France Boosts Nigeria’s Micro- Finance Sector

France on Thursday in Abuja granted Nigeria one million euro to build the capacity of its micro finance sector.

Mr Jean–Michel Dumond, Ambassador of  France to Nigeria, said the grant was part of  his country’s efforts to implement its bilateral cooperation programmes in Nigeria.

Dumond spoke at the signing ceremony with MicroCred Nigeria, a Kaduna-based microfinance institution.

“The one million euro grant provided by Agence Francaise Development (ADF), we hope,  will help build strong capacity within the sector.

“ By bringing suitable financial products to micro, small and medium enterprises of  Kaduna, MicroCred Nigeria will favour job creation and economic growth in the country.

“It is a commitment toward the implementation of the MDGs and fight against poverty,’’ Dumond said.

The envoy said  the financial institution was capable of  providing more than 38 active loans and 55 active savings accounts by 2014. 

He said MicroCred would have had 50 branches and more than 400 employees in at least three states during the period..

Dumond also said the grant would cover the organisation’s permanent and short term technical assistance needs during the first two years of  its operations.

The Weekend Tide’s source reports that AFD is the public organisation charged by the French Government with implementing its bilateral cooperation programme all over the world.

In Nigeria, AFD’s priorities include support for the delivery of public services in urban areas.

These services include water, electricity, mass transit, agricultural production and distribution systems, energy efficiency and renewable energies.

The organisation also supports the development of high leverage infrastructure as well as direct and indirect support for small and medium enterprises.