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$110,000.00 (Project budget includes all project-funded activities)
Last Updated Date
Oct 27, 2023
Project Estimated Start Date
Sep 1, 2021
Project Estimated End Date
Jun 30, 2022
Project Description
IFC will support Baobab Nigeria, a leading regional microfinance group, develop their new 5-year strategy which will enable it to fulfill its mission of “meeting the needs of financially underserved entrepreneurs by making financial services simple, fast and accessible”.
Development Results
Nigeria’s 41.4 million Micro, Small and Medium Enterprises (MSMEs) play a critical role in the country's economy, contributing to 49.8% of GDP in 2017, and generated 59.7 million jobs as of December 2017. Despite their importance to the country’s economy, over two thirds of MSMEs faced issues with Access to Finance and Nigeria’s MSME finance gap is an estimated USD 158 billion, or 33% of GDP. In this project, IFC will work with Baobab Microfinance Bank Nigeria, a leading regional microfinance group by developing an ambitious five-year strategy for the institution. This strategy will enable Baobab to rapidly expand its reach across the country helping fulfill its mission of “meeting the needs of financially underserved entrepreneurs by making financial services simple, fast and accessible”.
E&S Risks / Impacts and Mitigation
Performance Standard
Description and Potential Impact
Mitigation
PS 1. Assessment and Management of Environmental and Social Risks and Impacts
As part of its due diligence, and as mandate by IFCs Sustainability Policy, IF team has screened this project to assess consistency with IFC Performance Standards.
IFC advice will be provided in a manner consistent with the principles of the relevant Performance Standard. The IFC team will assist the client, as the final decision maker, in gaining a good understanding of IFCs Performance Standards.
Press-Release
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