Keep Us Strong WikiLeaks logo

Currently released so far... 97115 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS

Browse by classification

Community resources

courage is contagious

Viewing cable 04LAGOS424, NIGERIA: SMALL ENTREPRENEURS THINK BIG

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #04LAGOS424.
Reference ID Created Released Classification Origin
04LAGOS424 2004-02-26 05:32 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Consulate Lagos
This record is a partial extract of the original cable. The full text of the original cable is not available.

260532Z Feb 04
UNCLAS SECTION 01 OF 02 LAGOS 000424 
 
SIPDIS 
 
SENSITIVE 
 
E.O. 12958: N/A 
TAGS: EFIN EINV ECON NI
SUBJECT: NIGERIA: SMALL ENTREPRENEURS THINK BIG 
 
 
1. (U) Summary: Small entrepreneurs face many 
constraints, but they think big.  Increasing interest 
in microfinance may expand access to credit and 
alleviate a particularly pressing problem.  If it does, 
Nigerian entrepreneurs may think even bigger.  End 
summary. 
 
2. (SBU) The Nigerian business environment presents 
obstacles almost too numerous to count.  Power supplies 
are notoriously unreliable, transportation and 
telecommunications infrastructure is poor, barriers to 
registering new businesses are inordinately high, and 
access to credit is insufficient.  Small entrepreneurs 
face these constraints and more, but they persist in 
doing business.  According to the Nigerian Ministry of 
Industry, small and medium enterprises (SMEs) account 
for 10 percent of Nigeria's manufacturing output and 70 
percent of industrial employment.  They play an 
immeasurably large role in the informal economy and 
provide income for untold numbers of people. 
 
3. (SBU) GON officials frequently acknowledge the 
importance of SMEs in driving economic growth, but 
efforts to support small entrepreneurs have been only 
moderately successful.  The GON's Small and Medium 
Industries Equity Investment Scheme (SMIEIS) requires 
commercial banks to set aside 10 percent of before-tax 
profits for equity investments in industrial 
enterprises, but much of this vast pool of money 
remains on banks' books.  Of the $150 million set aside 
since the program's June 2001 inauguration, only thirty- 
five percent has been invested.  Bank executives say 
they lack the expertise to evaluate the 
creditworthiness of small enterprises and object to 
expectations that they nurture businesses in which they 
invest.  They are not venture capitalists, they say, 
and they simply cannot give small entrepreneurs the 
advice and training they need.  SMEs have proven risky 
investments in the past, and bank executives are 
reluctant to purchase equity when they cannot be 
certain of returns. 
 
4. (U) Given Nigeria's shortage of commercial 
financing, micro and small business owners look to 
microfinance institutions (MFIs) for funding.  These 
are often the only realistic sources of loans for the 
smallest of Nigeria's entrepreneurs, many of whom may 
need only a few hundred dollars.  Some institutions, 
like the Community Development Foundation (CDF), have 
operated for years and financed hundreds of small 
businesses.  CDF is funded by international donor 
organizations and engages principally in wholesale 
microfinance, giving loans of $800 to $35,000 to apex 
MFIs whose memberships range from 50 to 500 individuals 
or groups.  The organization has awarded approximately 
$1.3 million in more than 240 loans since its inception 
a decade ago, and Executive Director Akin Akintola 
reports a 95 percent repayment rate.  CDF's experience 
shows that micro and small business owners can and will 
repay loans, even when wholesale interest rates (at 21 
percent) are comparable to existing commercial rates. 
 
5. (U) CDF supplements its loans with grants earmarked 
for capacity building programs.  These provide 
strategic planning and management training and teach 
small entrepreneurs how to develop sound business 
plans, which CDF executives hope will eventually help 
small business owners secure financing from commercial 
or community development banks.  Akintola believes 
capacity building is an important part of microfinance 
- it's about more than just money, he says - but the 
organization does what it can to reduce loan 
recipients' reliance on MFIs and link them with private 
sector institutions, the theory being, of course, that 
CDF will be able to expand its client base as people 
secure financing elsewhere. 
 
6. (U) Ford Foundation and World Bank officials share 
Akintola's recognition of the importance of technical 
assistance.  Both organizations provide wholesale loans 
to MFIs, but emphasis on capacity building is growing. 
The Ford Foundation's Representative for West Africa, 
Dr. Adhiambo Odaga, notes that funding goes 
increasingly to programs designed to strengthen 
governance and management techniques and spread best 
practices.  The Ford Foundation's $3 million annual 
budget funds technical training and computerization 
programs and supports efforts to establish an MFI trade 
association, introduce performance standards, and offer 
a more limited range of easy to understand products. 
These efforts will be supplemented by the World Bank's 
recently announced $34 million technical assistance 
program.  Officials say they hope to provide business 
development services, create alternative dispute 
resolution mechanisms, and work with the Nigerian 
Corporate Affairs Commission to reduce the business 
registration process from 41 days to four.  With 
computerization and continued assistance, they say, 
significant improvements are possible. 
 
7. (U) Comment: Increasing interest in microfinance and 
capacity building may expand access to credit and 
alleviate one of Nigerian entrepreneurs' most pressing 
problems.  If SMIEIS and other GON support programs are 
improved and expanded and if MFIs continue to operate, 
entrepreneurs may not have everything they need, but 
they may be free of at least one constraint.  With 
sufficient financing, small business owners can 
continue to think big.  According to World Bank 
officials, catfish and cassava production might be 
excellent places to start.  End comment. 
HINSON-JONES