Nigeria, Nov. 21 -- The Executive Council of the Federation (FEC) on Wednesday approved the issuance of a 500 million Euro Sovereign Guarantee (about N153.5 billion) from the Credit Suisse AG London Branch as collateral for a loan.

The loan, 500 million Euro, was sourced from a 'syndicate of international lenders' to finance major industrialization projects, an official said. The loan was issued to Nigeria's Bank of Industry.

The loan will also finance the activities of micro, small and medium enterprises value chains in Nigeria for up to five years, the Minister of State Budget and National Planning, Clement Agba, told journalists.

Mr Agba briefed State House correspondents at the end of the FEC meeting presided by President Muhammadu...