African Export-Import Bank (Afreximbank) has approved a $30 million financing facility for Nigeria Export-Import Bank (NEXIM), in a fresh push to expand the country’s non-oil exports, strengthen domestic manufacturing, and improve the competitiveness of small businesses in continental markets.
The facility, formalised at the opening of the 2026 Creative Africa Nexus Weekend (CANEX WKND) in Lagos, is expected to channel additional capital into export-oriented small and medium-sized enterprises (SMEs), particularly businesses involved in manufacturing, commodity processing, intra-African trade, and value-added production.
The financing comes in two tranches: a $20 million revolving working capital facility and a $10 million medium-to-long-term loan.
The intervention is significant against the backdrop of Nigeria’s longstanding struggle to move beyond primary commodity exports, with limited domestic processing and weak industrial capacity constraining the country’s ability to capture greater value from international trade.
Through NEXIM, the facility is expected to ease financing constraints confronting export-focused businesses, whose capacity to fulfil large orders, acquire raw materials, upgrade production, and penetrate new markets is often undermined by inadequate access to affordable, long-term funding.
Beyond providing additional credit, the arrangement is designed to strengthen the participation of Nigerian businesses in the African Continental Free Trade Area (AfCFTA), which offers opportunities for manufacturers and processors to expand beyond the domestic market.
NEXIM said the approval reinforced confidence in Nigeria’s export financing ecosystem and its mandate to support the federal government’s export diversification agenda.
The bank said the funding would stimulate industrial production, increase export capacity, and support employment generation across strategic sectors of the economy.
However, the facility’s broader economic impact will depend on how effectively the financing reaches productive businesses, particularly SMEs with viable export potential but limited access to conventional bank credit.
Under the arrangement, beneficiary businesses will also receive capacity-building support, export readiness programmes, and access to Afreximbank’s trade facilitation platforms. These include MANSA, TRADAR Club, and the Pan-African Payment and Settlement System (PAPSS), which are intended to improve market access, facilitate cross-border transactions, and strengthen the participation of African businesses in regional commerce.
The additional support is expected to address some of the non-financial barriers limiting SME participation in international trade, including difficulties navigating export procedures, identifying buyers, and accessing payment infrastructure.
NEXIM, the country’ export credit agency, provides financing, guarantees, insurance, and advisory services to businesses involved in export activities.
The Afreximbank facility is expected to strengthen the bank’s capacity to support businesses seeking to scale production, improve product quality, and compete in African and international markets.
James Emejo
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