very well in other jurisdictions which we believe can also serve us very well in Nigeria.

“We are in the process of procuring the sensors and that is why I said we must ensure that we put in place every infrastructure that will ensure that lives are safeguarded. So, the technology that is going to be deployed is such that you can perceive a threat and eliminate it before you get to the location. That is being proactive.”

On claim in some quarters that families of NRC staff abducted when the ill fated train was bombed on March this year have been abandoned by the Ministry, the Minister dismissed same, saying, “it is totally unfounded. They are members of staff of the NRC. It will be highly unexpected that a member of your own family is affected in an incident and you have not gone to his or her family.

“It is not possible. We have done that (visited the families) and we are still doing and we will continue to do it until we have gotten them reunited with their families and by the grace of God, they will be reunited with their families..

CIIN president, Edwin Igbiti visits Sovereign Trust Insurance

Sovereign Trust Insurance recieved in audience the 51st president of the Chartered Insurance Institute of Nigeria, CIIN, Mr Edwin Igbiti at the head office  V. I, Lagos

 

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Managing Director of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka receives a souvenir pack from the 51st President of the Chartered Insurance Institute of Nigeria, CIIN, Mr. Edwin Igbiti during the courtesy visit of the Institute to Sovereign Trust Insurance Plc on Tuesday, August 2, 2022 in Lagos

 

L- Sanni Oladimeji, DGM, Risk Management and Compliance, Sovereign Trust Insurance Plc, Segun Bankole, DGM Corporate Communications and Investor Relations, Abimbola Tiamiyu, Director General, Chartered Insurance Institute of Nigeria, CIIN, Olaotan Soyinka, MD/CEO, Sovereign Trust Insurance Plc, Edwin Igbiti, 51st President & Chairman of Council of the Chartered Insurance Institute of Nigeria, CIIN, Ugochi Odemelam, Executive Director, Marketing and Business Development, Sovereign Trust Insurance Plc, Kayode Adigun, General Manager, Finance and Corporate Services, STI Plc and the Liberian of the Institute, Mr. Lekwa Okude during the courtesy visit of the 51st President & Chairman of Council of the Chartered Insurance Institute of Nigeria, CIIN, to Sovereign Trust Insurance Plc on August 2, 2022.

Monthly Focus For August 2022 – Pastor Favour Onoja

By Pastor Favour Onoja

 

 

“And I saw a new heaven and a new earth: for the first heaven and the first earth were passed away; and there was no more sea.
And I John saw the holy city, new Jerusalem, coming down from God out of heaven prepared as a bride adorned for her husband.

And I heard a great voice out of heaven saying, Behold, the tabernacle of God is with men, and he will dwell with them, and they shall be his people, and God himself shall be with them, and be their God.

And God shall wipe away all tears from their eyes; and there shall be no more death, neither sorrow, nor crying, neither shall there be any more pain: for the former things are passed away.

And he that sat upon the throne said, Behold, I make all things new. And he said unto me, write for these words are true and faithful (Revelation 21:1-5)”

Welcome to the Month of August, 2022.
Our Focus for this Month is “BEHOLD. I MAKE ALL THINGS NEW”

In this Month, you shall experience “New Things And New Wine” in your walk with God in Jesus Name.

In the midst of devastation and destruction ravaging the earth whereby nations are at war with each other; where the World is in a state of political instability, social and economic depression, famine, poverty, insecurity, natural and individual chaos, mass destruction, death and hopelessness; the Bible said “Remember ye not the former things, neither consider the things of old. Behold, I will do a new thing; now it shall spring forth; shall ye not know it? I will even make a way in the wilderness, and rivers in the desert (Isaiah 43:18-19)”

In all these happenings, God is interested in the welfare and well-being of His people. He shall wipe away all tears from your eyes; there shall be no more death in our land, nations; neither sorrow nor crying nor destruction and devastation. There shall be no more pain, poverty and famine in our land: for the former things are passed away and behold the new has come! (Revelation 21:4-5).

