Dunlop Nigeria to Borrow Funds for Modernisation

The Economic Community Of West African States (ECOWAS) Bank for Investment and Development has granted Dunlop Nigeria PLC a loan of US$8 million. The company was scheduled to sign a loan agreement at the ECOWAS Commission in the Nigerian capital city Abuja on November 23.

“The loan will enable Dunlop to partially finance the modernisation of some existing installations in its factory and procure new moulds for the manufacture of a greater range of products to meet the needs of the local market,” read a statement released by ECOWAS, a regional grouping comprised of 15 African member nations. Dunlop Nigeria will repay the loan over a five-year period.