European Bank launches first investment in Nigeria

…Financing will strengthen import and export activities and enhance trade links

The European Bank for Reconstruction and Development (EBRD) has launched its first investment in Nigeria’s and the first in the sub-Saharan financial sector, providing a $ 100 million (€85.0 million) trade finance facility to Access Bank, the country’s leading commercial bank.

A statement emailed by EBRD to BusinessDay said this trade finance limit under the EBRD’s Trade Facilitation Programme (TFP) aims to support Access Bank’s trade finance operations and help it to diversify its correspondent banking relationships and strengthen trade finance links with other EBRD countries of operation. Under the TFP, the limit and the enhanced trade finance capacity will be used to issue guarantees in favour of foreign commercial banks and provide cash advances to fund trade-related loans to local companies, including pre-export, post-import and local distribution activities. This facility will also enable intra-regional trade.

This trade line will be supported by a comprehensive technical cooperation package funded by the EBRD, offering Access Bank regular training sessions, workshops, e-learning courses and capacity-building activities.

Odile Renaud-Basso, President of the EBRD, said, “We are delighted to sign our first agreement in Nigeria and partner with Access Bank. We remain committed to supporting the development of local financial institutions and fostering a business environment that drives sustainable private-sector growth and trade finance in Nigeria.”

Roosevelt Ogbonna, managing director of Access Bank, said, “We are pleased to be the first financial institution in Nigeria to partner with the EBRD. This partnership represents a significant step in strengthening Africa’s trade ecosystem. This also aligns with our commitment to providing robust financial solutions that empower businesses, deepen regional trade and support sustainable economic growth. We look forward to leveraging this collaboration to enhance our trade finance capabilities and deliver even greater value to our customers and stakeholders.”

Access Bank is the leading commercial bank in Nigeria with a network of more than 700 branches and other outlets serving 60 million customers across 24 markets on three continents. Access Bank is owned by Access Holdings plc, the largest financial holding company listed on the Nigerian Exchange.

At the EBRD’s 2023 Annual Meeting in Samarkand, its Board of Governors approved an amendment to the Agreement Establishing the Bank which enabled it to start working in sub-Saharan Africa and Iraq.

The EBRD began operating in Nigeria in September 2025, focusing on using the private sector to unlock access to finance, promote local businesses and foster sustainable, long-term growth, contributing to the transformation of the country’s economy.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.