By Susan Olalere 
Lagos – Nigeria — Woodhall Capital, a prominent Nigerian financial services firm, has secured a $25 million credit facility from the African Export-Import Bank (Afreximbank) to support small and medium-sized enterprises (SMEs) across Nigeria. The landmark funding deal was announced during the inaugural Afreximbank SME Development Workshop held in Lagos, showing a strong commitment to bolstering Nigeria’s SME sector, a critical driver of the nation’s economy.
The event, co-hosted by Woodhall Capital, highlighted the importance of nurturing African SMEs to unlock growth opportunities across the continent. Kanayo Awani, Executive Vice-President for Intra-African Trade and Export Development at Afreximbank, emphasized the bank’s intent to bridge financing gaps for Africa’s SMEs. “This event, held in collaboration with Woodhall Capital, aims to build the capacity of SMEs, which form the backbone of Africa’s economy,” Awani remarked.
She further highlighted the need for accessible, affordable financing, a common challenge faced by SMEs across Africa. “In Africa, SMEs account for 90 percent of business activity and around 60 percent of formal employment, yet they remain significantly underfinanced. Our mission is to address these gaps, creating pathways for SMEs to thrive not only locally but also in global markets,” Awani added.
The workshop also included high-profile contributions from Nigeria’s Ministry of Finance. Representing the Minister of State for Finance, Shekaru Umar, Executive Director of MSMEs at the Bank of Industry, acknowledged Nigeria’s vast SME landscape, numbering over 39 million. “Selecting Nigeria to launch the inaugural workshop is deliberate and significant, as Afreximbank’s interventions aim to help African SMEs overcome barriers in cross-border trade,” he said.
He urged attendees to look beyond traditional challenges like funding, calling for a holistic approach that includes market access and capacity-building. “Funds alone are insufficient without the capacity-building that enables sustainable growth and market reach,” Umar stated.
Mojisola Hunponu-Wusu, founder of Woodhall Capital, shared insights into how Afreximbank’s support has fueled Woodhall Capital’s journey to the global stage. “Woodhall Capital exemplifies how a small firm, given the right tools and training, can scale globally. We aim to inspire SMEs to follow suit,” Hunponu-Wusu said, noting the firm’s dedication to equipping SMEs with the resources they need to flourish.
In addition to the Woodhall deal, Afreximbank revealed significant recent investments. The bank facilitated $540 million in deals at the 2024 Creative Africa Nexus Weekend (CANEX WKND) in Algiers, Algeria, including a €245 million global facility for New World Television to acquire broadcasting rights for sports across 24 African nations.
This suite of initiatives highlights Afreximbank’s commitment to fostering sustainable growth across the continent through access to finance, capacity-building, and market linkages, with a targeted focus on enabling African SMEs to thrive in a global economy.
OpeOluwa Okudero
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