Wema
Bank Plc, in a statement on Monday, said it had secured $70 million from
foreign lenders to finance trade and lending to small-scale businesses.
The
bank said $50 million would go towards financing trade, while the remainder
would help support lending to small businesses.
Nigeria,
which emerged Africa’s most populous nation and biggest economy after a
GDP
rebasing this year, is booming, but businesses are often constrained by a lack
of credit and punitive interest rates.
Wema
said in April it had swung to a pretax profit of 591 million naira ($3.6
million) in the first quarter from a loss of 853 million in the same period a
year before.
BusinessDay
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