Nigeria Gets $500m World Bank Loan to Support Small Businesses

The World Bank has approved a $500 million facility for Nigeria to expand longer-term lending to small and medium sized businesses, a sector which often struggles with access to credit.

The facility, which will be managed by the Development Bank of Nigeria, will also involve partial credit guarantees “so that lenders can extend credit to businesses they might otherwise consider too risky,” the World Bank said in a press release.