AfDB approves $61m package for women-led businesses in Nigeria
The package targets women-owned and women-led businesses, particularly in the agricultural sector.
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The African Development Bank (AfDB) has approved a $61 million financing package for the Development Bank of Nigeria (DBN) to expand access to affordable credit for women-owned and women-led businesses across Nigeria, particularly in the agricultural sector.
The financing comprises three instruments: 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 Bank’s Affirmative Finance Action for Women in Africa initiative, funded by the Women Entrepreneurs Finance Initiative.
Commenting on the approval, Dr Abdul Kamara, director general of the AfDB’s Nigeria country office, said: “Women entrepreneurs are one of Nigeria’s greatest economic assets and one of its most underleveraged. This operation reflects the African Development Bank’s commitment to unlocking economic opportunities for women. By working through DBN to reach women-owned businesses in agriculture, clean energy, healthcare, and beyond, we are not just expanding access to credit; the bank is investing in the engine of Nigeria’s inclusive economic transformation.”
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