The Managing Director, Export Development, Africa Export-Import Bank Oluranti Doherty, has restated the commitment of the bank to support agribusiness in Africa given its potential and contributions to the economy in the continent.
Doherty said that from the initial $148m given to its partnering banks to support SME growth in Africa, the bank is equally planning to scale this support to $310m before the year runs out.
She said the growing population of Africans in the diaspora of recent has also led to increased demands in African agricultural processed products which many believe are better than the ones from the West, saying that the export of African agricultural products has continued to be a very lucrative business
Doherty disclosed this on Monday while speaking during the opening ceremony of the second edition of the SME Agribusiness Export-Readiness Accelerator Training held in conjunction with Africa Leadership Foundation.
The four-day training which was held at the Green Legacy Resort of Olusegun Obasanjo Presidential Library, Abeokuta, Ogun State capital attracted 100 participants drawn from 13 West African countries including Togo, Benin Republic, Burkina Faso, and Sierra Leone among others.
She said, “We believe that for us to change the African continent for good, we have to focus on agro-business, it is a strategic sector. It is the centre of strong potential for the development of SMEs to harvest export value chain
“Today the agricultural sector accounts for 25 per cent GDP contributions to the African economy and it is responsible for about 60 per cent workforce, especially in the rural areas. In recent years, there has also been increased demand for processed agricultural products from Africa because of the growing population of Africans in the diaspora.
“And as a way of supporting SMEs export development in Africa, we have provided $148m to our financial intermediaries, that is, our partnering banks for disbursement to the SMEs and we intend to scale this financing to $310m before the end of this year.”
Doherty said that Afreximbank is making this financial intervention to ensure that the SMEs have funds to pursue their agricultural export business.
She said Afreximbank has equally trained over 2500 business operators in Africa and supported over 300 to access the free market among others.
Doherty also urged the SME operators to digitise their business as this will help them to connect to the outside world and increase their visibility.
Speaking at the programme, the Executive Director of Africa Leadership Foundation, Olumide Ajayi called for more support for Small Medium Enterprises, describing them as very crucial to the prosperity and development of the African continent.
Ajayi described the training as another crucial milestone in ALF’s unwavering commitment and partnership with Afreximbank to fostering sustainable economic growth and empowering African businesses
He said the collaboration is driven by a shared vision to enhance the capabilities of SMEs across Africa, ensuring they are equipped to seize the abundant opportunities within the intra-African market.
