Woodhall Capital has signed a $25 million loan agreement with the African Export-Import Bank (Afreximbank) to support Nigerian SMEs in expanding into export markets. The deal was announced at the first Afreximbank SME Development Workshop held in Lagos, themed “Nurturing African SMEs: Bridging the Barriers to Export.”
Opening the event, Kanayo Awani, Afreximbank’s Executive Vice President of Intra-African Trade & Export Development, emphasized the importance of empowering SMEs, calling them the “backbone of Africa’s economy.” Awani noted that around 60% of SMEs face financial access challenges, highlighting the collaboration with Woodhall Capital as a key step toward overcoming these obstacles and helping SMEs thrive globally.
SMEs contribute 90% of business activities across Africa, with studies showing they also represent around 60% of formal employment. Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, underscored the strategic choice of Nigeria as the event’s launch site, noting the significant role of Nigeria’s 39 million SMEs in the continent’s economic landscape.
Woodhall Capital’s founder, Mojisola Hunponu-Wusu, acknowledged Afreximbank’s crucial support in helping the firm scale and provide funding access to African SMEs. The workshop, she added, aims to inspire SMEs to pursue growth, with Afreximbank’s backing showing that any small African firm with the right guidance can achieve global reach.
