Business
Ecobank, AFDB Sign $200m For Trade Financing In Africa
The Ecobank Group and
the African Development Bank (AfDB) have signed $200 million to facilitiate Trade Financing in the continent.
This is contained in a statement signed by Ecobank’s Head of Media, Mr Nabi Ouedraogo, recently and made available to The Tide source in Abuja. It said the facility was signed at an official ceremony held during the AfDB Annual General Meeting in Kigali.
According to the statement Ecobank’s Group Chief Executive, Mr Albert Essien signed for Ecobank while Director, AfDB, Mr Alex Rugamba signed for the bank.
The statement noted that facility comprised of two components of $100 million unfunded risk-sharing facility to bolster Ecobank’s capacity as an international confirming bank for trade transactions originated by issuing banks in Africa.
The second component, it said was another $100 million trade facilitation loan which would be used by Ecobank to provide trade finance support to local corporate organisations and SMEs in Africa.
“Over a period of 3-5 years, the facility will support approximately $1.8 billion of trade transactions in Africa,” it said.
Commenting Essien, it assured that the two banks would continue to deepen their collaboration for improved trade in Africa.
“This facility will greatly support international and intra-regional trade in Africa.
“We look forward to an ever-deepening collaboration with the AfDB to provide vital trade finace support to promote regional integration and the development of SMEs across Africa,” he said.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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