The African Export-Import Bank (Afreximbank) has approved a $30 million financing facility for the Nigeria Export-Import Bank (NEXIM) to expand access to credit for small and medium-sized enterprises (SMEs) and accelerate Nigeria’s non-oil export growth.
The facility was formalised at a signing ceremony held over the weekend during the opening of the 2026 Creative Africa Nexus Weekend (CANEX WKND) in Lagos.
The funding is expected to support export-oriented businesses operating in manufacturing, commodity processing, intra-African trade, value-added production and other strategic sectors, while strengthening Nigeria’s participation in continental trade under the African Continental Free Trade Area (AfCFTA).
The $30 million financing package is structured into two components: a $20 million revolving working capital facility and a $10 million medium-to-long-term loan facility.
NEXIM described the approval as a significant milestone that underscores Afreximbank’s confidence in Nigeria’s export financing ecosystem and reinforces the bank’s role in advancing the Federal Government’s export diversification agenda.
The facility is expected to ease financing constraints facing SMEs, stimulate industrial production, expand export capacity and generate employment opportunities across key sectors of the economy.
Beyond access to finance, beneficiary businesses will also benefit from capacity-building programmes, export readiness initiatives and access to Afreximbank’s trade facilitation platforms, including MANSA, TRADAR Club and the Pan-African Payment and Settlement System (PAPSS).
These initiatives are designed to improve market access, facilitate cross-border transactions and strengthen the capacity of Nigerian businesses to compete in regional and international markets.
The intervention aligns with the Federal Government’s drive to diversify the economy away from oil, boost non-oil exports, deepen industrialisation, enhance SME competitiveness, create sustainable employment and increase foreign exchange earnings.
