AfDB Approves $61M to Support Women Entrepreneurs in Nigeria

The African Development Bank Group (AfDB) approved a financing package of $61 million aimed at boosting women-led businesses in Nigeria, particularly in the agricultural sector. The announcement was made on Friday by Dr. Abdul Kamara, the Director General of the AfDB Nigeria Country Office.

The financing consists of three components: a $50 million gender-focused line of credit, an $8 million concession facility for agri-food SMEs, and a $3 million grant as part of the bank's Affirmative Finance Action for Women in Africa (AFAWA) initiative. This package demonstrates the bank's commitment to private sector-led growth and aims to provide long-term financing, concession resources, and partial credit guarantees to support capacity building.

The Development Bank of Nigeria (DBN) will channel these funds through its network of participating financial institutions to strengthen lending to micro, small, and medium enterprises (MSMEs) and advance Nigeria's inclusive economic transformation, particularly in women entrepreneurship within agriculture, clean energy, and healthcare sectors.