Woodhall Capital and Afreximbank unveil a $25M facility to support Nigerian SMEs, marking a significant step toward bridging export barriers in Africa.
In a pivotal move aimed at empowering Nigerian small and medium enterprises (SMEs) for export, Woodhall Capital, a leading financial services firm, has partnered with the African Export–Import Bank (Afreximbank) to introduce a $25 million loan facility.
This initiative, formalised at the first-ever Afreximbank SME Development Workshop and Stakeholder Engagement Programme in Lagos, signifies a vital step in enhancing market access for SMEs in Africa.
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Held at the renowned Zinnia Hall, Eko Hotels & Suites, Lagos, the workshop, themed “Nurturing African SMEs: Bridging the Barriers to Export,” saw over 400 attendees, including industry leaders, financial institutions, and government officials.
In opening remarks, Kanayo Awani, Executive Vice President of Intra-African Trade & Export Development (IAED) at Afreximbank, underscored the importance of the event in supporting Nigerian SMEs to embrace trade and drive continental development.
“Collaborating with Woodhall Capital enables us to build up SMEs, which are the backbone of Africa’s economy. Beyond financing, this partnership aims to identify financial institutions capable of fostering SME growth,” Awani noted.
With SMEs constituting 90% of business activity in Africa, Afreximbank has observed that financial access remains a major challenge.
Awani highlighted that around 60% of SMEs struggle to obtain necessary financing, limiting their potential in both local and international markets. By providing affordable and accessible funding, this partnership intends to create lasting growth for African SMEs, she added.
In his remarks, Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, represented by Alhaji Shekarau Umar, Executive Director of MSMEs at the Bank of Industry, emphasised the role of Nigerian SMEs in regional development.
“Nigeria’s vast SME population, exceeding that of 39 other African nations combined, demonstrates the strategic choice of Nigeria as the workshop’s host. Afreximbank’s role in facilitating SME access to cross-border trade is invaluable,” Dr. Uzoka-Anite remarked.
Uzoka-Anite also called on attendees to focus beyond financial barriers and address critical issues like market access and capacity-building. “Funds provided to SMEs are impactful only when paired with training that enables long-term success,” she stated.
A wide array of experts further contributed to the discussions, including Oluranti Doherty, Afreximbank’s Managing Director of Export Development; Dr. Olayemi Cardoso, Nigeria’s apex bank governor, represented by Dr. Blaise Ijebor, Director of Risk Management at the Central Bank of Nigeria; and Ody Akhanoba, Head of SME Development at Afreximbank.
Also participating were Will Stevens, the US Consul General, represented by Daniele Jean-Pierre, Managing Director of Trade at Prosper Africa, and Fola Olowu, founder of Oriki Group, who discussed the African Growth and Opportunity Act (AGOA) and its benefits for SMEs.
The workshop delivered a range of presentations aimed at equipping Nigerian SMEs with essential tools for scaling up export operations.
Panel discussions focused on creating a supportive ecosystem for SME growth and improving finance accessibility for African SMEs, with valuable insights from key industry leaders.
Speaking on Woodhall Capital’s journey, founder Mojisola Hunponu-Wusu explained how the firm evolved from a local entity into a global institution with Afreximbank’s support.
“Afreximbank’s commitment allowed our small company to scale globally, underscoring the importance of guidance and training for any business,” she said.
Highlighting the potential for African SMEs, Hunponu-Wusu encouraged participants to pursue success with a growth-oriented mindset.
This collaboration between Woodhall Capital and Afreximbank symbolises a promising path forward for African SMEs, with the potential to transform the region’s economic landscape by bridging the financing and export barriers that have hindered SME growth across Africa.
