ADB Offers
Nigeria Grants For Micro Financing
The
African Development Bank (AfDB) has offered a one million
dollar-grant to Nigeria, to support the establishment of the AB
Micro
Finance Bank of Nigeria (ABN).
Mr. Herve Assan, a representative of AfDB in Nigeria, said in
Abuja that the grant was in line with the bank's effort to
empower the private sector.
’’ The grant is in the tune of over one million dollars, which
is quite sizeable for a micro finance bank…We have been involved
in micro finance in the country for several years. We are still
fine-tuning the new proposals,’’ he said.
Mr. Herve said the grant was part of efforts aimed at poverty
eradication in Nigeria.
’’It is critical, if you like, to fight poverty at the
grassroots level and this grant comes really timely, the idea is
to reach people with very little income to have access to
financial services.’’
According to him, AfDB is committed to developing the financial
sector in Nigeria and promoting private sector investment in
order to create jobs and increase income as a way of fighting
poverty.
Targets capacity building
Assan said the grant was for African Private Sector
Assistance (FAPA), which would be sponsored by Japan and managed
by the AfDB.
He said that 7.7 per cent of the FAPA technical assistance
contribution would be used to co-finance the provision of
technical assistance to ABN to build its capacity during the
first few years of operation.
In his words, ’’FAPA funds will pay to bring in long-term
management staff as well as short term experts for the
implementation of a new IT system and staff training…It will
cover costs related to these experts for a three-year start up
phase, after which trained ABN staff members will replace
them.’’
NAN/Yinka
