In a move to enhance access to sustainable finance in Nigeria, FinDev Canada, the Development Finance Institution of Canada, has provided a loan of up to $40 million to Stanbic IBTC Bank, part of the Standard Bank Group, Africa’s largest bank by assets. This loan marks the start of a long-term partnership aimed at advancing sustainability initiatives across Sub-Saharan Africa.
The financing will focus on supporting key sectors in Nigeria, including agribusiness, healthcare, education, affordable housing, and sustainable infrastructure. It will also provide much-needed capital for micro, small, and medium-sized enterprises (MSMEs) and contribute to climate change mitigation and adaptation projects. Notably, at least 30% of the loan is earmarked for women-owned or women-led businesses, a critical step towards addressing the persistent gender financing gap in the country.
Nigeria’s economy is heavily dependent on MSMEs, which account for 96% of businesses and generate 84% of employment. However, many women-led enterprises remain unbanked and underfunded. Through this partnership, FinDev Canada aims to expand its reach to these underserved segments, supporting economic growth and sustainability across Nigeria.
Lori Kerr, CEO of FinDev Canada, emphasized the importance of this partnership: “We are proud to support development and economic growth through the private sector. Our collaboration with Stanbic IBTC Bank offers a tremendous opportunity to enhance access to capital for critical sectors of Nigeria’s economy, contributing to stronger markets and improving livelihoods for both women and men.”
Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, echoed this sentiment, highlighting the bank’s commitment to gender-inclusive and sustainable financing. “Empowering women and advancing sustainable initiatives is not just a financial decision but a commitment to building a future where prosperity knows no gender.”
This transaction aligns with FinDev Canada’s long-term development impact goals, supporting the UN Sustainable Development Goals (SDGs), including SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), and SDG 13 (Climate Action). Additionally, it qualifies for the 2X Challenge, which aims to increase capital investments that empower women in developing nations.
This partnership between FinDev Canada and Stanbic IBTC Bank represents a significant step forward in fostering sustainable economic growth and advancing gender equality in Nigeria.
