MICROCAPITAL BRIEF: Nigeria’s Lagos State Creates IBILE Microfinance Bank to Boost Lending to MSMEs

The government of the Nigerian state of Lagos recently established Ikeja Badagry Ikorodu Lagos Island Epe (IBILE) Microfinance Bank with the aim of boosting economic growth and reducing poverty. The bank, which is to focus on lending to small-scale entrepreneurs, will draw on NGN 25 billion (USD 79.3 million) to be made available from the Lagos State Employment Trust Fund over the next four years. Additionally, IBILE will access the Central Bank of Nigeria’s MSME (Micro, Small and Medium Enterprises) Development Fund, which has a budget of NGN 220 billion (USD 698 million).

By Sascha Strobl, Research Associate

Sources and Additional Resources:

The News Guru story:
http://thenewsguru.com/lagos-inaugurates-ibile-microfinance-bank-reinstates-commitment-poverty-alleviation/

IBILE Microfinance Bank:
https://ibilemfb.com

Central Bank of Nigeria:
https://www.cbn.gov.ng

Central Bank of Nigeria on MSME Development Fund
https://www.cbn.gov.ng/MSME/

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