AFD signs $60 million loan deals with BOI, Sterling Bank to support Nigerian businesses

Agence Française de Développement (AFD) Group has signed two loan agreements worth a combined $60 million with the Bank of Industry (BOI) and Sterling Bank to finance businesses in Nigeria’s creative, agricultural and renewable energy sectors.

The agreements comprise a $30 million facility to BOI for businesses in the cultural and creative industries, including Nollywood and Afrobeats, and another $30 million loan from Proparco, AFD Group’s private sector subsidiary, to Sterling Bank.

The deals were signed during a visit to Lagos by AFD Group CEO Christophe Lecourtier, as France seeks to deepen economic cooperation with Nigeria and support investment in priority sectors.

According to a statement issued on Wednesday by Mariam-Emmanuelle Kone, AFD’s Regional Communications Head, the facilities are part of the agency’s broader engagement with Nigeria, where it has committed approximately €2.5 billion to more than 50 ongoing projects.

Creative industry, agriculture and renewable energy targeted

The $30 million loan to BOI is expected to expand access to financing for businesses operating in Nigeria’s cultural and creative industries.

The sector, which includes film, music and other creative activities, contributes nearly 2% of Nigeria’s Gross Domestic Product (GDP) and provides more than four million jobs, particularly for young people.

The funding is expected to support businesses across the creative value chain, including those involved in the Nollywood and Afrobeats industries.

The second agreement involves a $30 million loan from Proparco to Sterling Bank to support renewable energy projects and small and medium-sized enterprises (SMEs) in agriculture, among other areas.

The facility is also expected to encourage partnerships between Nigerian and French businesses.

AFD considers further investment opportunities

Beyond the two agreements, Lecourtier held discussions with Nigerian government officials and institutional partners on additional investment opportunities in infrastructure, healthcare, energy and human capital development.

During a meeting with the Chief Executive of the Nigeria Sovereign Investment Authority (NSIA), Aminu Umar-Sadiq, discussions focused on potential investments to improve energy efficiency in Nigeria’s construction sector.

At a meeting with the Minister of Finance, Taiwo Oyedele, the AFD chief discussed possible investments in healthcare, social protection, vocational training, energy efficiency and urban mobility.

He also met the Minister of Health and Social Welfare, Professor Muhammad Ali Pate, and reaffirmed AFD’s readiness to support Nigeria’s efforts to achieve universal health coverage.

The discussions included the work of Expertise France, an AFD Group subsidiary, on pharmaceutical value chains and health insurance.

Lecourtier also visited the Advanced Centre of Excellence for Teacher Education (ACETEL) at the National Open University of Nigeria, a centre co-financed by AFD and the World Bank, as part of efforts to strengthen vocational training and improve student employability.

Speaking to French business representatives alongside Business France, Lecourtier said Nigeria remained an important partner for France, given its population growth and investment needs in energy, infrastructure, healthcare and employment.

He said AFD Group would continue deploying financing and technical support to businesses, entrepreneurs and skills development initiatives.

Nigeria-France economic partnership

France recently declared Nigeria as its first trading partner in Sub-Saharan Africa. According to the Consul General of France in Lagos, Mr. Laurent Favier, the relationship between France and Nigeria has been scaling-up over the last years.

He noted that this bilateral relationship deepen in the areas of economic and commercial relations, which is now moving from intention to execution, driven by active diplomatic engagement and private-sector councils: bilateral trade between the two nations reached $4.7 billion in 2025.

As an example, he stated that in September 2026, landmark agreements were pushed forward in Paris, witnessed by President Bola Tinubu, and included partnerships to develop the Gateway Deep Sea Port and the associated Ogun State Blue Marine Special Economic Zone, while French brands are scaling up operations in Nigeria’s massive consumer market.

As part of efforts to boost that relationship, French President Emmanuel Macron was scheduled to visit Nigeria on October 29. However, the visit was later postponed.