Nigerian Banks Borrow N7.81 Trillion for Lending Needs
Nigerian banks have collectively borrowed N7.81 trillion from international financial institutions, including the International Finance Corporation (IFC) and the African Export-Import Bank (Afrexim), to address lending needs and support infrastructure development across Africa. This borrowing represents a 20.2% decline compared to N9.74 trillion borrowed in 2024.
The Central Bank of Nigeria (CBN) facilitates these loans, with Access Holdings leading the borrowing at N2.03 trillion, a decrease of 15.6% from N2.4 trillion in 2024. Other significant borrowers include United Bank for Africa (UBA) with N924 billion, a 34% decline from N1.39 trillion in 2024, and Guaranty Trust Holding Company (GTCO) with N82.24 billion, a 73.47% decline from N310.02 billion in 2024.
The borrowing is aimed at enhancing liquidity and enabling banks to lend to critical sectors, as stated by Mr. David Adnori, Vice President of Highcap Securities.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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