LEADER 03001cam a22004215i 4500001 99131234802406421 005 20170413131211.0 006 m o d 007 cr cn||||||||| 008 020129s2017 dcu o i00 0 eng^^ 024 7 10.1596/26275 |2doi 035 (CKB)4920000001214804 035 (The World Bank)26275 035 (US-djbf)26275 035 (EXLCZ)994920000001214804 040 DJBF |beng |cDJBF |erda 110 2 Central Bank of Nigeria. 245 14 The Credit Crunch : |bHow the Use of Movable Collateral and Credit Reporting Can Help Finance Inclusive Economic Growth in Nigeria. 246 Credit Crunch 264 1 Washington, D.C. : |bThe World Bank, |c2017. 336 text |btxt |2rdacontent 337 computer |bc |2rdamedia 338 online resource |bcr |2rdacarrier 347 data file |2rda 490 1 Other papers 520 3 Nigeria is an entrepreneurial economy with an estimated thirty seven million Micro, Small, and Medium-sized Enterprises (MSME) in the country, and their contribution to economic growth and job creation is significant. There are also a large number of self-employed entrepreneurs who support themselves and their families by supplying goods and services to the economy. Many of these businesses have the potential to become bigger and more prosperous, but their growth is restricted for a variety of reasons. Access to finance has been singled out as a crucial prerequisite to the growth of these businesses. This report identified collateral as the missing link between the small-scale business sector and the financial institutions that could provide the necessary capital for them to grow. This means formal lending is virtually inaccessible for these small businesses and entrepreneurs, who instead rely on informal, unregulated, and unpredictable credit in order to expand their operations. To improve access to finance and promote inclusive economic growth, the Central Bank of Nigeria (CBN), in partnership with the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets, has established the National Collateral Registry and is supporting the development of a modern credit reporting system in Nigeria. This new financial infrastructure will allow for increased use of moveable and reputational collateral to make it possible for more MSMEs to access financing through the formal sector. 650 4 Finance 650 4 Finance and Development 650 4 Finance and Financial Sector Development 650 4 Financial Crisis Management & Restructuring 650 4 Financial Literacy 650 4 Financial Structures 650 4 Management 650 4 Microenterprises 650 4 Private Sector Development 650 4 Small and Medium Size Enterprises 710 2 Central Bank of Nigeria. 710 2 International Finance Corporation. 830 0 Other papers 830 0 World Bank e-Library. 906 BOOK