Rmb aligns with fg’s ergp to support businesses – businessday news you can trust businessday news you can trust nyc electricity consumption

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The six priority sectors targeted by the ERGP are: agriculture; manufacturing; solid minerals; services; construction and real estate, and oil and gas. RMB Nigeria has made contributions to all these sectors, and by supporting these sectors, it has contributed to increasing national productivity, growth in the economy, and diversifying production.

“Our clients operate in various segment of the economy which generally activity must still continue whether we are in rece ssion or not. We actually want those companies to do even better so they can record an increased output which in itself will drive us out of recession. We want our clients to do this in a sensible way, in a way that shows that whatever profit or production we are doing is sustainable”, Michael Larbie, managing director, said in an interview with some journalists.

Agriculture faces a number of challenges including limited access to financing, climate change, and limited access to national and international markets, security threats and destruction of farmlands by herdsmen. RMB Nigeria has contributed to the sector by providing a trade and working capital facility to Olam Nigeria (flour business) and Wacot (cotton ginning). RMB Nigeria also assisted in the creation of a local agricultural giant through advising the BUA Group on the sale of its wheat milling, pasta and flour manufacturing assets which helped reduce food imports as it became a net exporter of major agricultural products.

Data from the National Bureau of statistics (NBS) revealed that in the third quarter of 2017, Agriculture contributed 24.44 percentto nominal GDP. This figure is higher than the rates recorded for the third quarter of 2016 and second quarter of 2017 at 24.11 percent and 19.28 percent respectively.

In addition, RMB Nigeria supported Nigeria’s ERGP by providing Indorama Eleme Petrochemicals funding to grow its fertilizer business to increase agriculture output, reduce reliance on fertilizer imports, and become an exporter of agriculture products.

In the manufacturing sector, RMB Nigeria acted as a financial adviser to GB Foods in the acquisition of a local fast-moving consumer goods business which means it will reduce the importation of tomato paste thereby conserving foreign exchange.

RMB Nigeria also provided GZ Industries with a loan as part of a syndicate to fund the production of aluminium beverage cans thereby supporting the ERGP’s aim of increasing research and development, and technology and innovation to generate a competitive edge for the Nigerian economy. It has also supported a number of other companies in the sector.

The liberalisation of communication and telecommunications has increased yet the relatively low penetration of mobile subscriptions and the potential for data-generated revenue suggests the potential for further medium-term growth. RMB Nigeria has contributed to this sector by structuring a term loan facility for Interswitch with the aim of increasing the volume of transactions processed and encouraging rapid technology penetration.

In construction and real estate, RMB Nigeria part financed the Wings development company for the constructions of a Grade A office complex in Lagos and, in the oil and gas sector, it provided a bridge loan to OVH Energy to improve the efficiency of fuel imports to support the ERGP’s strategy of saving foreign exchange and increasing local content in the oil and gas sector.

RMB Nigeria arranged $150m Murabaha Sukuk for Africa Finance Corporation (AFC) for infrastructure development in Nigeria and other parts of Africa. The financing assisted the ERGP in harnessing the existing pool of development funds and encouraged private public partnerships to deliver critical projects