NGO to assist Nigerian government towards alleviation of poverty through micro-credit
The Growing Businesses Foundation (GBF, a Nigerian NGO), has announced its intention to contribute to the Federal Government’s fight towards the alleviation of poverty in Nigeria by providing access to micro credit facilities at the grass roots and to small scale entrepreneurs.
Speaking during a micro credit roundtable conference in Lagos, the President/Founder of the NGO, Mrs. Ndidi Edozien said that the major factor militating against the growth of the Nigerian economy was the inaccessibility to funds and lack of support for growing businesses.
Mrs Edozien added, “The entrepreneur has all it takes and can make a significant difference to Nigeria’s economic development. Microfinance brings the power of credit to the grass roots by way of loans to the poor, without the requirement of collateral or previous credit record. Experience has shown that microfinance can help the poor to increase income, build viable businesses and reduce their vulnerability to external shocks.”
Mrs Edozien allayed the fears of financial institutions concerning the credit-worthiness of small scale entrepreneurs in the country, adding that the experience of the GBF has shown that entrepreneurs in Nigeria are credit-worthy and do not renege on repayments
Mrs Edozien announced that GBF intends to establish investment vehicles that are designed to attract long term funds that will assist it in its drive towards providing financing for small businesses and also empower small businesses to operate profitably among others.
Since its establishment in 1999, GBF has managed microfinance investment portfolios exceeding N1.3 billion on behalf of private sector clients to start and grow micro-enterprises across Nigeria, and has provided capacity building and technical assistance services to more than 20,000 micro-entrepreneurs.