Afreximbank To Boost Agribusiness With $310m for SMEs In Africa

The African Export-Import Bank (Afreximbank) has reinforced its commitment to supporting agribusiness across Africa, recognising its crucial role in driving economic growth.

The managing director of Export Development at Afreximbank, Oluranti Doherty highlighted the bank’s ongoing efforts to scale funding for small and medium-sized enterprises (SMEs) in the agribusiness sector, particularly, through its partnering financial institutions.

Speaking at the second edition of the SME Agribusiness Export-Readiness Accelerator Training held in collaboration with the Africa Leadership Foundation (ALF), Doherty announced that the bank plans to increase its financial support for SMEs from an initial $148 million to $310 million by the end of the year.

The training event, hosted at the Green Legacy Resort of the Olusegun Obasanjo Presidential Library in Abeokuta, Nigeria, saw the participation of 100 delegates from 13 West African nations, including Togo, Benin Republic, Burkina Faso, and Sierra Leone.

Doherty emphasised the growing demand for African agricultural products, particularly in the diaspora, where many prefer African goods over those from the West.

RELATED

Tonya Lawani Joins Dangote Group’s NASCON Board As Independent Director

6 hours ago

Dangote Refinery Slashes Petrol Price To N840

11 hours ago

She described agribusiness as a strategic sector that has the potential to transform the African economy, noting that it contributes 25 per cent of Africa’s GDP and employs about 60% of the continent’s workforce, especially in rural areas.

“For Africa to truly thrive, we must focus on agribusiness. It holds tremendous potential for developing SMEs and unlocking value chains for export. We’ve provided $148 million through our financial intermediaries to support SMEs, and we aim to increase this to $310 million by year’s end,” Doherty stated.

She added that Afreximbank has trained over 2,500 business operators across Africa and supported more than 300 SMEs in accessing free markets. She encouraged SMEs to embrace digital tools to increase their visibility and connect with international markets

Head of the Africa Leadership Foundation, Dr. Olumide Ajayi also spoke at the event, stressing the importance of supporting SMEs for Africa’s prosperity.

He lauded Afreximbank’s unwavering commitment to fostering economic growth through innovative financing solutions, noting that SMEs are critical to driving job creation, innovation, and wealth generation on the continent.

“This collaboration with Afreximbank reflects our shared vision of equipping African SMEs with the tools they need to tap into the immense opportunities within the intra-African market. I encourage all participants to actively engage in this training—ask questions, network, and build lasting connections,” Ajayi urged.

Ajayi also revealed that ALF is working on expanding the export readiness training program over the next five years, in partnership with the Federation of West African Chambers of Commerce. To formalise this, an MoU will be signed during the event, further broadening the program’s reach.

Goodwill messages were delivered by Mme Benita Diop, AU Special Envoy on Women, Peace, and Security, and Ambassador Aminou Akadiri, Executive Director of the Federation of West African Chambers of Commerce and Industry, both of whom expressed support for the initiative and its potential impact on Africa’s economic landscape.

The four-day training is seen as another step forward in empowering African SMEs to successfully navigate the challenges of international trade, with a focus on maximising the continent’s agricultural potential.