AFD signs $60 million loan deals with BOI, Sterling Bank to support Nigerian businesses
Agence Française de Développement (AFD) Group has signed two loan agreements worth a combined $60 million with the Bank of Industry (BOI) and Sterling Bank to finance businesses in Nigeria’s creative, agricultural and renewable energy sectors. The post AFD signs $60 million loan deals with BOI, Sterling Bank to support Nigerian businesses appeared first on Nairametrics .
The Agence Française de Développement (AFD) Group has finalized two loan agreements, totaling $60 million, with the Bank of Industry (BOI) and Sterling Bank. The funds will support businesses in Nigeria's creative, agricultural, and renewable energy sectors. One $30 million facility is aimed at businesses in the cultural and creative industries, including Nollywood and Afrobeats, while the other $30 million loan is from Proparco, AFD Group's private sector subsidiary, to Sterling Bank.
The agreements were signed during AFD Group CEO Christophe Lecourtier's visit to Lagos, as France aims to strengthen economic cooperation with Nigeria and support investment in key sectors. These facilities will enhance access to financing for businesses in Nigeria's cultural and creative industries and foster partnerships between Nigerian and French businesses.
The visit also included discussions between Lecourtier and Nigerian government officials on additional investment opportunities in infrastructure, healthcare, energy, and human capital development. Lecourtier emphasized that Nigeria remains an important partner for France due to its population growth and investment needs in energy, infrastructure, healthcare, and employment.
The relationship between France and Nigeria has been growing, with trade between the two nations reaching $4.7 billion in 2025.
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