The African Development Bank Group has approved a $61 million financing package for the Development Bank of Nigeria to expand access to affordable credit for women-owned and women-led businesses in Nigeria.
The facility, approved on April 29, is expected to strengthen financing for micro, small and medium enterprises (MSMEs), particularly in the agricultural sector, through participating financial institutions.
The package comprises a $50 million line of credit targeted at women entrepreneurs, an $8 million concessional facility under an agri-food financing mechanism, and a $3 million grant aimed at supporting women-focused enterprise development.
The intervention is designed to enhance lending capacity, improve access to finance, and promote inclusive economic growth by supporting women-led enterprises across key sectors.
According to the Bank, a significant proportion of the financing will be directed toward women-owned businesses, reflecting a targeted approach to addressing gender gaps in access to finance.
An official of the AfDB said the initiative would support economic inclusion by enabling women entrepreneurs to scale their operations and contribute more significantly to national development.
The facility also builds on the existing partnership between the AfDB and DBN, which has focused on strengthening Nigeria’s financial ecosystem and expanding access to credit for underserved businesses.
Analysts say the development could help unlock growth in Nigeria’s SME sector, particularly by improving financing opportunities for women and supporting agricultural value chains.
