Nigeria: BII commits $50 million loan to access bank for Nigerian SMEs
British International Investment (BII) has announced a $50 million commitment to Access Bank, a leading Nigerian bank, as part of a $295 million loan package arranged by FMO, the Dutch Entrepreneurial Development Bank. The funding aims to strengthen Access Bank’s capital base and support underserved Small and Medium Enterprises (SMEs), including those led by women and youth, amidst Nigeria’s severe economic crisis.
Benson Adenuga, Head of Office and Coverage Director, Nigeria at BII, highlighted the impact of this commitment, emphasizing BII’s role as a counter-cyclical investor. “We are proud to deepen our partnership with Access Bank to accelerate Nigeria’s recovery and empower businesses playing a pivotal role in job creation, innovation, and economic diversification,” Adenuga stated. This partnership is expected to contribute to a more inclusive and sustainable future for Nigeria.
Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, expressed that this facility will enhance their capital reserves and strengthen Africa’s trade capabilities and export potential. “Putting these funds to use, we aim to catalyze growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion,” Ogbonna commented. This initiative aligns with Access Bank’s mission to drive progress and development throughout the continent.
BII’s funding commitment, contributions from seven other development finance institutions, and impact investors will support nearly 40 million MSMEs in Nigeria. These enterprises account for 86 percent of employment and contribute 50 percent to the GDP. Despite their importance, many SMEs face challenges in accessing finance. The support from BII and other institutions will provide much-needed working capital, stimulate business growth, and help achieve the United Nations’ Sustainable Development Goals on Gender Equality, Decent Work, and Economic Growth.