Afreximbank and DBN Partner on $75 Million Finance Facility for SMEs and Creative Sector

In a move aimed at boosting economic growth, Afreximbank, the Africa Export-Import Bank, has partnered with the Development Bank of Nigeria (DBN) to establish a $75 million finance facility for Small and Medium Enterprises (SMEs) and the creative sector. According to reports, this partnership was announced on Thursday, November 11th.

Ms. Kanayo Awani, Afreximbank’s Executive Vice President for Intra-African Trade, stated that the partnership would combine finance with practical support to help businesses prepare for export markets and connect with buyers across Africa and beyond.

The Development Bank of Nigeria, on the other hand, has expressed its commitment to expanding credit access for Nigerian SMEs, with a focus on creative and export-oriented businesses.

This partnership comes at a critical time when Nigerian SMEs are grappling with limited access to financing and other support services. The collaboration between Afreximbank and DBN is expected to address some of these challenges and provide much-needed financial support to the sector.

The details of the finance facility, such as the interest rates and repayment terms, are yet to be disclosed. However, it is clear that this partnership has the potential to transform the Nigerian business landscape, particularly for SMEs in the creative sector.