One in five Africans is Nigerian and although it has the largest economy in Africa, around 100 million Nigerians continue to live in poverty. Reducing poverty is a government priority.
The Nigeria economy has been growing at about 6-7% over the last few years, and most of this growth has come from the Micro, Small and Medium Enterprises (MSMEs) which contribute over 45% of the GDP, and employ about seven in ten working people. However, these businesses need loans to grow and only 3% of the funding needs of these MSMEs are met by the formal financial sector in the country.
That’s why AGI supported the establishment of the Development Bank of Nigeria, and was responsible for coordinating all the activities required for the successful launch of the bank earlier this year. This builds on previous AGI support to bolster the efficiency of the EMIT secretariat, introducing the previous government’s Transformation Agenda’s reforms.