As is fairly obvious, this is not the case with Nigeria, where banks do all but support the real sector – with loans at about 30% p.a. and short tenors of 36 months and below
Emmanuel Thomas
Nigeria, Lagos, February 12, 2016 – The Funds Intermediation Services Department of Kirsten Turner Consulting has budgeted a princely sum of US$ 500million about N150 billion FDI to be deployed into the Nigerian economy in Fiscal 2016.
Making the revelation in a press statement, Messrs Kirsten Turner Consulting said the department is offering the support since Nigerian banks are reluctant to support the real sector with loans at about 30% p.a. and short tenors of 36 months and below.
“As is fairly obvious, this is not the case with Nigeria, where banks do all but support the real sector – with loans at about 30% p.a. and short tenors of 36 months and below! To help fight this “scourge”, the Funds Intermediation Services Department of Kirsten Turner Consulting has instituted the perfect antidote: It has budgeted a princely sum of US$ 500.00m FDI to be deployed into the Nigerian economy in Fiscal 2016”, it stated.
It added that the money will be sourced from Kirsten Turner Consulting’s partner organizations in the international financial circles.
“These funds would come with interesting and supportive terms, such as: Relatively low interest rates (now averaging six-months LIBOR + 3%); Speed of closing the transactions – in a matter of weeks;
“Funding for any commercially viable (but legally-permissible) projects, be they Trading e.g. Import/Export (a.k.a. buying & selling), Industrial/ Manufacturing Projects, Contracts, Infrastructure and Real Estate projects, etc”, it noted.
The organization observed that the real sector constitutes the lifeblood of every thriving economy and is responsible for providing the most jobs hence developed economies enact policies to specially support the sector to flourish – prominent amongst which is the ease of access to finances and bank loans usually at low interest rates.
It observed that in a recent lecture, the outgoing Group CEO of First Bank Nigeria Plc., Bisi Onasanya, made a strong appeal to his colleagues not to pursue profitability to the detriment of their developmental role in the society by lending to the real sector of the economy.
Messrs. Kirsten Turner Consulting, (“KTC”) is a firm of management consultants established since 1987 with the broad mandate to render top-market specialist project development, management, financial advisory and international funds intermediation/brokerage services from available Development Finance Institutions and funding agencies both locally and internationally.
