Nigeria's Wema Bank secures $70 mln to boost trade and lending

LAGOS, July 7 Mon Jul 7, 2014 8:32am EDT

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LAGOS, July 7 (Reuters) - Nigeria's Wema Bank said on Monday it had secured $70 million from foreign lenders to finance trade and lending to small-scale businesses.

The mid-tier lender said in a statement $50 million would go towards financing trade, while the remainder would help support lending to small businesses.

Nigeria, Africa's most populous nation and biggest economy, is booming, but businesses are often constrained by a lack of credit and punitive interest rates.

Wema said in April it had swung to a pretax profit of 591 million naira ($3.6 million) in the first quarter from a loss of 853 million in the same period a year before. (Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha; Editing by Tim Cocks)

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