In an attempt to further poverty reduction efforts, the Kano State Government in Nigeria will inject capital into area microfinance institutions (MFIs). The announcement was made by the State Deputy Governor at a recent Poverty Day celebration organized by the National Program to Eradicate Poverty (NAPEP).
Details of the plan were not readily available. It is unclear whether the support will come in the form of loans, equity or grants. It was also not made clear whether the money will be earmarked for government institutions or independently operated MFIs. A total amount of capital was also not specified.
NAPEP is a country-wide poverty eradication program implemented by the federal government. Initiatives of the program include lending physical capital, improving technological infrastructure and providing medical services.
By Greg Casey, Research Assistant
Additional Resources:
Daily Triumph: Our Pact with Poverty
Daily Triumph: KNSG empowers micro-finance banks
National Poverty Eradication Program: Home
The Nation: Kano’s micro finance bank to empower youths
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