The African Export-Import Bank (Afreximbank) has approved a $25 million loan facility to the Nigerian financial services company, Woodhall Capital, to provide financing to exporting small and medium-sized enterprises (SMEs) in Nigeria. The agreement signed on Saturday November 2 during the inaugural Afreximbank SME Development Workshop and Stakeholder Engagement Program in Lagos

The African Export-Import Bank has taken an important step in supporting small and medium-sized enterprises (SMEs) in Nigeria by providing a $25 million loan facility through Woodhall Capital as part of its program to finance the development of exporting SMEs. This initiative aims to strengthen the export capacities of SMEs in Nigeria and to strengthen their presence in regional and international markets.

In an exclusive interview with CNBC Africa, Oluranti Doherty, the bank's managing director of export development, shared his thoughts on the strategic direction and impact of this initiative. Doherty emphasized that the partnership with Woodhall Capital will focus on identifying and financing key export-oriented businesses in Nigeria. The collaboration will extend beyond financial support, integrating capacity building initiatives for beneficiary SMEs and Woodhall Capital, thus improving operational efficiency and market competitiveness. This comprehensive approach distinguishes the programme by combining financial assistance with non-financial interventions to promote sustainable growth and the resilience of SMEs.

The decision to target export-oriented SMEs is in line with the main mandate of Afrexim Bank which is to promote intra and extra-African trade, facilitate industrialization and stimulate export development. By helping SMEs move from being a local exporter to a regional exporter, the initiative aims to take advantage of the opportunities offered by the African Continental Free Trade Area (AfCFTA) and the 3 trillion dollar market it offers across the continent. Additionally, as the bank positions itself to disburse assets in excess of $600 million by 2026, Doherty highlighted the continued commitment to supporting SMEs beyond the current facility with Woodhall Capital