Swedfund, a leading Swedish development finance institution committed to poverty reduction, has announced a $30 million investment in Access Bank Nigeria Plc. This strategic investment aims to enhance access to finance for underserved micro, small, and medium-sized enterprises (MSMEs) across Nigeria, driving sustainable economic growth and fostering inclusive development.
The investment forms part of a larger $295 million consortium led by the Dutch development finance institution, FMO, which includes other prominent European development finance institutions such as British International Investment and the Belgian Investment Company for Developing Countries. This collaborative effort underscores the international commitment to supporting economic growth and development in Nigeria.
Recognizing the critical role of MSMEs in driving economic growth and job creation, Swedfund aims to empower Nigerian businesses by providing them with access to much-needed capital and capacity-building support. By partnering with Access Bank, a leading financial institution with a strong market presence and a proven track record in supporting MSMEs, Swedfund leverages its extensive reach to effectively deliver financial services to underserved businesses across the country.
This investment is particularly significant in the context of Nigeria’s current economic challenges, including high unemployment rates and economic instability. By providing access to finance, Swedfund and Access Bank aim to empower Nigerian entrepreneurs, foster job creation, and contribute to the overall economic well-being of the country. Furthermore, this initiative prioritizes support for female- and youth-owned businesses, as well as businesses operating in rural and underserved communities, aligning with Swedfund’s commitment to inclusive and equitable development.
