Swedfund has invested $30 million in Access Bank Nigeria Plc to significantly scale support for underserved micro, small, and medium enterprises (MSMEs).
This investment aims to provide long-term capital and capacity building for unbanked and under-banked businesses in Nigeria, facilitating sustainable private sector development and inclusive growth.
Nigeria, home to 230 million people, faces an unemployment rate of 33%. With over half of its population under 30, there is an urgent need for job creation and workforce development.
The resilience and growth of MSMEs are important in addressing these challenges, especially amid ongoing crises like insecurity, food shortages, and inflation.
Swedfund’s financial backing will help advance sustainable private sector development, promote inclusive growth, and expand access to finance for MSMEs.
Access Bank, with its strong market presence and dedicated MSME strategy, is set to serve these businesses effectively, according to Kitanha Toure, Regional Director of West Africa at Swedfund.
Access Bank is expected to facilitate direct and indirect job creation, tax-generating activities, and improved financial access for rural and underserved groups, including female- and youth-owned companies.
Again, Access Bank meets the 2X Criteria, a global standard for gender finance, and is recognized as the best SME bank for women entrepreneurs in Africa.
The $30 million loan is part of a $295 million syndicate led by the Dutch development finance institution, FMO, and includes other Nordic and European development finance institutions such as BII, BIO, Finnfund, and Norfund.
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