Women-owned and women-led businesses in Nigeria are set to benefit from a major financial boost following the approval of a $61 million financing package by the African Development Bank (AfDB) Group for the Development Bank of Nigeria (DBN).
The intervention is aimed at improving access to affordable credit for women entrepreneurs, particularly those operating within the agricultural value chain and other critical sectors of the economy.
According to details released by the AfDB, the financing package includes a $50 million gender-focused line of credit, an $8 million concessional facility under the Agri-Food SME Catalytic Financing Mechanism (ACFM), and a $3 million grant provided through the Affirmative Finance Action for Women in Africa (AFAWA) initiative supported by the Women Entrepreneurs Finance Initiative (We-Fi).
The support is expected to strengthen lending to Micro, Small and Medium Enterprises (MSMEs) through DBN and its participating financial institutions across Nigeria.
AfDB disclosed that more than 95 per cent of the financing would directly target women-owned and women-led enterprises, reinforcing ongoing efforts to bridge the financing gap facing female entrepreneurs on the continent.
The initiative combines long-term funding, concessional financing, partial credit guarantees and technical support aimed at expanding women’s access to finance in sectors including agriculture, healthcare, clean energy and small-scale enterprise development.
Speaking on the development, Director-General of the AfDB Nigeria Country Office, Abdul Kamara, described women entrepreneurs as a critical force in Nigeria’s economic growth whose potential remains largely untapped.
He noted that the intervention reflects the bank’s commitment to promoting inclusive economic opportunities for women while supporting sustainable development across the country.
Kamara explained that by partnering with DBN to channel financing to women-owned businesses, the AfDB is contributing to broader economic transformation and empowering women to scale their enterprises and create jobs.
The bank also stated that the programme is expected to increase the number of women-owned businesses eligible for financing through performance-based incentives under the AFAWA initiative, while expanding women-focused lending within DBN’s MSME portfolio.
Industry experts say access to finance remains one of the major barriers confronting women entrepreneurs in Nigeria, particularly those in rural communities and the agricultural sector, despite their significant contributions to food production and economic activities.
The latest approval further strengthens the longstanding collaboration between the African Development Bank and the Development Bank of Nigeria, which was established with support from the Federal Government, AfDB and other international development partners.
AfDB noted that the intervention aligns with its broader development strategy focused on inclusive growth, gender equality, entrepreneurship and economic empowerment across Africa.
Observers believe the financing package could provide much-needed relief for women-led businesses struggling with limited access to affordable loans amid current economic challenges.
