The National Association of Nigerian Traders (NANTS), a Nigerian organization that aims to promote trade and economic advancement in the country, reportedly has pledged to support 19,000 “small-scale” rural farmers through a microcredit program that was originally launched in 2010. Loans carrying a ten-percent annual interest rate and one year terms were disbursed in 2010 and 2011, with the most recent reportedly being repaid at a rate of 100 percent.
Recipients of this year’s loans were chosen from communities in the country’s capital, Abuja, and the Nigerian states of Nasarawa, Plateau and Benue. The total amount loaned is not available.
The 28 Nigerian microfinance institutions that reported 2011 data to the US-based nonprofit data provider Microfinance Information Exchange (MIX) held an aggregate gross loan portfolio of USD 140 million disbursed to approximately 702,000 borrowers.
By Charlotte Newman, Research Associate
Sources and Additional Resources:
This Day Live: “Traders Association Finances 19,000 Small Farmers,” http://www.thisdaylive.com/articles/traders-association-finances-19-000-small-farmers/119201/
MicroCapital.org story, July 29, 2012, “MICROCAPITAL BRIEF: Central Bank of Nigeria, Nigeria Deposit Insurance Corporation Designing Mobile Payment Insurance Coverage,” https://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-nigeria-deposit-insurance-corporation-designing-mobile-payment-insurance-coverage/
MicroCapital.org story, July 24, 2012, “MICROCAPITAL BRIEF: Nigerian State of Bauchi to Create Ministry to Promote Microfinance,” https://www.microcapital.org/microcapital-brief-nigerian-state-of-bauchi-to-create-ministry-to-promote-microfinance/
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