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British International Investment, a development finance institution and impact investor based in the United Kingdom, has recently announced a commitment of $50 million to support businesses through Access Bank.
The funding is part of a larger $295 million loan package arranged by FMO, the Dutch entrepreneurial development bank.
Nigeria is home to nearly 40 million MSMEs, which account for 86% of employment and contribute 50% to the Gross Domestic Product.
Despite their significant role in the Nigerian economy, many SME businesses struggle to access finance.
The funding provided by BII aims to address this challenge and support the growth of these businesses.
The British Deputy High Commissioner, Jonny Baxter, emphasized the importance of economically empowering smaller businesses and women entrepreneurs, highlighting the positive impact it could have on communities.
This support from the UK to small businesses through Access Bank demonstrates a commitment to strengthening economic cooperation and promoting growth and development opportunities in both countries.
The Head of Office and Coverage Director, Nigeria at British International Investment, Benson Adenuga, expressed pride in deepening the partnership with Access Bank to contribute to Nigeria's recovery and empower businesses that play crucial roles in job creation, innovation, and economic diversification.
The Managing Director/Chief Executive Officer of Access Bank, Roosevelt Ogbonna, also acknowledged the significance of the partnership and the trust between the institutions.
