5,500 MSMEs get N519 million loan in Lagos, Ogun, others

The Special Advisor on Innovative Success of Finance & Investment for Value Chains, Nigeria Competitive Project (NICOP), Ana Garcia Vinambres, has said that NICOP had facilitated an N519 million loan for 5,500 beneficiaries in Lagos and five other states to benefit from opportunities to add value and migrate to a new and higher level in tomato, ginger, chilli, leather and garment production.

She stated this, yesterday, at NICOP’s learning and engagement for stakeholders. She said that the European Union (EU) has decided to commit an additional $1 billion for Phase Two of the NICOP project aimed at supporting key value chains in Lagos, Ogun, Oyo, Kaduna, Kebbi and Plateau states.

Vinambres further said that over 1,900 of the beneficiaries are micro, small and medium enterprises and artisans, with 36 per cent women.

who have been supported with training tailored towards improving finished products.

According to her, 100 per cent of the beneficiaries in Lagos and Kaduna under the project got access to loans.

She added that the policy circle in Nigeria is not inclusive and stimulating to trade.

“NICOP has successfully introduced innovation across value chains and interventions to improve the impact of its interventions and enhance its sustainability and scalability.

“Among other impacts, the support of the project has also resulted in almost 120 per cent increase in yield for the farmers and improved quality of finished products in the leather and garment value chains.

“The impact of the project on gender mainstreaming is evident as 67 per cent of beneficiaries trained in entrepreneurship are women and 100 per cent of beneficiaries accessing loans in Lagos and Kaduna and 60 per cent in Kano states are women.

“Over 24,000 hectares of land are being managed by NICOP beneficiaries and over 261,000 tonnes of tomato and ginger have been harvested,” she said.

She said the NICOP is a four-year project commissioned by the German BMZ and co-funded by the European Union under the West Competitive envelope being implemented by the GIZ pro-poor growth and promotion of employment in Nigeria programme.