Firm Moves to Resolve Nigeria’s Entrepreneurial Challenges
Proparco
Proparco, a development finance institution, said it is set to solve entrepreneurial challenges inherent in the country and other African countries which is a major aim of its 2023-2027 long-term strategy.
The institution, marking its 15 years in Nigeria, said it has supported businesses with $1 billion in loans, equity, guarantees and technical services with the bulk of its commitments intermediated through Nigerian banks and investment funds.
The intermediaries, according to the firm, finance SMEs and start-ups in key development sectors to improve the lives of Nigerians by providing access to essential needs such as electricity and financial services.
The Chief Executive Officer, Proparco, Françoise Lormbard, disclosed these yesterday in a media day in Lagos focused on the institution’s short to medium-term strategy for West Africa.
According to Lormbard, Proparco in collaboration with its mother company Agence Françoise de Développement (AFD), has successfully supported projects to develop and improve Nigeria’s energy infrastructure, including renewable energy and transmission and distribution networks through various designed tools such as Digital Africa, a subsidiary that provides support to high impact digital tech startups, Choose Africa which has committed 3.5 billion Euros between 2018 and 2022 and supported more than 40,000 businesses and hundreds of thousands of micro-entrepreneurs among others.
She added: “This focus is equally reflected in the 2023-2027 strategy, which aims at supporting various players in the fight against long-term challenges affecting food security, inequality and climate”.
The Regional Director, Proparco Nigeria, Jean Guyonnet-Dupérat, noted that Nigerian business people are extremely bold entrepreneurs with an unshakable dynamism adding “Our commitment as financial partners is to build trust and support them with the expertise and financial tools they need to grow beyond their target.
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