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Nigerian Government Creates $426m Microcredit Development Fund

 
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Nigerian Government Creates $426m Microcredit Development Fund
   

Nigerian President Alhaji Musa Yar’Adua announced the creation of an N50 billion (the equivalent of over USD 426 million) microcredit development fund to be administered by the Central Bank of Nigeria (CBN). The new fund will be used to provide existing microfinance institutions (MFIs) with funding for credit creation and operational expenses.

The creation of the fund has been expected by the development community for some time and comes as part of Nigeria’s microfinance framework as established in 2005. The announcement took place on February 19th at CBN’s “Banks and the Nigerian Economy” conference and was followed by a request in which Yar’Adua asked states and municipal governments to contribute one percent of their annual budgets to the fund.

This comes after MicroCapital reported on a consolidation of the Nigerian banking community that closed down at least 145 banks leaving 716 MFIs in operation. According to another MicroCapital report, only eight of these providers report to MIX, the microfinance information clearinghouse. The reporting MFIs have a combined gross loan portfolio of USD 12 million with 250,000 active borrowers.

As noted by MicroCapital last month, the Central Bank of Nigeria (CBN) was established in 1958 and is responsible for the overall control and administration of Nigerian monetary and financial sector policies, including the granting and revocation of bank licenses. As of October 2007, it reported total assets of NGN 7.24 billion (USD 61.4 million).

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About the Author


David Satterthwaite
(Visit David's Website)
David brings 10 years of experience in microfinance management, social entrepreneurship, non-profit management/fund-raising and microfinance investment research. David is the Chairman and President of Prisma Microfinance, Inc., a retail “microbank” operating in Central America. He is also Chief Editor of MicroCapital.org, a news and information service for the microfinance community and its investors. Each month, MicroCapital.org publishes the MicroCapital Monitor, the leading industry newspaper. David writes and speaks frequently on microfinance. He has been a quest speaker at many events, including: Microcredit Summit 5+: Panel on Private Investment, Milken Institute Global Conference, United Nations Year of Microcredit Symposium for Wall Street, Chicago Conference on Microfinance, Harvard Social Enterprise Conference, Dartmouth’s Business Sustainability Conference, Wharton’s Conference on Social Entrepreneurship, Stanford’s Social Enterprise Club, Columbia’s Social Enterprise Program and the Net Impact Annual Conference. Through his work with Prisma and MicroCapital, he has been featured or quoted in The Wall Street Journal, the Boston Globe, “All Things Considered,” Reuters and SocialFunds.com. David has been recognized with the Compaq Computer Corporation Leadership Award, the City Year Inspiring Leader Award and the National Social Venture Business Plan Competition award for Best Social Impact Analysis. David has supported many non-profit and for-profit social enterprises in different capacities, including Access Technology Learning Center, Agora Partnerships, Bridges to Business, City Year, Fonkoze, Kiva and National Social Venture Competition. David holds a B.A. with Honors in Political Science from Haverford College.
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