Afreximbank channels $75m through DBN for Nigerian SMEs

The African Export-Import Bank (Afreximbank) has secured a $75 million financing deal with the Development Bank of Nigeria (DBN) to support Nigerian small and medium-sized enterprises (SMEs), particularly those in the creative and export-oriented sectors. The agreement was signed during the Creative Africa Nexus Weekend 2026 in Lagos by Kanayo Awani, Afreximbank's Executive Vice President, and Tony Okpanachi, DBN's Managing Director and CEO.

The financing facility will be disbursed through DBN’s participating financial institutions, providing support for working capital, asset acquisition, export financing, and supply chain activities. Beneficiaries are expected to include businesses in fashion, film, music, and design. The partnership aims to address financing constraints and help Nigerian businesses develop the capacity to compete in regional and international markets.

Awani emphasized that the initiative combines finance with capacity building, export-readiness support, and market access. She explained that the partnership would help Nigerian SMEs build productive capacity, strengthen competitiveness, and transition from promising local businesses to sustainable exporters. The agreement underscores Afreximbank's commitment to transforming African creative talent into commercially sustainable enterprises.

DBN's Okpanachi highlighted the importance of the partnership in addressing financing difficulties faced by Nigerian micro, small, and medium-sized enterprises. He noted that the $75 million facility will provide much-needed financing through DBN's network of participating financial institutions. The capacity-building and market-access components of the partnership are particularly crucial for businesses seeking opportunities beyond Nigeria.