, the UK’s Development Finance Institution and impact investor, has announced a $60 million trade finance facility for Access Bank Plc in Nigeria and five of its pan-African subsidiaries. This will strengthen import and export capabilities amongst local businesses and plug the foreign currency supply gap.
Between 80% and 90% of world trade is estimated to rely on the availability of trade credit, according to the World Trade Organization. Prior to the COVID-19 pandemic, that financing gap stood at US$82 billion in Africa, and it is increasing. Recognising the positive ripple effects of robust trade flows on economies and livelihoods, Access Bank is aiming to provide 15% of trade finance across Africa, by growing the trade books of its subsidiaries.
Currency instability in Nigeria can hinder the wider proliferation of dollar denominated trade loans across African markets, constraining countries’ ability to capitalise on opportunities opening up under the African Continental Free Trade Agreement.
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