The African Development Bank (AfDB) says it has approved a $61 million in funding to expand access to affordable credit for women-owned and women-led businesses in Nigeria.
The bank made this known in a statement in Abuja on Friday.
The funding, approved by the AfDBβs board of directors, will be channelled through the Development Bank of Nigeria to support women entrepreneurs, particularly in the agricultural sector.
According to the bank, the financing consists of a $50 million gender-focused line of credit and an $8 million concessional facility under the agri-food small and medium enterprises (SME) catalytic financing mechanism.
βIt also consists of a $3 million grant under the Affirmative Finance Action for Women in Africa initiative,β it said.
The bank said the facility was designed to strengthen lending to micro, small and medium enterprises (MSMEs) through the DBNβs network of participating financial institutions.
It added that more than 95 per cent of the financing was specifically earmarked for women-owned and women-led small and medium enterprises.
Abdul Kamara, director-general of the AfDB Nigeria country department, described women entrepreneurs as one of Nigeriaβs greatest economic assets.
He said, βWomen entrepreneurs are one of Nigeriaβs greatest economic assets and one of its most underleveraged sectors.
βThis operation reflects the AfDBβs commitment to unlocking economic opportunities for women.
βBy working through DBN to reach women-owned businesses in agriculture, clean energy, healthcare and beyond, the bank is investing in the engine of Nigeriaβs inclusive economic transformation.β
The AfDB said that the operation would combine long-term financing, concessional resources, partial credit guarantees and capacity-building support to improve access to finance for women entrepreneurs.
The bank also said the initiative aligned with its broader commitment to narrowing the gender financing gap across Africa and to promoting private-sector-led growth.
According to the bank, performance -based incentives under the AFAWA programme are expected to increase the number of eligible women-owned enterprises and expand women-focused lending within the DBNβs MSME portfolio.
The AfDB said the approval further strengthened its longstanding partnership with the DBN, which dates back to the bankβs support for the institutionβs establishment through equity investment, financing and governance support.
It added that the operation aligned with the bankβs 10-year strategy 2024β2033 and Nigeriaβs country strategy paper 2025β2030, which prioritised inclusive growth, gender equality and youth-focused green development.
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