FirstBank secures $150m Afreximbank’s pandemic mitigation facility to support Nigerian businesses

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has secured a US$150 million finance facility from African Export Import Bank (Afreximbank). The funding was provided under Afreximbank’s Pandemic Trade Impact Mitigation Facility (PATIMFA).

The US$150 million financial support from Afreximbank will be accessible to FirstBank customers involved in the manufacturing and importation of products and equipment required to combat the COVID-19 pandemic, as well as initiatives to rehabilitate hospitals and strengthen diagnostic and testing capacity. The loan will also be used for the financing of trade debt payments falling due to avert payment defaults in trade debt obligations. In addition, proceeds of the facility will help beneficiary businesses manage the impacts of the Ukraine crisis.

“This new disbursement under PATIMFA is a further proof of the relevance of the programme in helping African economies to recover from the crisis induced by the COVID-19 pandemic,” Benedict Oramah, president and chairman, Board of Directors of Afreximbank, said.

“Since April 2020, when PATIMFA was launched, we are more than proud to have disbursed more than US$7 billion to help Afreximbank member countries manage the adverse impact of the financial, economic and health shocks caused by the COVID-19 pandemic. Through First Bank, one of our trade finance intermediaries, this $150 million facility will help build the resilience of many businesses to the adverse impacts of the pandemic, while helping them overcome the consequences of the current Ukraine crisis,” he said.

Adesola Adeduntan, FirstBank’s CEO, expressed delight in the partnership, commending Afreximbank for the impactful financial response.

“It will immensely contribute to empowering many businesses adversely impacted by the economic shocks caused by Covid-19. The selection of FirstBank as a partner in this initiative is a testament to their confidence in our capacity and proven track record over the years,” Adeduntan said.

“As a bank that has been woven into the fabric of our society for over 128 years, we remain committed to the success of businesses in our host communities and ensuring they are given the needed boost to sustain their operations and further drive economic growth in the nation,” he said.

Afreximbank, a pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade, deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.

First Bank of Nigeria Limited (FirstBank) is the premier bank in West Africa and the leading financial inclusion services provider in Nigeria for over 128 years. With over 750 business locations and over 150,000 banking agents spread across 99 percent of the 774 local government areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 30 million customers.