The Nigeria Export-Import Bank (NEXIM) has secured a $30m financing facility from the African Export-Import Bank (Afreximbank) to expand access to credit for small and medium-sized enterprises engaged in export activities.

The facility was formalised at a signing ceremony during the opening of the 2026 Creative Africa Nexus Weekend (CANEX WKND) in Lagos, which ran from 5 to 8 November. NEXIM said the agreement deepened a longstanding partnership between the two institutions in trade and industrial development.

How the money will be used

The package comprises a $20m revolving working capital facility and a $10m medium-to-long-term loan facility. It is expected to support businesses in manufacturing, commodity processing, intra-African trade and value-added production, as Nigeria seeks to diversify its export base.

The funding is also intended to strengthen Nigeria's participation in continental trade under the African Continental Free Trade Area (AfCFTA). NEXIM, the national export credit agency, said the approval signalled Afreximbank's confidence in Nigeria's export financing system.

Non-oil exports growing

Figures from the Nigerian Export Promotion Council show non-oil export receipts reached $6.1bn in 2025, up 11.5% from $5.46bn in 2024, while export volumes rose 10% to 8.02 million metric tonnes.

Analysts say the real test will be how quickly the funds are disbursed and how many smaller businesses can meet the conditions to access them. The facility targets firms in the non-oil export value chain, including exporters needing working capital and investment in productive capacity.