The Nigerian Export-Import Bank (NEXIM) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a landmark Memorandum of Understanding (MoU) aimed at accelerating the growth of Small and Medium Enterprises (SMEs) nationwide.
The MoU establishes a strategic partnership between the two agencies, with a focus on export financing, tailored financial products, capacity building, and promoting Nigerian MSME products on the global stage. This collaboration is expected to play a pivotal role in streamlining trade facilitation services and enhancing the competitiveness of Nigerian SMEs.
Speaking during the signing ceremony, the Managing Director/CEO of NEXIM Bank, Abba Bello, described the partnership as a critical step in equipping Nigerian SMEs for global competitiveness, especially under the framework of the African Continental Free Trade Agreement (AfCFTA).
“This collaboration with SMEDAN is a critical step in our mission to empower Nigerian SMEs to become globally competitive. By combining our financial instruments with SMEDAN’s development expertise, we are creating a comprehensive support system for small businesses to thrive in the export space,” Bello stated.
On his part, SMEDAN Director-General, Charles Odii, highlighted that the MoU will remove key barriers that have limited SMEs from accessing international markets.
“Our goal is to ensure that Nigerian SMEs are not only equipped with the right skills but also have access to the financial support they need to upscale their businesses. This MoU with NEXIM Bank will open new doors for small businesses to participate meaningfully in international trade,” Odii said.
He further outlined key focus areas of the partnership, which include:
- Providing export-focused funding solutions for SMEs
- Delivering training and advisory services to enhance global competitiveness
- Simplifying export processes for MSMEs to enter international value chains
This strategic collaboration also aligns with the federal government’s broader agenda of economic diversification and inclusive growth through public-private partnerships.
NEXIM Bank, established under Act 38 of 1991, serves as Nigeria’s Export Credit Agency with a mandate to provide financing, risk management, and advisory services to support the development of the country’s non-oil export sector. SMEDAN, created by the SMIDA Act of 2003, is the government’s flagship agency tasked with driving the growth and sustainability of MSMEs in Nigeria.
