We've announced the signing of a USD 25 mln NASIRA guarantee agreement with Nigeria’s First City Monument Bank Limited, which will help FCMB expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral. Funded by the European Commission, NASIRA is one of our most innovative programs. It encourages local banks to provide funding to small entrepreneurs without collateral, with FMO providing the guarantee instead. The guarantee is often not fully utilized, showing that these #entrepreneurs actually aren’t as risky as they’re perceived to be. Job creation in #Nigeria is critical: it’s home to 220 million people, faces high unemployment, and has strong currency depreciation. Through this investment, FCMB will help high-risk groups start and expand their businesses, leading to much-needed income generation. Alongside the NASIRA guarantee, we’re also providing a USD 60 mln syndicated loan so FCMB can grow its existing loan portfolio of SMEs, with FMO contributing USD 20 mln, FMO IM contributing USD 10 mln, and USD 30 mln through the European Financing Platform, on behalf of of BIO - the Belgian Investment Company for Developing Countries, DEG, European Investment Bank (EIB), Finnfund, Proparco, and Swedfund International. We jointly look forward to further leveraging #privatesector investments for job and income creation for Nigerian youth and women! European Union Delegation to the Federal Republic of Nigeria and ECOWAS Myriam Ferran Inga Stefanowicz Michel Deelen Consulate General of the Netherlands in Lagos Yemisi Edun Ingrid Thijssen Wennie Waeijen
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BIO - the Belgian Investment Company for Developing Countries is happy to be part of a syndicate of nine impact investors who channel a USD 295 M loan into Access Bank Plc Nigeria. The deal was signed in The Hague on July 11th, 2024. Access Bank is Nigeria’s leading bank, committed to providing support to SMEs through funding, capacity building and networking opportunities. The funding will support underserved Small, and Medium Enterprises (SMEs) including those led by women and youth, providing access to working capital and supporting resilience as Nigeria faces its most severe economic crisis in a generation. This loan facility was arranged by FMO - Dutch entrepreneurial development bank. In addition to FMO, the syndication partners include BIO - the Belgian Investment Company for Developing Countries BIO, British International Investment , impact investor BlueOrchard Finance Ltd , Canada’s Development Finance Institution FinDev Canada , the Finnish development financier and impact investor Finnfund, the Norwegian development finance institution Norfund, social impact investor Oikocredit , and the Swedish development finance institution Swedfund International . There are nearly 40 million MSMEs in Nigeria, accounting for 86 percent of employment and contributing 50 percent to the GDP (Market Bite Nigeria 2022 by World Bank). Despite their importance to the Nigerian economy, many small businesses face challenges with accessing finance due to onerous collateral requirements, high interest rates and lack of formal credit history. The commitment from the nice syndication partners will help to expand Access Bank's capital reserves and provide much needed working capital and financing to Nigerian businesses across various sectors including agriculture. This will help to stimulate business growth, create more jobs and deepen financial inclusion in Nigeria, which is the most populous country in Africa. #developmentfinance #impactinvesting #MSME #Nigeria #financialinclusion Naweza Muhaya
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Funding Your Industrial Dreams: The Role of Development Banks in Nigeria Nigeria is on a mission to become a manufacturing powerhouse, reducing reliance on imports and boosting local production. But how can businesses bridge the funding gap and turn their industrial dreams into reality? Government-backed institutions step in to bridge the financing gap for industrial projects. These specialized players are like hidden gems, offering targeted support for businesses like yours! Have you heard of the Bank of Industry (BOI)? The BOI is a prime example, but Nigeria boasts seven Development Finance Institutions (DFIs) dedicated to empowering industrial growth. Here's the challenge: Despite past efforts, import volumes remain high. Billions are spent annually on machinery, vehicles, and refined petroleum products. This weakens the local economy and limits foreign exchange reserves. The good news? Experts believe DFIs can be even more effective with: • Operational Autonomy: More independence to make quicker funding decisions for you! • Increased Capitalization: Imagine having access to a larger pool of resources to fuel your industrial ambitions. • Focus on Large-Scale Projects: Alongside supporting smaller businesses, prioritizing larger industrial projects can create a significant ripple effect for the entire economy. Looking beyond Nigeria's borders, success stories abound. Brazil's