The African Development Bank Group has approved a $61 million financing package for the Development Bank of Nigeria to expand access to credit for women-owned and women-led businesses across the country, with strong focus on agriculture and underserved sectors of the economy.
The financing arrangement includes 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 under the Affirmative Finance Action for Women in Africa initiative supported by the Women Entrepreneurs Finance Initiative.
Brandspur Banking News Desk reports that the funding will be channelled through the Development Bank of Nigeria’s network of participating financial institutions to strengthen lending support for Micro, Small and Medium-sized Enterprises across Nigeria.
According to details released by the African Development Bank, more than 95 percent of the financing package has been dedicated to women-owned and women-led small businesses as part of broader efforts to close the financing gap facing female entrepreneurs in Africa.
Industry analysts say the intervention is expected to improve access to capital for small businesses operating in agriculture and other critical sectors where women entrepreneurs often face difficulties securing affordable financing.
The latest funding support also highlights increasing collaboration between multilateral lenders and Nigerian financial institutions to drive inclusive economic growth, strengthen SME development, and expand opportunities for women-led enterprises nationwide.
