​Swedfund provides funding to Access Bank to support Nigerian agribusiness

The Development finance institution Swedfund is providing a loan of USD 10 million to Access Bank. Access Bank is one of the leading banks in Nigeria and the loan will be used for businesses operating throughout the entire agricultural value chain, which employs over half of the country’s workforce.

Nigeria is Africa’s largest and most important economy, but the country is at a critical point of recovery following an economic downturn and a falling oil price. Despite estimated growth of 2.5% in 2017, the country is expected to face difficulties over the next few years as the country needs to transition from an oil-dependent economy. The agricultural sector will play an important role in this transition as it remains the basis of Nigeria’s economy. Agriculture provides the main source of livelihood for the majority of the population and employs more than 50% of the country’s workforce.

Access Bank is a full-service bank with 380 branches across Nigeria. The bank is a leader on sustainability issues and has a strong focus on gender equality, both through its management programme for female employees and by customising banking services for female entrepreneurs to reduce the financial gap between women and men.

“This investment in Access Bank gives us the possibility to support the Nigerian agricultural sector. The sector’s importance for the recovery of one of Africa’s most important economies cannot be underestimated. It will be vital for job creation and to diversify the country’s oil-dependent economy. This investment is well in line with our development mandate,” said Swedfund CEO Gerth Svensson.

Swedfund’s loan is part of a USD 100 million syndicate together with European Development finance institutions FMO, Proparco, Norfund and Finnfund.