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Citibank set to reward micro-entrepreneurs in Nigeria

Citibank Nigeria has restated its commitment to the development of the micro finance sector in the Nigeria, announcing its preparedness to reward outstanding micro-entrepreneurs in the country in the years past.

According to a statement by Ogochukwu Ekezie, Corporate Affairs Manager, Citibank Nigeria, the bank will be partnering with the Central Bank of Nigeria (CBN) for the third consecutive time in this regard, as a recognition of the important role played by micro-finance institutions in the development of the economy.
She disclosed that the goal of the program is to promote micro-entrepreneurs and increase awareness of their financial services needs, in what is broadly known as ‘microfinance’.

Furthermore, she noted that the aim of this initiative is to put the spotlight on local micro-entrepreneurs who are helping to lift the economic fortunes of their communities, generating greater opportunities to bring capital into their developing economies.

She said, “As part of Citi’s ongoing commitment to the field of microfinance, we are pleased to announce that Citibank Nigeria Limited, through support from the Citi Foundation, will continue its support of the Citi Micro-entrepreneurship Awards program and will once again collaborate with the Central Bank of Nigeria (CBN) to highlight the achievements of some of the most innovative micro-entrepreneurs in Nigeria.

“The awards will be handed out at a dinner and awards ceremony on Thursday, January 21st 2010 in Abuja. Awards for individual micro entrepreneurs and their businesses will once again be handed out in five major categories – Best Micro Business Model, Most Marketed Product, Most Innovative Product, Employment Generation and Best Female Entrepreneur – with three awardees in each category.

“The awardees were nominated through various Micro Finance Institutions (MFIs) across the country.A grant of $40,000 (USD) was awarded to Nigeria ’s Growing Businesses Foundation (GBF) to facilitate the awards in Nigeria . In 2009, Citi Foundation committed over $1.2 million (USD) to the Citi Micro-entrepreneurship Awards program in 20 countries including Nigeria .”

“The program has been hugely successful in increasing global awareness of the important role that micro-entrepreneurs play in their local economies, and in today’s difficult global financial environment, the program is even more important to encourage micro-entrepreneurs in sustaining their businesses.

“The Citi Micro-entrepreneurship Awards strives to ensure that small business owners throughout Nigeria are celebrated for their efforts in creating sustainable businesses in their communities.”

She quoted Mr. Emeka Emuwa, Managing Director, Citibank Nigeria as saying said, “Citi Nigeria is pleased to be collaborating with CBN on this very important program for the third consecutive year. Entrepreneurship is a key driver in any economy and we are proud to be supporting Nigerian entrepreneurs who are working hard to grow their businesses and local economies.”


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