The African Development Bank (AfDB) Group 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 businesses in Nigeria, with a major focus on the agricultural sector. This was disclosed in a statement on AfDB's website over the weekend.
Financing Package Details
The package, approved by the bank's Board of Directors on April 29, comprises 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 under the Affirmative Finance Action for Women in Africa (AFAWA) initiative funded by the Women Entrepreneurs Finance Initiative (We-Fi).
According to the AfDB, the facility is designed to strengthen lending to micro, small and medium enterprises (MSMEs) through DBN's network of participating financial institutions, while supporting inclusive economic growth and women entrepreneurship in Nigeria.
Targeting Women Entrepreneurs
The bank said more than 95 percent of the total financing would be directed to women-owned and women-led small businesses, in line with the objectives of AFAWA and ACFM, as well as the institution's broader commitment to reducing the gender financing gap across Africa. It added that the package combines long-term financing, concessional funding, partial credit guarantees and capacity-building support to deepen MSME lending and improve access to finance for women entrepreneurs operating in agriculture, clean energy, healthcare and other sectors.
AfDB Official's Remarks
Director-General of the AfDB Nigeria Country Office, Abdul Kamara, said women entrepreneurs remain one of Nigeria's most valuable but underutilized economic assets. "Women entrepreneurs are one of Nigeria's greatest economic assets and one of its most underleveraged. This operation reflects the African Development Bank's commitment to unlocking economic opportunities for women," he said.
Kamara added: "By working through DBN to reach women-owned businesses in agriculture, clean energy, healthcare, and beyond, we are not just expanding access to credit; the Bank is investing in the engine of Nigeria's inclusive economic transformation."
Expected Impact
The AfDB said the intervention is expected to increase the number of eligible women-owned enterprises through performance-based incentives under the AFAWA programme, while also raising the share of women-focused lending within DBN's MSME portfolio. The latest approval further strengthens the long-standing partnership between the AfDB and DBN, which dates to the establishment of the Nigerian development finance institution with support from the African Development Bank, the Federal Government and other development partners.
Alignment with Strategic Frameworks
According to the bank, the operation aligns with its Four Cardinal Points framework, particularly the pillar focused on demographic transformation for economic development. It also supports the bank's Ten-Year Strategy for 2024 to 2033, which prioritizes inclusive growth, private sector development and gender equality. The AfDB added that the initiative complements Nigeria's Country Strategy Paper for 2025 to 2030, which emphasizes gender- and youth-inclusive green growth, entrepreneurship and women's economic empowerment.
