The Africa Export-Import Bank (Afreximbank) has assured of its commitment to supporting agribusiness in Africa, with plans to increase financial assistance to Small and Medium-sized Enterprises (SMEs), scaling up from $148 million to $310 million by the end of the year, according to Mrs. Oluranti Doherty, Managing Director of Export Development at the bank
Doherty made this announcement on Monday during the opening ceremony of the second edition of the SME Agribusiness Export-Readiness Accelerator Training, in Abeokuta, Ogun State, Nigeria.
The four-day event, organized in partnership with the Africa Leadership Foundation (ALF), gathered 100 participants from 13 West African countries, including Togo, Benin Republic, Burkina Faso, and Sierra Leone.
She emphasized the growing demand for African agricultural products, particularly in the diaspora, stating that the export of processed agricultural goods is becoming increasingly lucrative.
To support SME growth in the agricultural sector, Afreximbank has provided $148 million through partnering banks, with plans to expand this funding to $310 million by year-end.
The bank also provides training and technical assistance, having trained over 2,500 business operators and supported more than 300 SMEs in accessing free markets.
At the event, Dr. Olumide Ajayi, Executive Director of ALF, praised the collaboration with Afreximbank, emphasizing the crucial role SMEs play in driving Africa’s economic growth.
He encouraged participants to engage actively in the training, network, and build connections to enhance their businesses.
Additionally, Ajayi revealed plans for a five-year expansion of the export readiness training programme, which will be extended to more participants through an upcoming partnership with the Federation of West African Chambers of Commerce and Industries.
Goodwill messages from Mme Benita Diop, AU Special Envoy on Women, Peace and Security, and Ambassador Aminou Akadiri, Executive Director of the Federation of West African Chambers of Commerce and Industries, highlighted the importance of such initiatives for Africa’s economic prosperity.
