AfDB extends $700m in credit lines to support Nigeria SMEs

The African Development Bank (AfDB) has agreed to provide two sovereign-guaranteed multitranche lines of credit (LoCs) to support the modernisation and expansion of export-oriented small and medium-sized enterprises (SMEs) in Nigeria. The development finance institution has agreed to provide the Nigeria Bank of Industry (BoI) with a $500-million credit line and the Nigerian Export-Import Bank (Nexim) a $200-million credit line.