Would you like to receive notifications on latest updates of the following headlines?

UK's DFI Invests $50m in Nigerian SMEs

POSTED ON July 19, 2024 •   Business      BY Abiodun Saheed Omodara
British International Investment(BII)

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.

READ ALSO
FG, WIPO join forces over Nigerian SMEs growth
BY Abiodun Saheed Omodara February 22, 2025 0

The Federal Government has teamed up with the World Intellectual Property Organisation (WIPO) to boo...

READ ALSO
Illicit foreign mining activities endanger African nations- USIP Director
BY Abiodun Saheed Omodara February 21, 2025 0

The United States Institute for Peace (USIP) has stated that foreign mineral extraction in Africa po...

READ ALSO
NMGS advocates for AI, 3D technologies in transforming Nigeria's oil reservoir management
BY Abiodun Saheed Omodara February 21, 2025 0

ABUJA, Nigeria (NAN) - The Nigerian Mining and Geosciences Society (NMGS) has urged the incorporatio...

READ ALSO
CBN introduces FX Code to enhance Forex market transparency, stability
BY Abiodun Saheed Omodara February 21, 2025 0

The Central Bank of Nigeria (CBN) has kept its monetary policy rates unchanged and reaffirmed its de...

READ ALSO
Senate to hold public hearing on Tinubu's tax reform bills
BY Abiodun Saheed Omodara February 20, 2025 0

The Senate is set to commence a two-day public hearing concerning the four tax reform bills proposed...

READ ALSO
FG announces strategic partnerships to address housing deficit, drive economic Growth
BY Abiodun Saheed Omodara February 19, 2025 0

The federal government has announced new land administration initiatives and is partnering with the...

READ ALSO
Shettima unveils initiative to boost MSME Growth with affordable loan facilities
BY Abiodun Saheed Omodara February 19, 2025 0

ABUJA,Nigeria (NAN) - The Federal Government, in collaboration with the Central Bank of Nigeria, has...

READ ALSO
Nigeria's Mining Future: Stakeholders stress importance of joint efforts, data centralization
BY Abiodun Saheed Omodara February 18, 2025 0

ABUJA,Nigeria (NAN)- Stakeholders in Nigeria's mining sector have urged for enhanced cooperation amo...

OUR CHANNELS:

Aiyedatiwa pardon 43 inmates i to mark inauguration ceremony
BY Abiodun Saheed Omodara February 24, 2025 0

ONDO, Nigeria - To commemorate his inauguration, Governor Lucky Aiyedatiwa of Ondo State has granted...


Tragic accident on Lagos-Ibadan Expressway claims Nine lives, injures three
BY Abiodun Saheed Omodara February 25, 2025 0

At least nine individuals have been confirmed deceased, while three others suffered various injuries...


SERAP takes legal action against CBN over unjust ATM fee hike
BY Abiodun Saheed Omodara February 25, 2025 0

The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the...


Major Drug Bust: NDLEA intercepts 46.60 kg of canadian loud at Lagos Airport
BY Abiodun Saheed Omodara February 24, 2025 0

Agents of the National Drug Law Enforcement Agency (NDLEA) have disrupted an attempt by a Thai natio...


FG unveils 'Skill-Up S-East' initiative to enhance fashion and Health
BY Abiodun Saheed Omodara February 25, 2025 0

ABAKALIKIA, Nigeria (NAN) - The Senior Special Assistant to the President on Community Engagement fo...


Ogun secures $2.5bn livestock investment from Brazilian giant JBS
BY Abiodun Saheed Omodara February 24, 2025 0

Ogun State is poised to benefit from a $2.5 billion investment in livestock production from JBS, a c...


Telecom firms warn of shutdown due to fuel tanker drivers’ strike
BY Abiodun Saheed Omodara February 24, 2025 0

The telecommunications companies in Nigeria have issued a warning of potential shutdowns if prompt a...


Civil servants demand immediate reduction in PAYE Tax amid economic strain
BY Abiodun Saheed Omodara February 24, 2025 0

Numerous federal government employees have voiced their apprehensions regarding the substantial inco...


Deputy Speaker highlights progress in constitutional review process
BY Abiodun Saheed Omodara February 24, 2025 0

Akwa Ibom, Nigeria (NAN) - The Deputy Speaker of the House of Representatives, Benjamin Kalu, has re...


FG to abolish Visa-on-Arrival Policy, citing ineffectiveness
BY Abiodun Saheed Omodara February 24, 2025 0

The federal government has revealed its intentions to abolish the Visa-on-Arrival policy, emphasizin...


More Articles

Load more...

Menu