Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


IFC Nigeria investment in banking sector hits $1.2bn

10 November 2015, 19:35

Lagos - The International Finance Corporation (IFC), a member of the World Bank, on Tuesday said that the corporation’s investment in Nigeria banking sector stood at 1.2 billion dollars (N237.6 billion).

Mrs Eme Essien Lore, the Country Manager, IFC Nigeria, made the disclosure in an interview with the News Agency of Nigeria (NAN) in Lagos.

She said that the corporation’s commitment in the banking system in the last fiscal year, from July 2014 to June 2015, exceeded 1.2 billion dollars.

Lore told NAN that the support was in long and short-term financing, adding that the corporation would continue to support the country’s financial industry.

She said that IFC’s effort was beyond providing financing, noting that building financial infrastructure was critical to ensuring more Micro, Small and Medium Enterprises (MSMEs) accessed finance.

Lore said that the corporation supported the creation of the Credit Bureau Association of Nigeria and is working with them on a regulatory framework for credit reporting.

Also read: Archbishop Val Nworah: 12 years of visionary investment 

"We are looking forward to launching the movable assets collateral registry with CBN.

"Around the world, we have seen that a solid secured transactions system is a critical success factor in providing access to finance to MSMEs,’’ Lore said.

She said that IFC was also working with the apex bank on an Environmental Performance and market development programme to achieve increased uptake of sustainable lending standards by financial institutions in Nigeria.

"The programme is a long term intervention to drive standards at a market level to support improved sustainable lending practices of financial institutions and ultimately improved social and environmental performance of financial institutions.’’

She expressed confidence in the nation’s financial system, noting that Nigerian banks were better suited to withstand external shocks than they were in 2008.

"Nigerian banks have come a long way since the 2008/2009 crises with improvements in risk management practices and governance structures.

"The current macro-economic environment will be challenging for any country but, despite the room for improvement, Nigerian banks are much better suited to withstand external shocks than they were in 2008,’’ Lore said. 




Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...