Nigeria - Zenith Bank PLC

Project Summary

Approval Date	26 Mar 2014
Signature Date	26 Jun 2014
Sovereign / Non-Sovereign	Non Sovereign
Sector	Finance
DAC Sector Code	24030
Commitment	U.A 86,760,367.86
Status	Completion

Project General Description

This project consists of a US $ 125 million line of credit (LOC) to Zenith Bank Plc of Nigeria, for on-lending to small and medium-sized enterprises (SMEs) operating in various vital sectors of the Nigerian economy, including agriculture / agribusiness, transport and manufacturing. The LOC will have a repayment term of seven years and a grace period of three years. This assistance will increase economic productivity, improve the country's competitiveness, generate tax and export revenues, and create employment opportunities. The project will complement the measures taken by the government to promote the growth of the SME sector. It complements initiatives by the government and other DFIs (including the World Bank and IFC) seeking ways to support SMEs in Nigeria through local banks.

Project Objectives

The project will help mobilize significant financial resources for businesses and projects to strengthen and diversify the country's productive capacity and stimulate growth in various economic sectors.

Beneficiaries

The direct beneficiaries of the intervention are Zenith Bank Plc of Nigeria, the Federal Government of Nigeria, as well as small and medium-sized enterprises (SMEs).

Participating Organization

Implementing

ZENITH BANK Plc

Funding

African Development Bank

Information

IATI identifier	46002-P-NG-HAB-017
Last Update	24 Mar 2023

Export

Contact Details

Name	Emmanuel Ibituase AKINWUMI
Email	e.akinwumi@afdb.org

Geographic Location

Country	Nigeria

Coordinates	Location Name
9.05735 7.48976	Abuja

Project Classification

Finance Type	Aid Loan Excluding Debt Reorganisation
Flow Type	OOF
Aid Type	Project Type Interventions

Commitments

U.A 86,760,367

African Development Bank

U.A 86,760,367.86

Document Type	Language	Document
Appraisal report	en	viewer

Indicator	Indicator Measure	Target Year	Target Value
Enable Zenith to gain access to much needed long-term foreign currency funding to generate additional lending to its clients	None	2014	Yes
Complement the existing efforts to support the Nigerian SME sector	None	2014	Yes
Contribute to mobilizing significant financial resources for enterprises and projects	None	2014	Yes
Enhancing and diversifying productive capacity in the country	None	2014	Yes
Stimulating growth in various sectors of the economy	None	2014	Yes
Increase economic output	None	2014	Yes
Improve the country’s competitiveness	None	2014	Yes
Generate government and export revenues	None	2014	Yes
Create employment opportunities	None	2014	Yes
Underpin national poverty reduction efforts as well as facilitate national development	None	2014	Yes