News

AfDB Approves Financing for Nigerian SMEs

By Ivy Mungcal // 31 May 2011

A woman sells dried fish at a market in Nigeria. The African Development Bank has approved a total of $700 million worth of loan programs for small and medium-sized enterprised in the country. Photo by: Dolapo Falola / CC BY-SA

The African Development Bank has approved a total of $700 million worth of loan programs to support small and medium-sized enterprises in Nigeria.

Of the sum, $500 million will be channeled through Nigeria’s Bank of Industry and will be available for domestic-oriented SMEs in the African country. Meantime, $200 million will be available to export-oriented SMEs through a multitranche credit line that AfDB approved for the Nigerian Export-Import Bank.

The programs are expected to generate additional financial resources for both SME groups.

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About the author

Ivy Mungcal
As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.