Access Bank aims to boost Nigeria -Germany trade with new desk

Access Bank, in partnership with DEG, aims to boost Nigeria-Germany trade relations with the establishment of a German desk in Nigeria. This collaboration signifies the support for German businesses seeking to operate in Nigeria and Nigerian businesses expanding into Germany. The initiative provides financing and crucial business advisory services to facilitate smoother trade operations between the two countries. The move is particularly important as recent reports show a decline in trading figures between Nigeria and Germany from 6 billion euros to 3.5 billion euros. By addressing information gaps and enhancing trade connections, the German desk is expected to stimulate greater economic activity and foreign direct investments (FDIs) into Nigeria. The target customers for this initiative include German small-scale businesses looking to invest in Nigeria, Nigerian businesses seeking opportunities in Germany, and German businesses in Nigeria requiring funding. Access to these services is accessible for businesses that meet the necessary risk acceptance criteria, standards for accounting, and security requirements. The criteria are clearly outlined, and companies that qualify can benefit from the financial support and advisory services provided by Access Bank. The processes for accessing the services involve applications being reviewed by a dedicated desk, assessment of import sources and equity contributions, evaluation of equipment for manufacturing purposes, and consideration of cash flows for longer-term facilities. Additionally, referrals from the German consulate lead to funding opportunities for German companies seeking to do business in Nigeria. Overall, the German desk initiative not only facilitates trade relations but also encourages foreign direct investments by providing financial support to eligible businesses. The partnership between Access Bank and DEG is expected to foster greater trade relations, support SMEs as the growth engine of the economy, and improve economic ties between Nigeria and Germany. By providing financing and business advisory services, the initiative aims to bridge information gaps, enhance competitiveness, and stimulate economic activities between the two countries. As the initiative unfolds, it is anticipated to expand beyond Nigeria and influence trade dynamics across the continent, leveraging the success achieved in the Nigerian market.