God is set to do new things in our lives and nation this Month. See it, Embrace it and Rejoice!

WHAT ARE THE CHARACTERISTICS OF NEW THINGS?

1. When He wipes away all tears and turns our mourning into dancing (Revelation 21:4; Psalm 30:11; Isaiah 35:10; 65:19);

2. He turns our wilderness into a fruitful field (Isaiah 32:15);

3. Death and destruction are averted or stopped (Revelation 21:4);

4. He instructs and leads us (Deuteronomy 32:10-14);

5. It’s a season of Answers (Jeremiah 33:3; Psalm 143:1; 1Kings 9:3; 2Kings 20:5; 2Chronicles 7:12; Isaiah 38:5);

6. It’s a season of manifestations (Luke 1:80);

7. It’s a season of fulfillment of prophesies (Matthew 21:1-7; Luke 4:16-18; Jeremiah 29:10);

8. It’s characterized with abundance and supernatural supplies (1Kings 18:41-45; 2Kings 7:8-20; Joel 2:26-27);

9. It’s the season of the outpouring of His Spirit (Joel 2:28-29; Psalm 92:10);

10. It’s a season of Restoration and Revival (Joel 2:22-27; Isaiah 35:1-10; Ezekiel 37:1-14; Numbers 17:1-10);

11. It’s a season of healing, deliverance and wholeness (Revelation 21:4; Ezra 9:13; Psalm 18:50; Obadiah 1:17);

12. It’s a season of overwhelming favour (Psalm 44:3; Genesis 29:17; 39:6; Exodus 3:21; 12:36; Deuteronomy 33:23; 1Samuel 2:26; Esther 2:15; Job 10:12; Psalm 5:12; 30:5, 7; 1Chronicles 26:10);

13. It’s a season of remembrance (Genesis 30:22; 41:1-14; 8:1; 9:15-16; 19:29; Exodus 2:24; 6:5; Esther 6:1-14);

14. It’s a season where He raises Kings, Authorities and People to see to your welfare and well-being (2Kings 8:1-6; Jeremiah 37:21; 2Samuel 9:1-13);

15. It’s a season characterized with honour and dignity (Esther 6:1-14; Genesis 41:40-46);

16. It’s a season of salvation and harvest of souls (Isaiah 61:10; 1Peter 1:9; Matthew 13:39);

17. It’s a season that is characterized with showers of blessing (Ezekiel 34:26);

18. It’s a season of revelation (Revelation 4:1-11);

19. It’s a season of intense worship (Genesis 22:5; Exodus 34:8, 14; Psalm 132:7; 138:2; Zechariah 14:17);

20. It’s a season of hunger for righteousness (Matthew 5:6; 6:31-33; Zechariah 8:23);

21. It’s a season of judgment upon the enemies (Jeremiah 22:16; Psalm 82:1; Job 21:22); and

22. It’s a season characterized with unity (Psalm 133:1-3; Ephesians 4:13).

HINDERANCES TO NEW THINGS

1. Dwelling in the past (Isaiah 43:18-19; Psalm 137:1-7);

2. Regrets (John 11:21);

3. Doubt and unbelief (Matthew 28:17; 13:58; Hebrews 3:19);

4. Unforgiveness;

5. Lack of Revelation (2Corinthians 3:14; 4:4; John 12:40; 1John 2:11);

6. Compromise; and

7. Unfaithfulness (Matthew 25:14-31).

PROPHESIES:
In this Eight Month, I decree and declare the termination of death, waste, famine and destruction in your life and in our nation, in Jesus name,  Amen!

Upon this mountain this Month, God shall raise Saviors for our nation (Obadiah 1:17).

I decree and declare that this month shall give birth to new things (vision, dreams, ideas) in your life, in Jesus Name;

I decree fresh encounters, revelation and Oil upon your life and destiny in Jesus Name.

PASTOR FAVOUR ONOJA
GLOBAL IMPACT REVIVAL ASSEMBLY INTERNATIONAL, ABUJA, NIGERIA

Tel: +234(0)8055842594
+234(0)7034893375

H A P P Y   N E W   M O N T H !!!

