The African Export-Import Bank (Afreximbank) has pledged to allocate $310 million to support small and medium-sized enterprises (SMEs) across Africa, with a focus on agribusiness. This announcement was made by the bank’s Managing Director of Export Development, Mrs. Oluranti Doherty, during the SME Agribusiness Export-Readiness Accelerator Training held in Abeokuta, Ogun State.
Doherty highlighted the bank’s ongoing efforts to empower SMEs in Africa, revealing that Afreximbank initially provided $148 million to partner banks for SME development, with plans to increase this amount to $310 million by the end of the year. She noted that the rising demand for processed agricultural products from Africa, especially by the African diaspora, has created a lucrative opportunity for SMEs.
The four-day training, organized in collaboration with the Africa Leadership Foundation (ALF), brought together 100 participants from 13 West African nations. Doherty emphasized the importance of agribusiness, which contributes 25% to Africa’s GDP and employs 60% of the continent’s rural workforce.
“Agro-business is a strategic sector with the potential to drive SME growth and export value chains,” Doherty said. She also urged SMEs to embrace digital solutions to expand their reach and visibility in global markets.
Dr. Olumide Ajayi, Executive Director of ALF, lauded Afreximbank’s commitment to supporting African trade and SMEs, describing the bank’s initiatives as vital to economic growth. Ajayi further announced a five-year expansion plan for the export readiness training to include broader regional participation through a Memorandum of Understanding with the Federation of West African Chambers of Commerce.
The event also featured goodwill messages from prominent figures, including Benita Diop, the AU’s Special Envoy on Women, Peace, and Security, and Ambassador Aminou Akadiri, Executive Director of the Federation of West African Chambers of Commerce and Industries.
Leave a Reply