The Nigeria Export-Import Bank (NEXIM) has secured a $30 million financing facility from the African Export-Import Bank (Afreximbank) to improve access to funding for small and medium-sized enterprises involved in export activities.
The facility is expected to support Nigerian businesses operating in manufacturing, commodity processing, intra-African trade and value-added production as the country seeks to diversify its export base and increase participation in continental trade.
According to information released by NEXIM’s Corporate Communications Department, the financing agreement was formalised during a signing ceremony at the opening of the 2026 Creative Africa Nexus Weekend (CANEX WKND) in Lagos.
The $30 million package consists of two financing components designed to address different business funding needs.
The first is a $20 million revolving working capital facility, while the second is a $10 million medium-to-long-term loan facility.
The working capital component is expected to provide businesses with funds for daily operations, including purchasing raw materials, maintaining production and meeting other operational expenses.
The longer-term loan component is intended to support investment and expansion among export-oriented enterprises.
Access to finance remains one of the major challenges facing small businesses in Nigeria. Many enterprises have the capacity to produce goods for larger markets but struggle to obtain the funding required to increase production and meet export demand.
For businesses involved in manufacturing and commodity processing, financing is particularly important because production often requires significant upfront spending before goods are sold and payments are received.
The new facility could therefore provide additional financial support for businesses seeking to strengthen their operations and compete in international markets.
NEXIM said the financing would support the Federal Government’s export diversification objectives by encouraging industrial production, expanding export capacity and creating employment opportunities.
The bank also indicated that beneficiaries would receive capacity-building assistance and export-readiness support.
This support is expected to include access to Afreximbank’s trade facilitation platforms, including MANSA, TRADAR Club and the Pan-African Payment and Settlement System.
These platforms are designed to improve business information, strengthen commercial relationships and facilitate cross-border trade and payments.
The Pan-African Payment and Settlement System, in particular, is intended to make transactions between African countries easier by supporting payments in local currencies.
This could help reduce some of the challenges associated with currency conversion and cross-border financial transactions.
The financing also comes as African governments and financial institutions seek to increase intra-African trade through the African Continental Free Trade Area.
The agreement is significant for Nigeria because the country’s export earnings remain heavily influenced by crude oil, making diversification into manufacturing, agriculture and other non-oil sectors an important economic objective.
Small and medium-sized enterprises play a major role in employment and economic activity. However, many face difficulties meeting international quality standards, securing adequate financing and establishing distribution networks outside Nigeria.
The NEXIM facility could help address some of these constraints by providing businesses with additional capital and access to trade support programmes.
Nevertheless, the impact will depend on how quickly the funds reach eligible businesses and whether the financing terms are affordable for smaller enterprises.
Businesses will also need to demonstrate their ability to meet export requirements, maintain product quality and deliver orders consistently.
For NEXIM and Afreximbank, the agreement represents another effort to strengthen financial support for African businesses and encourage greater regional economic integration.
If effectively deployed, the facility could help more Nigerian companies move beyond domestic markets, increase non-oil exports and contribute to the country’s foreign exchange earnings.
