Access Bank’s $30 Million Loan Aims to Boost Nigeria’s SME Sector

Access Bank Plc, Nigeria’s largest bank by assets, has secured a $30 million loan from Swedfund, the Swedish development finance institution, to support small and medium-sized enterprises (SMEs) in the country. This loan is part of a larger $295 million syndicate led by FMO, the Dutch development bank.

Kitanha Toure, Swedfund’s Regional Director for West Africa, stated, "Access Bank’s strong market presence and commitment to SMEs makes them a valuable partner in reaching businesses that need financing."

Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc, emphasized the loan's importance at a signing ceremony in The Hague, Netherlands. "This facility strengthens our capacity while bolstering Africa’s trade potential," he said. "We aim to leverage these funds to stimulate growth across various sectors, create jobs, and expand financial inclusion."

This marks the third collaboration between FMO and Access Bank, reflecting their shared commitment to boosting Nigeria’s economy and fostering job creation.

Source: Empower Africa