The African Development Bank (AfDB) has announced plans to provide a $230 million trade finance package to Access Bank, aimed at boosting trade activities and supporting small and medium-sized enterprises (SMEs) in Nigeria. The funding is expected to enhance Access Bank’s capacity to provide trade finance solutions, particularly for businesses engaged in import and export operations.
According to AfDB, the package will help bridge Nigeria’s trade financing gap by providing much-needed liquidity to businesses facing difficulties in accessing credit. It will also facilitate cross-border trade and strengthen economic resilience in the country’s private sector.
Access Bank has welcomed the initiative, emphasizing that the funding will enable it to better serve its clients, improve financial inclusion, and drive economic growth. The bank has a strong track record in trade finance and is expected to deploy the funds strategically to support key sectors, including manufacturing, agriculture, and technology.
Industry analysts believe the move will stimulate economic activity by increasing access to capital for businesses struggling with forex shortages and global trade disruptions. If successfully implemented, the finance package could have a lasting impact on Nigeria’s trade ecosystem, fostering greater business expansion and job creation.
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