World Bank approves $500 million loan for Nigeria to boost MSME finance

The World Bank has approved $500 million in financing to expand access to credit for micro, small and medium enterprises in Nigeria, targeting long-standing funding gaps that continue to constrain business growth.

In a press statement issued on Saturday, the multilateral lender said the approval covers the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) project, structured as a blended facility comprising $400 million from the International Bank for Reconstruction and Development (IBRD) and $100 million from the International Development Association (IDA).

The project will be implemented by the Development Bank of Nigeria, with credit guarantees delivered through its subsidiary, Impact Credit Guarantee Limited.