BNDES and India's IDFC showcase the transformative power of well-structured DFIs. These institutions have been instrumental in financing large-scale infrastructure and industrial projects, propelling economic growth. The question remains: Is Nigeria on the right track? The recent establishment of the Development Bank of Nigeria (DBN) signifies a renewed commitment to industrialization. However, questions linger about its structure and capacity to support large-scale projects effectively. Staying informed about DFI developments is crucial for any business owner with industrial aspirations. These institutions could be the key to unlocking the funding you need to turn your vision into reality. Let's keep the conversation going! What are your thoughts on the role of DFIs in propelling Nigeria's industrial revolution? Share your comments below and like this post to stay updated on the latest developments in the Nigerian business landscape. We'd love to hear from you! #Nigeria #Industrialization #ImportSubstitution #DFIs #BOI #EconomicGrowth #SMEs
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Blogger at RainSMediaRadio, Former Presenter at Broadstreet Radio, OAP at Kiss 98.9 Lagos and Customer Service Manager at Kingstine-Jo Foods, Social Media Strategist at Boxonia Blueprint
How DFIs Local Investors Can Drive Economic Development in Nigeria 2024. How DFIs and Local Investors Can Drive Economic Development in Nigeria 2024 and Beyond by Dr Kenny Odugbemi Development Finance Institutions (DFIs) tend to look for investments that can drive economic development in a market where there is ease of doing business through digital interface✓Government to local investors ( #DrkennyOdugbemi #Nigeria
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The FMO - Dutch entrepreneurial development bank informs, that has signed another high impact transaction with JSCB Hamkorbank from #Uzbekistan. JSCB Hamkorbank, a client since 2012, is a mid-sized bank and one of the market leaders in #msmes #finance. The new loan agreement is for $50 mn, the proceeds will be used n LCY and/or US$ to finance eligible Green projects (30%, supporting FMO’s #climateaction goals) and eligible Micro business loans, and Youth and Female #smes (70%, supporting FMO’s Reducing Inequalities strategic agenda). In addition to new funding, FMO supports HamkorBank with #esg improvements cemented through #environmental, #social , and #corporategovernance action plans.
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𝐓𝐡𝐞 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐜𝐞 𝐨𝐟 𝐃𝐮𝐭𝐜𝐡-𝐍𝐢𝐠𝐞𝐫𝐢𝐚𝐧 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐜𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧 Discover the impact of Dutch investments in Nigeria in a recent article featuring an interview with FMO CEO Michael Jongeneel (he/him). He discusses a $295 million loan led by FMO for Access Bank, emphasizing the strategic importance of continuous investment in fostering economic ties between the Netherlands and Nigeria. He also mentions the 'Dutch Desk' in Nigeria that we are proud to have set up in collaboration with Access Bank Plc. He underscores the importance of having a local presence to benefit both entrepreneurs in Nigeria and the Dutch economy. #DutchDesk #Nigeria #GlobalBusiness
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Economic, Business, and Social Updates From The Villager Letshego Turns to Local Financing to Reduce Dependency on Parent Funding Letshego Holding Namibia has augmented its local borrowing to N$3.1 billion by the close of 2023, up from N$2.5 billion, aimed at fueling its expansion while decreasing reliance on parent funding. In its 2023 financial results, the company elucidated that the surge in domestic borrowing was strategic, intended to diversify funding sources and mitigate dependency on Letshego Holdings Limited (LHL), its parent company based in Botswana. Despite LHL's 79% ownership of Letshego Holding Namibia, the local subsidiary has demonstrated substantial growth, with 17 branches spread across Namibia, extending loans totaling N$4.7 billion to customers by the end of December 2023. Furthermore, Letshego Holding Namibia has successfully mobilised customer deposits, amounting to N$828 million by the close of 2023, representing a significant increase from N$536 million in 2022.
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Blogger at RainSMediaRadio, Former Presenter at Broadstreet Radio, OAP at Kiss 98.9 Lagos and Customer Service Manager at Kingstine-Jo Foods, Social Media Strategist at Boxonia Blueprint
How DFIs Local Investors Can Drive Economic Development in Nigeria 2024. How DFIs and Local Investors Can Drive Economic Development in Nigeria 2024 and Beyond by Dr Kenny Odugbemi Development Finance Institutions (DFIs) tend to look for investments that can drive economic development in a market where there is ease of doing business through digital interface✓Government to local investors ( #DrkennyOdugbemi #Nigeria
How DFIs, Local Investors Can Drive Economic Development in Nigeria 2024.
