First Bank of Nigeria on Wednesday signed a $100m facility agreement with China Development Bank.

The bank said the development would boost lending to Small and Medium Scale Enterprises as well as stimulate economic growth in Nigeria.

According to a statement from the bank, this is coming on the heels of its extension of a single-digit credit facility to Nigerian entrepreneurs in partnership with the Nigerian Association of Small Scale Industrialists.

First Bank, Chinese bank sign $100m SME agreement