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Cheap Money Is Reducing Demand From Nigerian Firms for IFC Loans
Emele Onu, Bloomberg News
(Bloomberg) The World Bankâs International Finance Corp. is finding it isnât easy to compete with the cheap money on offer in Nigeria.
Companies in Africaâs biggest economy are tapping support programs from the central bank and benefiting from lower interest rates to raise funds, unlike the past when multilateral lenders were the leading game in town to get loans below 10%.
The lender will probably raise less than the $1 billion it planned in 2017 to distribute to Nigerian companies that will help diversify the economy away from oil, Country Manager Eme Lore said by phone from Lagos, Nigeriaâs commercial hub. These would include industries such as financial services, power and downstream petroleum firms, she said.