By Sam Otuonye
The African Development Bank Group (AfDB) has approved a $61 million financing package for the Development Bank of Nigeria (DBN) to expand access to affordable credit for women-owned and women-led micro, small and medium enterprises (MSMEs) in Nigeria.
According to a statement on AfDB’s website at the weekend, the facility is aimed at addressing persistent financing gaps facing women entrepreneurs and strengthening inclusive private sector growth in Nigeria.
The approved financing package is structured across three instruments designed to deepen MSME lending and support women-led businesses. These include: $50 million gender-focused line of credit; $8 million concessional facility under the Agri-Food SME Catalytic Financing Mechanism (ACFM); and
$3 million grant under the Affirmative Finance Action for Women in Africa (AFAWA) initiative, funded by the Women Entrepreneurs Finance Initiative (We-Fi).
The statement said that more than 95 per cent of the total package is specifically targeted at women-owned and women-led MSMEs.
The funds will be channelled through DBN’s network of participating financial institutions to improve access to credit and expand lending capacity to MSMEs across Nigeria.
The AfDB said the structure of the facility combines long-term financing, concessional funding, partial credit guarantees, and technical assistance to strengthen Nigeria’s MSME ecosystem.
The programme prioritises women entrepreneurs in agriculture, clean energy, healthcare, and other sectors performance-based incentives under AFAWA are expected to increase the number of eligible women-owned enterprises. The intervention aims to increase the share of women-focused lending within DBN’s MSME portfolio.
The initiative supports private sector-led growth and inclusive economic transformation.
Director General of the African Development Bank Group Nigeria Country Office, Dr. Abdul Kamara, described women entrepreneurs as a key but underutilised economic resource.
“This operation reflects the African Development Bank’s commitment to unlocking economic opportunities for women.
“By working through DBN… we are not just expanding access to credit; the Bank is investing in the engine of Nigeria’s inclusive economic transformation.”
The new financing package deepens the long-standing partnership between the African Development Bank and the Development Bank of Nigeria, which dates back to DBN’s establishment with support from AfDB and other development partners.