Skip to main content

India offers Nigeria N1.8trn line of credit on 1.75% interest rate

The Nigerian government is set to receive a $5 billion (N1.8 trillion) line of credit with low interest from India.

This was disclosed by the Indian High Commissioner to Nigeria, Abhay Thakur, during a visit to the minister of communications, Adebayo Shittu on Monday, January 21, in Abuja.

Punch reports that Thakur said the Indian prime minister has made $10 billion credit line available to Africa during an India-Africa Forum summit.

According to Thakur only 50% of the credit line approved have been utilised by Africa.

He also said that Nigeria had the opportunity to explore this credit line which had an interest rate of only 1.75 %.

READ ALSO: NAIJ.com upgrades to Legit.ng: a letter from our Editor-in-Chief Bayo Olupohunda

“This is a good facility which to my knowledge half of it has just been utilised and for Nigeria, we can enhance our areas of collaboration,” Thakur said.

Also speaking, the minister of communication said the relationship between India and Nigeria can be counted as one of the best Nigeria has ever had in terms of partnership.

Shittu urged the India envoy to investors to establish a 5G village in Nigeria and further partner with stakeholders in building the proposed ICT Park in Abuja.

He said the park would be located in a free trade zone that would add beauty and elegance to the country as well as boost revenue base of the investors.

PAY ATTENTION: Read the news on Nigeria’s #1 news app

“In the area of bilateral agreement, we can raise a team to work on crucial areas and look at the details and appraise what we can do on low hanging fruit that would be beneficial to both countries.

“A lot of Indian companies had often indicated interest to invest in Nigeria by way of establishing industries but rarely translate such into action, hence, the need to encourage them to translate such interest into reality," Shittu said.

Meanwhile, Legit.ng previously reported that Shittu had threatened to work against the governorship candidate of the All Progressives Congress (APC) in Oyo state, Adebayo Adelabu, during the February, 2019 elections.

Shittu who lost in the race for the governorship ticket said without restitution, there won’t be peace in the APC.

The National Working Committee (NWC) of the APC had raised the peace and reconciliation committee for each of the six geopolitical zones to reconcile aggrieved members ahead of the general elections.

NAIJ.com (naija.ng) -> Legit.ng We have upgraded to serve you better.

Between Buhari’s Next Level And Atikulate - Nigerians React| - on Legit TV

Source: Legit.ng



from Nigeria News today & Breaking Naija news ▷ Read on LEGIT.NG 24/7 http://bit.ly/2HqEnrG
via EDUPEDIA24/7

Comments

Post a Comment

Popular posts from this blog

The beautiful model Christina Evangeline: age, ethnicity, net worth, husband, baby

The art of modelling is more than merely putting on designer clothes and hitting the runway. It requires a lot of effort, self-care, determination, and an energetic spirit. Christina Evangeline, who is very attractive and beautiful, is a model who dedicated all her energy into this esteemed career. Fame and plenty of public attention came with her job, and she continues to show young women that success does not come overnight. It requires hard work and passion! Image: instagram.com, @yoevangeline Source: Instagram Who is Christina Evangeline ? According to the Christina Evangeline biography, she is a model who is best known for being Kenan Thompson’s wife. Christina was born on the 24th of March 1989 in the United States of America. Currently, Christina Evangeline age is 30 years. Her nationality is American, and she identifies herself as a Christian. Christina Evangeline ethnicity is White, and her Zodiac sign is Aries. Christina Evangeline race is Caucasian. Details of her paren...
Post a Comment
Read more

Former Maritime Agency Boss, Buba Galadima, Accuses AMCON Of Witch-hunt After Property Takeover

  A former Director-General of the Nigeria Maritime Agency, Buba Galadima, has accused the Asset Management Corporation of Nigeria of witch-hunt after the agency took possession of his business and assets on Tuesday in Abuja. Galadima, an ardent critic of President Muhammadu Buhari, claimed that he did not borrow money or have unpaid debt with Unity Bank, which lodged a complaint against him and occasioned AMCON’s move on Tuesday. The properties taken over include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory, Abuja and House No. 4, Bangui Street, Wuse 2, also in Abuja.  Reacting to the situation, Galadima said, “This is an attempt to disgrace and break me down. This is injustice and an attempt to humiliate me. "But I am unbreakable and they can never silence me. They sacked me and over 50 people that sleep in the apartment. "We don’t know where to go. We will remain on the streets. We will remain on the streets until God provi...
Post a Comment
Read more

Learn how to clean washing machine in a surprisingly easy way

All machines can break down one day, and your washing machine is no exception. Knowing how to clean washing machine timely and effectively will help you reduce or even avoid additional expenses on servicing. Right now, you will be surprised to discover how easy it is! You do not even need any additional devices to do this except the ones that you already have in your house! Image: pexels.com Source: UGC A washing machine is an essential device in a modern home, but it has its own temper and demands! It reacts to the softness of water and quality of detergents that you use. In separate cases, the frequency and intensiveness of washing cycles can play their part. Now, it is time to discover several simple and cheap methods of cleaning of the essential parts of your little helper, to remove unpleasant odours, mould, and scale. The most important tips: how to clean washing machine How often is it necessary to do this cleaning? What do you think? Specialists insist on once in ...
Post a Comment
Read more