Nigerian small businesses suffer $32.2bn finance gap – IFC

The contribution of Micro, Small and Medium Enterprises (MSMEs) to the Nigerian economy is dampened by an unmet finance gap of $32.2 billion (N13 trillion), the International Finance Corporation has said.

In a report titled ‘Market Bite Nigeria’, the corporation said although lending to the sector has grown by 42 percent to about N590 billion post-Covid, it is still not sufficient enough for MSMEs, whose major problem is access to finance.

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