Bank of Industry (BoI) announced on Thursday that it has secured a $50 million loan from the International Finance Corporation (IFC) to broaden long‑term financing options for micro, small and medium‑sized enterprises (MSMEs) across Nigeria. The agreement, reported from Abuja, stipulates that at least 25 percent of the new facility will be earmarked for women‑owned businesses.
The BoI, Nigeria’s development finance institution, said the infusion of capital will enable it to extend longer‑term credit lines to MSMEs, a sector that contributes significantly to employment and GDP but often struggles to obtain affordable financing.
The IFC, the private‑sector arm of the World Bank Group, highlighted that the loan aligns with its mandate to promote inclusive growth in emerging markets by supporting private‑sector development and improving access to finance for underserved firms.
By allocating a minimum of one‑quarter of the facility to women‑owned enterprises, the partnership aims to address gender gaps in business financing, a persistent challenge in Nigeria’s entrepreneurial landscape.
Industry analysts note that MSMEs in Nigeria face a chronic financing shortfall, with many relying on short‑term or high‑interest loans. The new long‑term financing pool is expected to help bridge this gap, fostering stronger business growth and job creation across the country.
<small>Source: AllAfrica Nigeria — read the original story there.</small>