ITF reels out new policy framework to tackle unemployment

By Favour Nnabugwu

 

 

The Industrial Training Fund, ITF, has reeled out a three-year strategic policy direction to enable the organization to achieve its mandate of fully tackling the numerous socio-economic problems bedeviling the nation.

The Director General/Chief Executive Officer of the Fund, Sir Joseph Ari who unveiled the policy document on Monday at a media briefing in Jos stressed that skills are the currency of the 21st century as he reminded the teeming youths in the country of the need to have relevant skills and create wealth because everyone must be involved in the governments’ efforts to effectively rid the country of the challenges of unemployment.

Sir Ari pointed out that the new strategy which has the theme: Re-Engineering Skills for Sustainable Development would scale up activities to address the soaring unemployment using the three Es of experience, expertise, expansive network, and other strategies from 2022 – 2025 hence the briefing is intended to fully acquaint the media of the plans so they can be effectively communicated to Nigerians what the Fund intends to do going forward.

His words, “… Unemployment in Nigeria today is at over 33% as over 23 million Nigerians that are desirous to work cannot find jobs, mostly because of the absence of requisite skills.

Poverty is equally on the rise with some estimates placing the number of Nigerians that are living in poverty to be over 90 million. In the face of all these, our population has continued to soar with the World Bank estimating that Nigeria might hit 216 million by the end of this year. Equally worrisome is the spectre of the Out of School Children, which according to the United Nations Children Fund (UNICEF) is projected to be over 18.5 million.

“Although the Federal Government and, indeed, governments at all levels have implemented measures to tackle these challenges, it has become increasingly obvious that efforts have to be redoubled by all and sundry for us to effectively rid the country of these challenges.

In line with our mandate of developing a vast pool of skilled manpower sufficient to meet the needs of the public and private sectors of the national economy coupled with resolutions at the recently concluded ITF National Skills Summit in Abuja that we found it imperative to review and refocus our strategies to address the above challenges and to meet the skills required of the nation in line with global best practices.

“We considered the need to scale up our activities to address the soaring unemployment and other socio-economic challenges by leveraging on our three Es (Experience, Expertise, and Expansive network), deployment of technology for wider coverage, and more flexible service delivery. The new policy framework, which has as its theme: Re-Engineering Skills for Sustainable Development has external and internal components.

The internal components of the plan, which entail value reorientation, Industrial Development, Commercialization of ITF facilities, Alternative Funding Window, Deployment, and Promotion, Annual Budget Preparation, and, Revenue Generation is intended to drive the external components of the new policy direction, which covers Standardization and Certification, Technical and Vocational Skills Training Programmes, Skills Intervention Programmes, Electronic, and Virtual Learning and, Optimal Utilization of Skills Training Centres (STCs) and Vocational Wings (VWs)…”

He further explained that “the Fund will focus on ensuring full adherence to standards and regulating vocational skills training outfits through the accreditation of skills training centres and certification of all skills training.

The Fund will develop National Occupational Standards (NOS); Evaluate and certify apprentices, technicians, and craftsmen; Train and certify learning and development professionals and; Create and maintain a data bank on skills training. The Fund is set to refocus Technical and Vocational Skills Training for employability and economic growth by facilitating the institutionalization of the National Apprenticeship and Traineeship System (NATS).

“The Fund will collaborate with relevant public and private stakeholders for NATS; appraise and harmonize Apprenticeship programmes in line with set guidelines; conduct monitoring and evaluation and; design and develop technical and vocational skills programmes in line with the needs of the economy.

