LAGOS, July 7 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)