Nigeria’s Access Bank Plc, which holds the title of the country’s largest bank in terms of assets, has been granted a $30 million loan from Swedfund, the Swedish development finance institution. The loan is aimed at bolstering small and medium-sized enterprises (SMEs) within Nigeria.
This financial support is a segment of a broader $295 million syndicated loan package orchestrated by FMO, the Dutch development bank.
Kitanha Toure, Swedfund’s Regional Director for West Africa, expressed confidence in the partnership with Access Bank, citing the bank’s prominent market position and its dedication to supporting SMEs as pivotal for reaching businesses in need of financial assistance.
At a signing event held in The Hague, Netherlands, Roosevelt Ogbonna, the Managing Director/CEO of Access Bank Plc, underscored the importance of the loan. He stated that the funds would enhance the bank’s lending capacity and contribute to the growth of trade within Africa. Ogbonna emphasized the bank’s intention to utilize the loan to foster growth across diverse sectors, generate employment opportunities, and extend the reach of financial services.
This transaction represents the third instance of cooperation between FMO and Access Bank, underscoring a mutual commitment to stimulating the Nigerian economy and facilitating job creation. Previously, in 2018, Access Bank had obtained $10 million as a portion of a $100 million loan that was arranged by a consortium of European development finance institutions.
SMEs, which number close to 40 million, form the cornerstone of the Nigerian economy, providing approximately 90% of employment and contributing more than 45% to the nation’s GDP. Within this vast network, microbusinesses constitute a substantial majority, accounting for nearly 99%.
