The Development Bank of Nigeria (DBN) and the Arab Bank for Economic Development in Africa (BADEA) have signed a €40 million credit facility agreement to strengthen private sector development and entrepreneurship in Nigeria.
The agreement was signed on the sidelines of the IMF–World Bank Spring Meetings in Washington, D.C., by Abdullah Almusaibeeh, President of BADEA, and Tony Okpanachi, managing director/chief executive officer of DBN.
The signing further highlights the shared commitment of both institutions towards advancing inclusive and sustainable economic growth for micro, small, and medium-sized enterprises (MSMEs) across Nigeria.
“This partnership with the Development Bank of Nigeria reflects BADEA’s firm commitment to supporting inclusive private sector-led growth in Africa,” Abdullah Almusaibeeh, president, BADEA, stated.
He added that by strengthening DBN’s capacity to reach MSMEs, women, and youth-led enterprises, the facility will help unlock productive investment and contribute to sustainable economic transformation in Nigeria.
Tony Okpanachi, managing director/CEO, DBN, stated that the partnership will strengthen its capacity to deepen access to finance for MSMEs, particularly women and youth-led enterprises.
According to him, the partnership will also help in supporting job creation, economic diversification, and sustainable growth across Nigeria.
“This facility marks an important milestone in our collaboration with BADEA and will be instrumental in driving impactful investments and fostering long-term development,” Okpanachi stated.
The agreement between both institutions is expected to expand BADEA’s engagement with African development finance institutions and underscores its role as a strategic partner in promoting inclusive growth across the continent.
“We look forward to leveraging this partnership to deliver measurable impact and further advance our mandate of inclusive economic development,” Okpanachi stated.
According to him, the facility is designed to support DBN’s lending activities through eligible participating financial institutions, and will enable increased access to long-term finance for MSMEs and other private sector actors across Nigeria.
He added that the financing will contribute to productive investment, job creation, value-chain development, and economic diversification.
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