Home News Osinbajo writes NASS, seeks approval for $1.5bn loan

Osinbajo writes NASS, seeks approval for $1.5bn loan

Osinbajo pays a visit to Anambra

…says Nigeria profitable market for investors

Acting President, Prof. Yemi Osinbajo, has asked the Senate to give approval for one billion, four hundred and ninety two million, four hundred thousand dollars ($1,492,400,000,00) external loan.

The request was contained in a letter he addressed to the President of the Senate, Bukola Saraki, who read it at plenary, saying, the loan was part of the federal government’s external borrowing plan, meant for projects in 10 states.

The states include Kaduna, Ogun, Ebonyi, Abia, Katsina, Jigawa, Kano, Enugu, Plateau and Ondo.

The loan is to be sourced from four donor agencies – World Bank, African Development Bank (AfDB), Islamic Development Bank and French Development Bank.

The states are to benefit from the loan as follows: Kaduna – $350 million; Ogun – $350 million; Ebonyi – $70 million; Abia – $100 million; Katsina, $110 million; Jigawa – $32.4 million; Ebonyi – $80 million and Kano – $200 million, Enugu, Kano, Plateau and Ondo – $200 million.

In his conclusion, Osinbajo said: “It will be highly appreciated if you could kindly give this request an expedited consideration and approval to enable the states meet up with all other effectiveness conditions for the implementation of the projects in their respective states”.

Meanwhile, Osinbajo has declared that Nigeria remained one of the most profitable markets in the ECOWAS sub-region for business and investment.

The acting President stated this on Monday night while meeting the Foreign Minister of Indonesia, Mrs. Retno L. P. Marsudi at the Presidential Villa, Abuja.

He said with the country’s large population and size, “Nigeria has a prerequisite market for profitable returns on any investment and business.”

While citing the success of Indomie, one of the products by an Indonesian company in the Nigerian market, Osinbajo said: “There is much room to increase the volume of trade between both countries.”

“Nigeria is one of the profitable places for business and investment because there is always market for them and government is creating a good and friendly environment for investment to thrive,” he stated.

Osinbajo said Indonesia should take advantage of the on-going economic diversification process, especially in the agricultural sector, adding that Nigeria could be exporting agro-allied products to Indonesia.” “About 10 days ago, we signed Executive Orders for Ease of Doing Business.

We have a 48-hour visa regime and all that… there is a friendly business environment,” the Acting President assured.

Earlier, the Foreign Minister of Indonesia said she came to the country with 200 business people and had visited Lagos as her country was ready to kick-start business relationship with Nigeria.

Marsudi also solicited the establishment of Palm Oil Producing Council between Nigeria and Indonesia, stressing that countries producing palm oil should work together in order to benefit maximally from the market.

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