Citibank Empowers 5,000 Small Businesses With 500 Million Naira Loan
If you are small business owner in Nigeria, this may be the time you will get the credit you have been looking for.
This is because one of America’s top lenders, The Citibank has granted a 500 million Naira loan to one of Nigeria’s top microfinance banks, Accion to support small businesses in need of loan facilities.
On Tuesday, Citibank’s Country Public Affairs Officer for Nigeria and Ghana, Lola Oyeka said the loan will fund Accion’s loan portfolio and support the development of approximately 5,000 micro and small enterprises in Nigeria.
The loan agreement, she said, would also support the Central Bank of Nigeria's effort to get more people to put their money in the bank.
In addition, Oyeka also named the Overseas Private Investment Corporation (OPIC) and the U.S. government’s development finance institution as partners.
The partnership intends to provide financing in local currencies to leading microfinance institutions operating in frontier and emerging markets around the world.