Woodhall Capital has signed a $25 million loan facility with the African Export-Import Bank (Afreximbank) to strengthen support for Nigerian Small and Medium Enterprises (SMEs) aiming to enter export markets. This landmark signing occurred during Afreximbank’s inaugural SME Development Workshop and Stakeholder Engagement Programme, held recently in Lagos under the theme, “Nurturing African SMEs: Bridging the Barriers to Export.”
Speaking at the opening ceremony, Kanayo Awani, Executive Vice President of Intra-African Trade & Export Development at Afreximbank, urged Nigerian SMEs to become leaders in advancing Africa’s development through trade. She emphasized the importance of the event in collaboration with Woodhall Capital, noting its focus on building SME capacity. “This is not just about nurturing SMEs; we’re also identifying financial institutions that can better serve them,” Awani said.
Awani highlighted that around 60% of African SMEs struggle to access financing, which severely limits their growth and market reach. “Few African SMEs venture into export, and even fewer sustain long-term success. Addressing these barriers can empower SMEs to compete globally. Access to affordable finance is a top challenge,” she added, noting that Afreximbank has provided training and market access support to nearly 3,000 SMEs across 34 countries in the past year.
Representing Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, the Bank of Industry’s Executive Director of MSMEs, Shekarau Umar, spoke on the significance of Nigeria hosting the workshop. “With 39 million SMEs, Nigeria’s selection for the inaugural event is both deliberate and symbolic. Afreximbank’s interventions can break down barriers to cross-border trade for African SMEs,” he said, urging participants to look beyond traditional issues like access to finance to include market access and capacity building.
Woodhall Capital’s founder, Mojisola Hunponu-Wusu, shared insights into the firm’s journey from a local advisory business to a global player with Afreximbank’s backing. “Afreximbank gave us the confidence to believe an African firm could go global. This workshop shows that any SME, with the right guidance and determination, can succeed globally,” Hunponu-Wusu stated.