“When fully in place, our plan will ensure a pool of highly skilled indigenous apprentices, technicians, and craftsmen as well as an institutionalized National Apprenticeship and Traineeship System (NATS)…

“The intended outcome of this strategy is to have at least a total of 27,000 skilled and employable youths (18,000 trained youths under the NATS and 9,000 youth under the NISDP and other intervention programmes) and increased SMEs and Entrepreneurs to meet the Nation’s economic needs…”

He expressed optimism that “the new policy framework if fully implemented will place us in better stead to fully implement our mandate and drive the achievement of Federal Government’s goals with particular reference to unemployment, poverty, and their associated consequences,” but “it must be noted that for us to replicate such successes, the problem of the perception that skills acquisition is the preserve of a section of our society has to be overcome because this prejudice has discouraged people from perceiving skills acquisition as a real and better alternative to white-collar jobs.”

End.

AXA tops list of largest EU insurers ranked by GPW

By admin

 

Based on research data from ratings agency AM Best, our directory of Europe’s largest insurance companies also shows that out of the big four European insurers, only Munich Re and Swiss Re managed to make the top ten.

When ranked by gross premiums written (GPW) in 2020, AXA tops the list of the largest European insurance companies with USD 115.3 billion. The insurer also recorded USD 80 billion of capital & surplus from 2020.

Munich Re sits in fourth place with GPW of USD 67.4 billion, along with USD 36.7 billion of capital & surplus. However, Swiss Re comes in eighth place with GPW of USD 42.9 billion, along with USD 27.1 billion of capital & surplus.

SCOR, one of the other big four European insurers, came 20th on the list, with GPW of USD 20.1 billion. But, Hannover Re, the final of the big four European insurers, did not even make the list.

Meanwhile, sitting in second place on the list is Allianz with GPW of USD 101.9 billion. The company also had a massive capital & surplus in 2020 of USD 99.2 billion – the highest on the list.

In third place is Italian insurer, Generali with USD 82.8 billion of GPW, along with USD 36.8 billion of capital & surplus.

Sitting one place below Munich Re is Zurich Insurance Group, who recorded USD 50.5 billion of GPW. Close behind in sixth place is HDI Group, with USD 49.4 billion of GPW.

In seventh place on the list is Lloyd’s. The world leading insurance and reinsurance marketplace recorded GPW of USD 48. 1 billion in 2020, along with USD 45 billion of capital & surplus.

In addition, sitting below Swiss Re in ninth place is Chubb, with GPW of USD 41.2 billion. The company also recorded USD 59.4 billion in capital & surplus.

Closing out the top ten is Crédit Agricole Assurances, as the France-based insurer recorded USD 36.1 billion of GPW.

Interestingly, only two insurers recorded over USD 100 billion of GPW, with both AXA & Allianz doing so.

Access Bank secures $280m investment from DFC for SMEs

By Favour Nnabugwu

 

Access Bank has secured $280 million financing from U.S. International Development Finance Corporation (DFC) to help address the financing gap for small- and medium-sized enterprises (SMEs) and advance financial inclusion in Nigeria to supporting women-owned and -led businesses.

Access Bank is one of the largest banks in Nigeria and has banking subsidiaries throughout Africa. Citibank acted as the coordinator and arranger/co-lender to help facilitate the loan

The Managing Director, Access Bank, Rosevelt Ogbonna, said ”Access Bank is extremely pleased to announce this strategic partnership with DFC to support the multitude of businesses across Nigeria who stand to benefit from greater access to finance, especially in an environment that is in need of stronger economic diversification.

” We look forward to utilizing the partnership with DFC in driving further economic expansion and inclusion in Nigeria, with a strong focus on non-oil sectors and women businesses.”

At this end, the Chief Executive Officer of DFC, Scott Nathan stated that ”DFC’s investment in Access Bank demonstrates U.S. support for private sector-led development in Nigeria and throughout West Africa.”

“The  $280 million loan from DFC will boost financial inclusion in Nigeria and empower women entrepreneurs, bolstering the country’s economic growth.”

The DFC financing for Access Bank will provide needed liquidity given the global economic downturn caused by the COVID-19 pandemic. The loan is expected to support at least 4,000 new SME loans in Nigeria.

In addition, the loan proceeds will be on-lent across more than a dozen sectors in the Nigerian economy, with specific focus on women-owned SMEs, and on loans with longer tenors, which will provide more flexibility to borrowers.