AfDB Approves $61M Financing for Women-Owned Businesses

The African Development Bank (AfDB) has approved a financing package of $61 million to support women-owned businesses in Nigeria, particularly in the agricultural sector. The package comprises a $50 million gender-focused line of credit and an $8 million concession facility aimed at agricultural food small and medium enterprises (SMEs).

Additionally, a $3 million grant is included as part of the AfDB's commitment to financing women through the Africa Financing for Women Initiative (AFAWA). Abdul Kamara, the Director General of AfDB's Nigeria Country Office, emphasized that women entrepreneurs are underutilized economic assets in Nigeria.

The initiative aligns with AfDB's broader commitment to closing the gender financing gap across Africa and aims to enhance access to credit for women-owned businesses in agriculture, clean energy, and healthcare. The financing strategy is part of AfDB's 10-year strategy for 2024-2033 and Nigeria's Country Strategy Paper for 2025-2030, focusing on inclusive growth and private sector development.