The African Export-Import Bank (Afreximbank) has agreed to provide $75 million to the Development Bank of Nigeria (DBN) to expand financing for small and medium-sized enterprises (SMEs), particularly those in the creative industries.
The agreement was signed during Creative Africa Nexus Weekend (CANEX WKND 2026), held in Lagos from November 5 to 8, and announced on November 11.
DBN will distribute the funds through partner financial institutions, allowing eligible businesses to finance working capital, equipment purchases, other productive assets, pre-export and post-export operations, and supply chain activities.
The facility will prioritize SMEs in cultural and creative industries such as fashion, film, music and design, but businesses in other sectors will also be eligible.
The agreement also includes training to help participating financial institutions assess the needs of export-oriented SMEs and tailor their financing accordingly. Businesses receiving funding will also receive support to prepare for export markets.
Kanayo Awani, Afreximbank’s executive vice president for Intra-African Trade and Export Development, said the financing would help Nigerian SMEs expand production, become more competitive and establish themselves as long-term exporters.
Participating businesses will also be able to use Afreximbank’s trade platforms, including MANSA, TRADAR, the Pan-African Payment and Settlement System (PAPSS) and the Africa Trade Exchange (ATEX). The bank will also connect SMEs with potential buyers and business partners through initiatives such as the Africa Buyer Programme, the African Trade and Distribution Company (ATDC) and the Intra-African Trade Fair (IATF), helping them reach regional and international markets.
Africa’s cultural and creative businesses have long struggled to secure financing, protect intellectual property and reach new markets. These obstacles have limited their ability to grow into commercially viable businesses.
The agreement is part of Afreximbank’s wider effort to support Africa’s creative industries. The bank has increased its financing commitment to the sector to $2 billion for 2024-2027. Through its Creative Africa Nexus (CANEX) program, it aims to provide financing, business training and opportunities for creative enterprises to reach new markets.
Credit: Carelle Yourann
