The African Development Bank (AfDB) has approved a $61 million financing package aimed at expanding access to affordable credit for women-owned and women-led businesses in Nigeria. The initiative is being implemented through the Development Bank of Nigeria (DBN) and focuses on strengthening micro, small, and medium-sized enterprises (MSMEs), particularly in agriculture and other key productive sectors.
The financing package is structured into three components: a $50 million gender-focused line of credit, an $8 million concessional facility under the Agri-Food SME Catalytic Financing Mechanism, and a $3 million grant through the Affirmative Finance Action for Women in Africa (AFAWA) initiative, supported by the Women Entrepreneurs Finance Initiative (We-Fi). These instruments are designed to improve liquidity, reduce borrowing costs, and expand financial inclusion for women entrepreneurs.
A major emphasis of the program is its strong gender focus, with more than 95% of the total funding directed toward women-led SMEs. The initiative aims to bridge the persistent financing gap faced by women entrepreneurs in Nigeria and enhance their participation in sectors such as agriculture, clean energy, and healthcare.
The funds will be channeled through DBN’s network of participating financial institutions, enabling broader outreach to businesses across the country. In addition to improving access to credit, the program includes capacity-building support and financial guarantees to strengthen lending systems and ensure effective deployment of resources to productive enterprises.
Overall, the initiative aligns with the African Development Bank’s broader strategy to promote inclusive growth, private sector development, and gender equality across Africa. It is also expected to stimulate job creation, strengthen MSME resilience, and support Nigeria’s long-term economic transformation by empowering women entrepreneurs.
