Wema Bank secures $70 million to boost trade and lending

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

Telecoms sector not included in GDP rebasing, says Nigerian-British chambers

The Nigerian-British Chamber of Commerce, NBCC, has said that following the rebasing of the Nigeria’s GDP figures, the telecommunication sector, which has grown exponentially in the past 10 years and one of the fastest growing in the world, was not included in the country’s GDP.

In his welcome remark at the opening ceremony of the 2014 NBCC trade mission to the UK, at the London Chamber of Commerce, President of NBCC, Prince Adeyemi Adefulu, recalled on the 6th of April, the Nigerian National Bureau of Statistics announced a rebasing of the Nigeria’s GDP figures.

“The justification for the exercise was the need to

‘Rebasing negatively affected NSE’s market capitalisation to GDP ratio’ - Oscar Onyema

The recent rebasing of the nation’s Gross Domestic Products, GDP, undertaken by the Federal Government has negatively impacted the contribution of the Nigerian Stock Exchange, NSE’s market capitalisation to the GDP, says Oscar Onyema, the Chief Executive Officer of the NSE.

While speaking at the second quarter Capital Market Committee, CMC meeting held in Lagos, he pointed out that the market capitalisation GDP ratio has dropped to below 20 percent.

According to him,