September 27, 2014 – Board of Executive Directors of International Bank for Reconstruction and Development (IBRD) otherwise called World Bank has approved $500 million as credit for Small and Medium Scale Enterprises(SMEs) in Nigeria.
Communication Specialist of the bank, Mr. Bamidele Oladokun who made the revelation in a statement said that the fund is meant to support SME projects.
“The project is in support of the government’s efforts to promote the growth and job creation potential of the private sector through improved access to financing.
“Limited access to finance is a key obstacle to enterprise growth and entrepreneurship, particularly for young people, and it is a major obstacle faced by SMEs.
“Only 6.7 per cent of Nigerian firms are reported of having a loan or active line of credit in 2014.
“SME lending made up only around five per cent of total commercial bank lending,” it said adding that women entrepreneurs in Nigeria were held back by knowledge gaps, limited access to markets and some challenges.
