The Development Bank of Nigeria (DBN) has secured a €50 million agreement with the AFD to support women entrepreneurs, aiming to boost business growth and job creation across Nigeria.
On Wednesday in Abuja, the Development Bank of Nigeria (DBN) signed a €50 million agreement with the French Development Agency (AFD) to support women-owned businesses across Nigeria.
This line of credit will empower women entrepreneurs, create jobs, and improve access to finance for women-led Micro, Small, and Medium Enterprises (MSMEs).
In addition, €825,000 in technical assistance will help build capacity and promote gender integration within DBN and its partner financial institutions (PFIs).
DBN’s MD/CEO, Tony Okpanachi, explained that the facility will help elevate women-owned businesses from micro to large-scale enterprises, thereby benefiting Nigeria’s economy.
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He noted that 74% of DBN’s on-lending has gone to women businesses, highlighting their vital role in the economy.
Furthermore, Okpanachi pointed out that this programme could attract additional funding from other development partners, further amplifying its impact.
AFD’s Country Director, Xavier Muron, emphasised that empowering women economically is crucial for achieving sustainable development and gender equality.
He praised DBN as the ideal partner to drive this gender-focused initiative within Nigeria’s financial sector, recognising its strong influence and reach.
The French Ambassador to Nigeria, Marc Fonbaustier, also weighed in, calling the credit line a “game changer.”
He highlighted that empowering women economically would strengthen society as a whole by increasing autonomy and opportunities.
In conclusion, this partnership continues the strong collaboration between DBN and AFD, aiming to transform the landscape for women entrepreneurs and contribute to building a more inclusive, resilient Nigerian economy.
