Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) Project
The proposed FINCLUDE Project aims to strengthen inclusive financing for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria by leveraging the platforms of the Development Bank of Nigeria (DBN) and its subsidiary, Impact Credit Guarantee Limited (ICGL).
Through these key institutions, the project will introduce a range of complementary, innovative, and inclusive financial instruments tailored to meet the diverse needs of MSMEs across the country. The project is structured as an Investment Project Financing (IPF) initiative, supported by performance-based conditions to ensure effective implementation and measurable impact.
Development Objective
To mobilize private sector capital and expand access to inclusive and innovative financial products for MSMEs in Nigeria, thereby promoting sustainable economic growth and financial inclusion.
Key Project Details
Project Name: FINCLUDE Project
Project ID: P511062
Status: Active
Country: Nigeria
Region: Western and Central Africa
Leadership
Team Leaders: Hadija Kamayo, Carlos Leonardo Vicente, Sarmad Ahmed Shaikh
Borrower
Federal Republic of Nigeria
Implementing Agency
Development Bank of Nigeria (DBN)
Timeline
Disclosure Date: September 2, 2025
Approval Date: December 19, 2025
Effective Date: Not yet available
Closing Date: June 30, 2031
Financial Overview
Commitment Amount: US$500 million
Total Project Cost: To be determined (includes World Bank and non-bank funding sources)
Risk and Compliance
Environmental Category: Not Available
Environmental and Social Risk: Substantial
Additional Information
Consultant services: To be determined
Current stage: Bank Approved
Last updated: April 5, 2025
Notes
The total project cost includes funding from both the World Bank and other sources. Figures for pipeline projects are indicative and may change during preparation.
“Borrower” refers to the recipient of the loan or grant.
The World Bank fiscal year runs from July 1 to June 30.