AfDB Earmarks $61m for Nigerian Women Entrepreneurs

The African Development Bank (AfDB) has approved a $61 million financing package for the Development Bank of Nigeria (DBN) to expand credit access for women-owned businesses, especially in agriculture.

The package, approved on April 29, includes a $50m gender-focused line of credit, an $8m concessional facility under the agri-food SME catalytic financing mechanism, and a $3m grant under the AFAWA initiative, funded by the Women Entrepreneurs Finance Initiative (We-Fi).

AfDB said more than 95% of the financing is earmarked for women-led SMEs, aligning with its commitment to close Africa’s gender financing gap and support inclusive growth.

AfDB Nigeria country office director-general Abdul Kamara described women entrepreneurs as “one of Nigeria’s greatest economic assets and one of its most underleveraged.”

He added: “By working through DBN to reach women-owned businesses in agriculture, clean energy, healthcare, and beyond, the Bank is investing in the engine of Nigeria’s inclusive economic transformation.”

The initiative will combine long-term financing, concessional resources, partial credit guarantees, and capacity-building support to improve MSME financing in Nigeria.

Performance-based incentives under AFAWA are expected to expand women-focused lending within DBN’s portfolio and increase the number of eligible women-owned enterprises.

AfDB noted that the intervention aligns with its 10-year strategy (2024–2033), Nigeria’s country strategy paper (2025–2030), and broader goals around inclusive growth, private sector development, and gender equality.

The approval also deepens AfDB’s partnership with DBN, which dates back to its establishment, reinforcing support for governance, equity investment, and long-term financing.