February 29, 2024
Over 321,000 SMEs Get $1.4bn Funding In Six Years Says W’Bank
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Over 321,000 SMEs Get $1.4bn Funding In Six Years Says W’Bank

No fewer than 321,000 Micro Medium and Small enterprises have enjoyed wholesale funding of $1.4bn in six years, according to a recently released World Bank report.

The report titled, ‘Tackling access to finance for micro, small and medium enterprises’, says the funds disbursed through the Development Bank of Nigeria were to provide long-term loans and risk-sharing facilities to small enterprises, of which 66 percent were women-owned, and 12 per cent first-time borrowers.

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The bank also said access to finance remained a major, longstanding obstacle faced by micro, small and medium enterprises in Nigeria.

This challenge made the finance ministry request the World Bank’s support in launching the Nigeria Development Finance Projects with a $500m loan support.

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