SWEDFUND, Sweden’s development finance institution, has invested $30 million in Access Bank Nigeria Plc to aid underserved micro, small, and medium enterprises (MSMEs). This funding aims to provide long-term capital and capacity building to unbanked and under-banked businesses, supporting sustainable private sector growth and inclusive economic development.
With Nigeria’s population of 230 million and an unemployment rate of 33 percent, this investment is timely. Over half of the population is under 30, highlighting the urgent need for job creation and workforce development amidst ongoing crises such as insecurity, food shortages, and inflation.
Kitanha Toure, Swedfund’s Regional Director of West Africa, emphasised that the investment would promote sustainable private sector development, inclusive growth, and expand financial access. Access Bank, with its strong market presence and committed MSME strategy, is well-positioned to reach businesses in need of financing.
The investment is part of a $295 million syndicate led by Dutch development finance institution FMO, including other Nordic and European financial institutions like BII, BIO, Finnfund, and Norfund. This move is expected to create direct and indirect jobs, generate tax revenue, and improve financial access for rural, female, and youth-owned businesses in Nigeria. Access Bank also meets the 2X Criteria, a global standard for gender finance, and is recognized as Africa’s best SME bank for women entrepreneurs.
