BII invests $50M in Access bank to boost Nigerian businesses

In a significant move to bolster Nigeria’s economic resilience, British International Investment (BII), the UK’s development finance institution and impact investor, has announced a $50 million commitment to Access Bank. This investment is part of a larger $295 million loan package arranged by FMO.

The funding aims to strengthen Access Bank’s capital base and provide essential support to underserved small and medium enterprises (SMEs), particularly those led by women and youth. This initiative is crucial as Nigeria faces its most severe economic crisis in a generation, offering much-needed working capital to stimulate business growth, create jobs, and deepen financial inclusion.

A statement highlighted that the BII’s commitment will empower Access Bank to enhance its capital reserves, thereby providing financing to Nigerian SMEs across various sectors, including agriculture. This will foster business expansion and job creation in Africa’s most populous country.

British Deputy High Commissioner Jonny Baxter emphasized the broader impact of this support: “When smaller businesses and women entrepreneurs are economically empowered, their whole community benefits. The UK’s support through Access Bank will help businesses in underserved communities access finance to scale up operations, create jobs, and grow the economy. It also underscores our commitment to deepening economic cooperation with Nigeria and boosting development opportunities.”

Benson Adenuga, Head of Office and Coverage Director for Nigeria at BII, remarked, “As a counter-cyclical investor, we are proud to deepen our partnership with Access Bank to accelerate Nigeria’s recovery and empower businesses crucial to job creation, innovation, and economic diversification. By supporting SMEs, including women and youth-led businesses, we can ensure a more inclusive and sustainable future for Nigeria.”

Access Bank’s Managing Director and CEO, Roosevelt Ogbonna, noted, “This facility not only enhances our capital reserves but also strengthens Africa’s trade capabilities and export potential. By deploying these funds, we aim to catalyze growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion, in line with Access Bank’s mission to drive progress and development across the continent and beyond.”

This strategic investment is poised to drive substantial economic growth and development, offering a lifeline to Nigerian SMEs and contributing to a more robust and inclusive economy.