The African Development Bank (AfDB) and FSDH have signed a new $20 million Trade Finance Facility to support Small and Medium Enterprises (SMEs) in Nigeria.
Mr Lamin Barrow, Director-General, Nigeria Country Department, AfDB, said this during the signing ceremony on Thursday in Lagos State.
Barrow emphasized the pivotal role of trade in economic development, likening trade financing to its lubricant while explaining that the recently signed $20 million facility includes a $15 million Trade Finance Line of Credit dedicated to assisting eligible SMEs and corporates engaged in international trade value chains.
