The Covid-19 pandemic exerted enormous economic challenges on Nigeria, with 42 per cent of people who were working before March 2020, especially those in the hospitality and service industry no longer doing so, the World Bank has revealed.
The panelists included the Chief Executive Officer of InfraCredit, Mr. Chinua Azubike; Group Head, Emerging Business, Access Bank Plc, Mrs. Ayodele Olojode; Senior Financial Sector Specialist, World Bank, Mr. Ahmed Rostom; and the Managing Director, JNC International, Mrs. Claire Omatseye. They also stressed the need for key industry stakeholders, MSMEs, banks and regulators to openly discuss alternative means of financing and the existence of risk-sharing.
“The credit guarantee industry in Nigeria is still at a nascent stage, where the volume of guarantees and the size of the industry contributions to SMEs remain low compared to peers in other economies.