The African Export-Import Bank has finalized a $75 million financing arrangement with the Development Bank of Nigeria to broaden financial inclusion for Nigerian small and medium-sized enterprises, encompassing qualified operators within the creative sector. Unveiled during the CANEX WKND event in Lagos, this financial injection highlights efforts to bridge the gap between creative enterprises and essential investment resources.
Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at Afreximbank, alongside Tony Okpanachi, Managing Director and CEO of DBN, formalized the agreement during a signing ceremony. Ms Awani emphasized that the intervention encompasses holistic support mechanisms beyond mere capital allocation, integrating capacity development and export readiness initiatives.
What are the primary goals of the funding?
The initiative aims to elevate the productivity and market competitiveness of local businesses, facilitating their growth into sustainable international exporters. Participating financial institutions will collaborate with the lender to enhance their capacity in evaluating enterprise needs throughout their developmental phases.
Mr Okpanachi noted that the partnership integrates DBN’s domestic wholesale lending infrastructure with Afreximbank’s trade finance proficiency. He stated that the $75 million facility would be channeled through designated financial intermediaries to support working capital, asset procurement, and supply chain expansion, specifically targeting sectors like film, fashion, music, and design.
How will the funds be deployed?
Eligible enterprises will access the loans through DBN’s network of participating financial intermediaries. Beyond financial support, the arrangement incorporates specialized training programs to equip stakeholders with the competencies required for regional and global trade participation.
Afreximbank plans to integrate beneficiaries into its proprietary trade platforms—including MANSA, TRADAR, PAPSS, and ATEX—while promoting market exposure via the Intra-African Trade Fair and the Africa Buyer Programme.