The African Export-Import Bank (Afreximbank) has approved a $30 million financing facility for the Nigeria Export-Import Bank (NEXIM) to expand access to credit for small and medium-sized enterprises (SMEs) and accelerate Nigeria’s non-oil export growth.
The facility was formalised at a signing ceremony held over the weekend during the opening of the 2026 Creative Africa Nexus Weekend (CANEX WKND) in Lagos, further strengthening the longstanding partnership between the two financial institutions in promoting trade, industrial development and economic diversification across Africa.
The funding is expected to support export-oriented businesses operating in manufacturing, commodity processing, intra-African trade, value-added production and other strategic sectors, while strengthening Nigeria’s participation in continental trade under the African Continental Free Trade Area (AfCFTA).
The $30 million financing package is structured into two components: a $20 million revolving working capital facility and a $10 million medium-to-long-term loan facility.
The distinction between the two components is expected to provide businesses with different financing options, particularly SMEs that require immediate funding to sustain production, purchase raw materials, fulfil export orders and manage operational costs, as well as enterprises seeking longer-term capital to expand their production capacity.
Working capital remains a major constraint for many Nigerian businesses, especially those involved in export activities, where production, transportation, certification and payment cycles can place considerable pressure on available funds. The revolving facility is therefore expected to provide eligible businesses with additional liquidity to meet their operational requirements and respond to export market opportunities.
The medium-to-long-term component, on the other hand, is expected to support investment in productive capacity, equipment, processing facilities and other assets required to improve the quality and competitiveness of locally manufactured and processed goods.
NEXIM described the approval as a significant milestone that underscores Afreximbank’s confidence in Nigeria’s export financing ecosystem and reinforces the bank’s role in advancing the Federal Government’s export diversification agenda.
The facility is expected to ease financing constraints facing SMEs, stimulate industrial production, expand export capacity and generate employment opportunities across key sectors of the economy.
Beyond access to finance, beneficiary businesses will also benefit from capacity-building programmes, export readiness initiatives and access to Afreximbank’s trade facilitation platforms, including MANSA, TRADAR Club and the Pan-African Payment and Settlement System (PAPSS).
These initiatives are designed to improve market access, facilitate cross-border transactions and strengthen the capacity of Nigerian businesses to compete in regional and international markets.
MANSA provides a platform for sharing verified due diligence information on African businesses and financial institutions, helping to address information gaps that sometimes discourage financial institutions from extending credit to businesses operating across the continent.
TRADAR Club, on the other hand, connects businesses and trade professionals with opportunities, networks and information that can support cross-border commercial activities, while PAPSS provides infrastructure for making cross-border payments in local currencies, reducing dependence on third-party currencies for eligible transactions.
The payment system is particularly relevant to the implementation of the AfCFTA, which seeks to create a more integrated African market by reducing trade barriers, encouraging intra-African commerce and improving the movement of goods and services across participating countries.
For Nigerian SMEs, access to these platforms could help address some of the difficulties associated with conducting business beyond the country’s borders, including payment delays, limited market information and the complexities of establishing relationships with buyers and suppliers in other African markets.
The intervention aligns with the Federal Government’s drive to diversify the economy away from oil, boost non-oil exports, deepen industrialisation, enhance SME competitiveness, create sustainable employment and increase foreign exchange earnings.
Nigeria’s non-oil export sector has recorded encouraging growth, providing a stronger foundation for the government’s diversification efforts. According to the Nigerian Export Promotion Council (NEPC), the country recorded non-oil export receipts of $6.1 billion in 2025, representing an 11.5 per cent increase over the $5.46 billion recorded in 2024.
Export volumes also increased by 10 per cent to 8.02 million metric tonnes from 7.29 million metric tonnes in the preceding year, indicating an expansion in the volume of goods shipped to international markets.
The performance, described by the NEPC as a historic achievement, reflects the growing contribution of agricultural commodities, manufactured products, processed goods and other non-oil exports to Nigeria’s foreign trade earnings.
However, sustaining the growth will require more than increased production. Exporters must be able to meet international quality standards, secure reliable financing, maintain consistent supplies and establish distribution channels in destination markets.
These requirements often place smaller businesses at a disadvantage because they lack the financial resources and institutional support available to larger companies. The cost of acquiring machinery, processing facilities, packaging materials, quality certifications and logistics services can make it difficult for SMEs to compete effectively, even when there is demand for their products.
NEXIM’s intervention in the sector is therefore particularly important given its mandate to provide financial and risk-bearing support to Nigerian businesses involved in export activities.
The bank offers several financing instruments, including working capital and term loans, export credit guarantees and insurance, as well as facilities designed to support manufacturing exporters and businesses involved in the production of non-oil export commodities.
Its Small and Medium Enterprise Export Facility, for instance, is specifically designed to improve access to finance for SMEs operating within the non-oil export value chain, with the objective of broadening Nigeria’s export basket and supporting value-added production.
The new Afreximbank facility is expected to strengthen NEXIM’s capacity to extend such support, although the actual impact will depend on how effectively the funds are deployed and the extent to which eligible businesses can access the financing.
The development also comes against the backdrop of efforts to position African businesses to take advantage of the opportunities created by the AfCFTA. With a market covering countries across the continent, the agreement offers Nigerian manufacturers, processors and service providers opportunities to expand beyond the domestic market.
However, taking advantage of the agreement requires businesses to improve production capacity, meet applicable rules of origin, comply with product standards and develop the capacity to fulfil orders from different African markets.
Financing remains central to achieving these objectives, particularly for SMEs that must invest in production and export infrastructure before they can fully benefit from expanded market access.
The signing of the $30 million facility also formed part of broader financing commitments announced during CANEX WKND 2026, which brought together African creatives, investors, policymakers, financial institutions and business leaders in Lagos from November 5 to 8.
Afreximbank has positioned the CANEX initiative as part of its broader strategy to develop Africa’s creative and cultural industries by connecting businesses with financing, investment opportunities and international markets.
The bank’s support for NEXIM further reflects its efforts to strengthen African financial institutions and improve access to capital for businesses that can contribute to the continent’s industrial and trade development.
For Nigeria, the success of the facility will ultimately be measured not only by the amount of money made available but also by the number of businesses able to access it, the additional export capacity created and the extent to which locally produced goods gain stronger acceptance in regional and international markets.
Effective implementation, transparent lending processes and timely disbursement will therefore be important in ensuring that the facility translates into measurable benefits for the country’s export sector.
The broader objective is to enable more Nigerian businesses to move beyond producing for the domestic market to building sustainable export operations capable of generating foreign exchange, creating jobs and strengthening the country’s position in African trade.
 has approved a $30 million financing facility for the Nigeria Export-Import Bank (NEXIM) to ex){kind=link}