Landmark Agreement to Boost Nigeria's Economy and Support Small Businesses

Strategic Insights -

The African Export-Import Bank (Afreximbank) and Nigeria's Bank of Agriculture (BoA) have signed a US$1 billion deal to support smallholder farmers and small and medium-sized enterprises (SMEs) in Nigeria. The partnership aims to enhance food security, improve productivity, and drive inclusive economic growth. Mrs. Kanayo Awani, Executive Vice President of Afreximbank, explained that the initiative will provide critical financing to SMEs, allowing them to produce, operate, and expand their businesses. The fund is expected to strengthen Nigeria's agricultural value chain, improve resilience among farmers, and support broader national development goals.

Key Takeaways:

  • Afreximbank and Nigeria's Bank of Agriculture have signed a US$1 billion agreement to support smallholder farmers and SMEs in Nigeria.
  • The partnership aims to enhance food security, improve productivity, and drive inclusive economic growth.
  • The fund will provide critical financing to SMEs, allowing them to produce, operate, and expand their businesses.
  • The agreement was signed at the Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria.
  • Afreximbank and the Bank of Agriculture are committed to empowering farmers and entrepreneurs across Nigeria.
  • The fund is expected to strengthen Nigeria's agricultural value chain, improve resilience among farmers, and support broader national development goals.
  • Mrs. Kanayo Awani highlighted the importance of access to capital for SMEs, stating that the initiative will address this challenge.
  • The agreement builds on existing partnerships between Afreximbank and the Bank of Agriculture, including AfSNET 2026, which aims to promote regional trade and investment.
  • The 6th African Sub-Sovereign Governments Network (AfSNET) Investment Conference, scheduled for 2026, will be hosted in Calabar.

Statistics:

  • US$1 billion - the value of the agreement between Afreximbank and the Bank of Agriculture.
  • 6th African Sub-Sovereign Governments Network (AfSNET) Investment Conference - the edition of the conference that will take place in Calabar in 2026.
  • US$1 billion - the expected investment from Afreximbank for the development of the Agro-Industrial Park in Cross River State.
  • 40% - the projected increase in the state's agricultural production and exports.
  • 75 - the number of SMEs expected to benefit from the agreement.

Sources:

  • African Export-Import Bank (Afreximbank)
  • Nigerian Tribune
  • AfCFTA Secretariat
  • AfSNET (African Sub-Sovereign Governments Network)
  • Cross River State Government
  • Bank of Agriculture (Nigeria)