Loan Guide

Tips on securing loans in Nigeria

Origin of Banking in Nigeria The origin of modern banking in Nigeria dates back to 1883 when the African banking corporation was established followed in 1884 by the establishment of the British bank of west Africa. Whereas the former collapsed shortly after its establishment, the latter has survived till the present day although its name has changed over the years, first to standard bank west Africa, standard bank of Nigeria and currently, first bank of
An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. Assets are broken down into two main categories. These two categories are current assets and non-current assets. In this educational article, we list the 2018 top banks in Nigeria by assets Total assets are the sum of all current and non-current assets and must equal the sum
History of the Central bank of Nigeria The central bank of Nigeria was established in 1958 under Act which conferred on it a number of functions and powers, including powers to control the operations of the commercial banks as amended and consolidated in the series of Central Bank Acts and Banking Decrees of 1970. Under the Act, the principal objectives of the Bank are: the issue of legal tender currency in Nigeria, the maintenance of
Project finance in Nigeria is a loan-based funding predominantly used to finance activities in the energy sector and in infrastructure. Project financing can be immensely complex deals that takes years to come to fruition. What is Project Finance? Project finance brings together lenders from developed economies to help construct infrastructure project in emerging economies. What makes them different from standard commercial lending is that they are often limited recourse or non-recourses meaning that the lenders
Non-Bank lenders in Nigeria fill the SME credit gap which funds the growth of many small businesses. MoneyLenders Money lenders are offshoots of the Esusu system. In the absence of banks and other savings outlets, money lenders spring up either by relying on the funds kept with them by various unions or belonging to Esusu associations ,or money lenders promote some Esusu association; hence, the very knit and close relationship between the Esusu associations and
Short term finance is used by businesses to cover the current liabilities such as creditors, expenses. Short term loans in Nigeria are provided by most of the CBN regulated lenders. Types of short term finance Trade credit It is sometimes possible for a firm to add to its short-term working capital by making the fullest use of the trade credit that suppliers grant. This type of facility can be extended by pre-arrangement to customers who
September 1, 2018

Trade finance

According to the world trade organization, some 80 to 90 per cent of world trade relies on trade finance. In 2016, world merchandise trade recorded its lowest growth in volume terms since the financial crisis of 2008, increasing by just 1.3 per cent. This is half the level achieved in 2015 and well below the 4.7 per cent average annual growth rate since 1980. In 2009, the volume of Nigeria’s international trade amounted to circa