The Board of Directors of the African Development Bank, AfDB, has given its nod of approval for $300 million and $50 million Trade Finance Loans to First Bank of Nigeria (FBN) and FSDH Merchant Bank Nigeria (FSDH), respectively.
The two facilities are part of the AfDB’s broader efforts to provide countercyclical support to the Nigerian economy at a time of falling commodity prices.
The facilities will support local enterprises involved in import-export activity. The Project will help address critical market demand for trade finance and dollar liquidity by supporting vital economic sectors such as agri-business, chemicals, construction, and engineering, food processing, manufacturing and non-traditional exports.
The facilities are expected to foster financial sector development, enhance regional integration, contributing to increased government revenue generation at a time when the Nigerian economy is facing fiscal pressures and foreign currency liquidity challenges.
