The Development Bank of Nigeria (DBN) has signed an agreement with the French Development Agency (Agence Française de Développement, AFD) for a €50 million line of credit aimed at empowering women-owned businesses in Nigeria.
At the signing ceremony in Abuja on Wednesday, DBN announced that the fund is designed to foster the growth of women entrepreneurs, promote job creation, and improve access to finance. Additionally, it seeks to strengthen the integration of gender-focused initiatives within DBN and its partner financial institutions (PFIs). The program includes a technical assistance component valued at €825,000 to build capacity for women-led Micro, Small, and Medium Enterprises (MSMEs).
MD/CEO of DBN, Tony Okpanachi, highlighted the transformative potential of the facility in scaling women-owned businesses from micro to large-scale enterprises, with broader economic implications. He emphasized that the bank pursued the specialized funding to address the financial challenges faced by Nigerian women entrepreneurs.
“We are committed to ensuring a broad geographical reach of these funds, leveraging our network of over 70 participating financial institutions across the country,” Okpanachi said. “DBN is just seven years old, but our partnership with AFD has been strong and impactful. This additional funding deepens our collaboration and underscores our shared commitment to gender empowerment.”
Okpanachi further noted the pivotal role of women entrepreneurs in DBN’s strategic priorities, underscoring the belief that empowering women creates a catalytic effect on national development.
On behalf of AFD, Country Director Xavier Muron praised the initiative, stating that promoting women entrepreneurship is not only a matter of social justice but also a strategic priority for building a more inclusive and resilient society.
“Economic empowerment of women is crucial for achieving Sustainable Development Goals and for the future of both local and global economies,” Muron said. “Women entrepreneurship must become the norm, enabling every woman to realise her full potential.”
Muron also highlighted the importance of complementing the credit line with technical assistance and capacity-building programs. These initiatives aim to address specific challenges faced by financial institutions and end beneficiaries, further strengthening the impact of the facility.
He described DBN as a strategic partner for advancing gender inclusion within Nigeria’s financial sector and supporting the financing needs of women-led MSMEs.
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