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