African Development Bank to Provide $230 Million Trade Finance Package for Access Bank

 The African Development Bank (AfDB) has approved a $230 million trade finance package for Access Bank Plc, aimed at boosting liquidity for businesses and enhancing Nigeria’s trade sector.

In a statement released by the AfDB, the financial institution said the package includes a trade finance line of credit and a risk participation agreement to help Access Bank support small and medium-sized enterprises (SMEs) engaged in export and import activities.

AfDB President, Dr. Akinwumi Adesina, noted that the funding is part of the bank’s commitment to strengthening Africa’s financial sector and ensuring that businesses have access to the capital required for international trade. He emphasized that trade finance remains a critical tool for economic growth, particularly in developing countries.

Access Bank’s Managing Director, Roosevelt Ogbonna, welcomed the funding, stating that it would be used to provide short-term loans to businesses involved in key sectors such as agriculture, manufacturing, and oil and gas. He added that the facility would also support cross-border transactions under the African Continental Free Trade Agreement (AfCFTA).

Industry analysts say the move will help bridge Nigeria’s trade finance gap, stimulate economic growth, and position Access Bank as a major player in international trade facilitation.