• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 29, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

AfDB, FSDH in $20m deal to support Nigeria’s SMEs

SMEs

The Matters Press by The Matters Press
December 1, 2023
Reading Time: 2 mins read
0
N125bn MSMEs intervention: IT critical to ensuring transparency – ITSSP

Abuja, Dec. 1, 2023: The African Development Bank (AfDB), has signed an additional 20 million dollar Trade Finance Facility with FSDH to support Small and Medium Enterprises (SMEs) in Nigeria.

RELATED POSTS

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

Tinubu succeeding where Obasanjo failed woefully, says TMSG

Mr Lamin Barrow, Director-General, Nigeria Country Department, AfDB, said this during the signing ceremony, on Thursday in Lagos.

According to Barrow, trade is considered the locomotive for economic development, and trade finance is the lubricant.

He, however, said it was also not lost on us that the supply of trade finance in Africa was highly constrained for various reasons.

Barrow said the Bank supported over 120 financial institutions in 30 African countries and catalysed over 10 billion dollars in trade in the past decade.

He said: “FSDH and the AfDB have enjoyed an enduring partnership in supporting SMEs and Nigerian Corporates engaged in trade and export value chains.

“In 2016; the AfDB extended a 50 million dollar Trade Finance Line of Credit to FSDH. This 3.5 – year Facility performed well.

“It supported more than 370 transactions, catalysed 375 million dollars of trade and benefitted 60 SMEs and Corporates in critical sectors including energy, agri-business, health and boosting intra-Africa trade.”

The new 20 million dollar facility, Barrow said comprises a 15 million dollar Trade Finance Line of Credit to support eligible SMEs and corporates active in international trade value chains.

He said it also comprised a five million dollar Transaction Guarantee to enhance FSDH’s Correspondent Banking relationships.

“It will provide a 100 per cent guarantee to Confirming Banks to cover the non-payment risk of FSDH arising from the issuance of letters of credit and other trade finance instruments.

“This agreement is a testament to our collective endeavours to plug the trade finance gap in Nigeria by working with a valuable partner such as FSDH that provides critical support to SMEs.

“We look forward to the successful implementation of this project while reaffirming the AfDB’s commitment to deepening and strengthening the financial sector in Nigeria,” he said.

AfDB has estimated the trade finance gap on the continent to be 81 billion dollars per annum, while a recent study by the WTO and IFC estimated the gap in Nigeria to be seven billion dollars annually.

It also reported that banks in Nigeria rejected a quarter (25 per cent) of all trade finance requests from their clients.

Lack of sufficient Correspondent Banking lines and inadequate access to foreign exchange were cited as major constraints.

That is why the AfDB established a dedicated Trade Finance Programme in 2013 to provide critical liquidity and risk mitigation support to financial institutions in Africa and for the benefit of SMEs and local corporate importers and exporters.

Tags: SMEs
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria regains top crude oil production spot in Africa
Energy

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

August 28, 2025
Who is lying, Obasanjo or NAN?
News

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

August 28, 2025
Obasanjo campaigns for AfCFTA
News

Tinubu succeeding where Obasanjo failed woefully, says TMSG

August 28, 2025
Tinubu explains mission as he marks second year in office
Economy/Technology

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

August 9, 2025
Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Next Post
Nigeria showcases minerals to woo investors

Nigeria, U.S commit to growth in energy transition, critical minerals – Alake

NCC urges CSOs to safeguard telecoms infrastructure

SMEs key to employment, wealth creation – NCC

Recommended Stories

Vulnerable Nigerian farmers to get $1m grant

Expert calls for end to over reliance on agro-imports

August 11, 2022
Coronavirus hits hard as China records 811 deaths

China to raise gasoline, diesel retail prices

August 10, 2023
Trading in Nigerian stock market dips further N83bn

Stock market gains further by 0.24%

February 15, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals
  • ‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient
  • Tinubu succeeding where Obasanjo failed woefully, says TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us