Lagos, Nigeria – In a major boost to Nigeria’s women entrepreneurs, the Development Bank of Nigeria (DBN) has partnered with the French Development Agency (AFD) to provide a €50 million credit line and €825,000 in technical assistance and capacity-building grants. The joint initiative aims to strengthen access to finance for women-owned micro, small, and medium-sized enterprises (MSMEs) in Nigeria, recognizing their pivotal role in driving economic growth, innovation, and social equity.
The partnership will focus on offering tailor-made financial tools and services designed to meet the unique needs of women entrepreneurs. These services will include both financial and non-financial solutions, with a strong emphasis on gender mainstreaming to ensure that the financial ecosystem is more inclusive for women.
Empowering Women Entrepreneurs for Economic Growth
Tony Okpanachi, Managing Director of DBN, expressed the bank’s unwavering commitment to empowering women MSMEs. He stressed that women play a crucial role in Nigeria’s economy and by supporting them, DBN aims to promote gender equality and stimulate sustainable economic growth.
“At DBN, we believe that women are the backbone of our economy. By supporting them, we are not only advancing gender equality but also driving the growth of our economy,” Okpanachi said. He added that the bank is focused on providing financial inclusion and access to capital for women entrepreneurs, enabling them to grow their businesses and create jobs. The project also underscores DBN’s commitment to educating and empowering the girl child, recognizing that education and economic empowerment are vital for unlocking their potential.
Special Focus on First-Time Borrowers and Micro-Enterprises
According to Okpanachi, part of the credit line will be exclusively dedicated to first-time borrowers, aiming to extend financing to an underserved segment of the population. The initiative is designed to prioritize micro and small enterprises, which have historically struggled to access medium to long-term financing. By doing so, the project seeks to improve the capacity of women-led businesses and enable them to thrive in a competitive marketplace.
Okpanachi also emphasized that capacity building and financial inclusion were key elements in the design of the financial products, ensuring that the project addresses the specific challenges faced by women entrepreneurs in Nigeria.
A Commitment to Inclusion and Resilience
Xavier Muron, Country Director of AFD, highlighted the importance of creating a more inclusive and resilient global economy. He stated that the partnership aligns with AFD’s broader goal of equipping women with the necessary tools, resources, networks, and mentorship to succeed in business. He also noted that women’s perspectives and ideas are essential for driving positive change and innovation in both local and global economies.
“We are committed to ensuring that women have access to the resources they need to succeed,” said Muron. “Through this partnership, we aim to empower women to bring their unique perspectives and ideas to the table, helping them to unlock their full potential.”
Looking Ahead
This strategic collaboration between DBN and AFD represents a significant step towards promoting economic empowerment for women in Nigeria. By addressing the financial barriers that hinder the growth of women-led businesses, the initiative will not only provide much-needed capital but also foster sustainable business development and job creation. As Nigeria continues to focus on inclusive economic growth, partnerships like this are vital to empowering underserved groups and driving the country’s development forward.
The €50 million credit line and €825,000 technical assistance grant are expected to have a lasting impact on the entrepreneurial landscape in Nigeria, particularly for women, and will be an important step in bridging the gender gap in business.
