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