Nigerian businesses navigate foreign exchange challenges by leveraging grants and funding; Woodhall Capital secures $25M for export-ready SMEs
[dropcap]S[/dropcap]ecuring capital from the international market to launch businesses in Nigeria can be challenging, as the country’s foreign exchange policies remain uncertain.
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This situation has driven Nigerian businesses to adopt alternative strategies for growth, expansion, and competitiveness on the global stage, with many turning to grants and financial advisory firms to source funding and support.
Investment expert, Moji Hunponu-Wusu, founder of Woodhall Capital, has during the interview on Channels TV Business Morning programme emphasised the importance of attracting foreign investors by highlighting Nigeria’s unique potential and reassuring them about return on investment.
“At Woodhall Capital, we focus on Nigeria’s strategic opportunities, the country’s position as Africa’s largest economy, and its young, entrepreneurial population,” Hunponu-Wusu said.
She also noted that recent government initiatives led by President Bola Ahmed Tinubu, including economic diversification and a push for non-oil exports, alongside central bank efforts to stabilise currency fluctuation, have improved investor confidence in Nigeria.
Recently, Woodhall Capital secured $25 million in funding from the African Export-Import Bank (Afreximbank) to help Nigerian SMEs break into the export market. Hunponu-Wusu confirmed that the disbursement process would strictly be merit-based.
“Before disbursing funds, we’ll identify SMEs that require capacity building, focusing on their due diligence, transparency, and international market access. This $25 million fund will be aimed at export-ready SMEs with the capability to succeed globally,” she explained.
Hunponu-Wusu added that the support will extend to SMEs serving both local and international markets, with Woodhall Capital playing an active role throughout, helping to clear obstacles that hinder their products and services from reaching global destinations.
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She revealed that export-ready SMEs would be onboarded onto the Africa Trade Gateway Platform, an Afreximbank initiative. Through this platform, Woodhall Capital provides international market insights, creating opportunities for seamless business transactions for both buyers and sellers worldwide.
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