Afreximbank Boosts SME Financing in Nigeria with $75 Million Commitment

The African Export-Import Bank (Afreximbank) has pledged to inject $75 million into Nigeria’s economy to bolster financing for Small and Medium Enterprises (SMEs), according to various Nigerian news sources. The Development Bank of Nigeria (DBN) will serve as the primary beneficiary of this capital infusion, aimed at expanding credit access for Nigerian SMEs, particularly those in the creative and export sectors.

Speaking on the partnership, Benedict Oramah, Afreximbank’s President, emphasized the importance of combining finance with practical support to help businesses prepare for export markets and connect with potential buyers across Africa and beyond. This collaboration is expected to stimulate economic growth and job creation in Nigeria, bolstering the nation’s entrepreneurial landscape.

Although the exact terms of the agreement have not been disclosed, the joint commitment between Afreximbank and DBN is expected to provide a much-needed boost to Nigeria’s SME sector, which has been struggling due to limited access to financing and other challenges.

This development comes at a critical time, as the Nigerian government continues to prioritize economic recovery and growth, with a particular focus on supporting local businesses and fostering a conducive environment for investment.