The Bank of Industry (BOI) and the International Finance Corporation (IFC) have agreed to a $50 million loan arrangement aimed at boosting long‑term financing for micro, small and medium‑sized enterprises (MSMEs) in Nigeria.
The partnership, announced by the two institutions, is intended to expand the availability of capital for businesses that form the backbone of the Nigerian economy. By providing additional funding, the deal seeks to address the chronic shortage of long‑term credit that many MSMEs face.
While the specifics of the loan structure were not disclosed, the agreement underscores a growing focus on supporting the sector that drives employment and innovation across the country.
Both BOI and IFC have previously worked to enhance financial inclusion in Nigeria, and this new collaboration is part of a broader effort to strengthen the country’s private‑sector growth engine.
<small>Source: Punch Nigeria — read the original story there.</small>