This loan is part of a larger $295 million syndicate led by FMO, the Dutch development bank.

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

Roosevelt Ogbonna, MD/CEO of Access Bank Plc, highlighted the loan’s significance at a signing ceremony in 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 such collaboration between FMO and Access Bank, reflecting a shared goal of boosting Nigeria’s economy and job creation.

In 2018, Access Bank secured $10 million as part of a $100 million loan arranged by a consortium of European development finance institutions.

SMEs, estimated at nearly 40 million, are the backbone of the Nigerian economy.

These informal businesses account for roughly 90% of jobs and contribute over 45% to the country’s GDP. Microbusinesses make up a significant portion (nearly 99%) of this network.