Afreximbank has committed US$75 million to the Development Bank of Nigeria (DBN) in a financing deal aimed at expanding credit access for Nigerian small and medium‑sized enterprises (SMEs). The partnership was announced by the two institutions on Thursday, with the funds earmarked to support businesses in the creative and export sectors.
The agreement will see Afreximbank provide the capital that DBN will use to issue new loans and credit facilities to SMEs across Nigeria. By boosting the bank’s lending capacity, the deal is expected to help more entrepreneurs secure the working capital they need to grow and export their products.
“This partnership will strengthen the financial infrastructure that supports Nigeria’s creative and export industries,” a spokesperson for Afreximbank said. “By channeling additional resources into the SME sector, we aim to create a more inclusive and dynamic economy.”
SMEs are a key driver of employment and economic growth in Nigeria, yet many face challenges accessing affordable financing. The infusion of US$75 million is intended to reduce these barriers, enabling businesses to invest in technology, production and market expansion.
Both Afreximbank and DBN have long sought to promote trade and investment across Africa. This latest collaboration underscores their shared commitment to fostering entrepreneurship and supporting the country’s most vibrant and diverse businesses.
<small>Source: Punch Nigeria — read the original story there.</small>