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Our annual grant program to provide access to finance for #msmes, launched on November 9, 2023, attracted a remarkable number of applications, showcasing the vibrant #entrepreneurial spirit within #Nigeria’s small business community and receiving applications from various industries, including #agriculture, #education, health, beauty and lifestyle, #creative, manufacturing and retail, and the service sector. After a rigorous review, the Grant Committee carefully selected 50 candidates who demonstrated exceptional business potential and a strong need for financial support to scale their operations. “We were blown by the number and caliber of applications we received,” said a member of the Grant Committee. “It’s evident that Nigeria is brimming with innovative and determined entrepreneurs who are driving economic growth in the country.” Click link to read more: https://lnkd.in/e7DN-68T #smallbusinesses #smes #msme #africanentrepreneurs #womenentrepreneurs #womenownedbusinesses #smallbusinesssupport #smallbusinessgrants #afawa #afdb #worldbank #economicgrowth #theafricawewant #worldbank #funding #accesstofinance #accesstocapital #undp #africa #microentrepreneurs #microenterprise #jobcreation #sdg1 #sdg8 #sdg5
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Founder | Consultant | Training Facilitator | Accountant | Mentor & Mentee | Runner (Marathon enthusiast) | Columnist .
The Economic Association of Namibia in partnership with the GIZ presents a Public Discussion: "Unlocking Growth - Exploring the Challenges to Market Access and Bankability for SMEs in Namibia"
The Economic Association of Namibia in partnership with the GIZ presents a Public Discussion: "Unlocking Growth - Exploring the Challenges to Market Access and Bankability for SMEs in Namibia" Join us on 15th November 2023 as we unravel the intricacies around the challenges to market access and bankability for SMEs in Namibia. The topic will be unpacked by a distinguished lineup of industry experts, entrepreneurs, retailers, and thought leaders. This event will be livestreamed on our Facebook page. Save the date and be part of this transformative discussion! Click the link below to RSVP: https://lnkd.in/d6vM2ksN Economic Association of Namibia, GIZ Namibia, Bank Windhoek, FNB Namibia, Hanns Seidel Foundation Namibia, Namibia Investment Promotion and Development Board (NIPDB) #UnlockingGrowthNamibia #SMEs #MarketAccess #Bankability #LivestreamEvent
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Business News. Exclusive: Nigeria's NNPC seeks new oil-backed loan to boost finances Nigeria's NNPC is in talks for another oil-backed loan to boost its finances and allow investment in its business, its chief executive told Reuters, as pressure mounts on the state-backed oil company the economy depends upon. https://lnkd.in/dib6t_Y9 Labour, FG fine-tune talks on minimum wage President of the Trade Union Congress (TUC) Festus Osifo said labour and the Federal Government were in talks before the bill on a new national minimum wage was forwarded to the National Assembly by President Bola Tinubu https://lnkd.in/dKebp2Ta Shippers’ Council Act lacks 21st Century Int’l regulations – ES, NSC The Executive Secretary of the Nigerian Shippers’ Council, Barr. Akuteh Pius Ukeyima has hinted that the Shipper’s Act 1987, needs urgent parliamentary review to fall in line with the 21st-Century International Maritime policies. https://lnkd.in/dDXvSXvK Green Economy’s 198% Return Second Only to Tech in the Past Decade Green economy firms have seen total market returns of 198% over the past decade, making the sector the second-best performing equity segment over the past decade, behind technology, Bloomberg reported on Tuesday, citing a report from London Stock Exchange Group Plc (LSEG). https://lnkd.in/dqzmk25d African startups get $1bn boost as Timbuktoo launches hub The United Nations Development Programme, African governments and the private sector plan to raise $1bn to kick-start start-up innovation in the continent received a huge boost as the Timbuktoo fintech hub centre was unveiled in Lagos on Tuesday. https://lnkd.in/dpb-EfWC Damilola Hassan Lydia Amobi-Offor Michael Abiodun Thomas Ola Belgore ACIArb #business #greeninvestment #tech #startup #news #growth #economy #nse #stocks #exchange #forex #energy #un #fintech #oil #maritime #trade #loan #financing #investment #investing #funding #policy #equity #finance #innovation #africa #tax #funds
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Chief Executive Officer @Equilog Technical Services Ltd.
3wCongratulations team FCMB! you have done well