AfDB Approves $200M for Nigeria's SMEs and Women Enterprises

The African Development Bank (AfDB) has approved a $200 million facility to support the Bank of Industry (BoI) in expanding financing for small and medium-sized enterprises (SMEs), with a focus on women-owned and youth-led businesses. Dr.

Olasupo Olusi, Managing Director and Chief Executive of BoI, described the facility as a significant milestone in the bank's partnership with AfDB, which aims to strengthen long-term financing capabilities for the enterprise sector. The initiative aligns with Nigeria's industrial transformation agenda and includes a commitment to ensure that at least 30% of the financing supports women and youth-led businesses.

The AfDB financing package also includes a $650,000 technical assistance grant to improve SME capacity and support climate-smart initiatives. Abdul Kamara, Director General of AfDB Nigeria, emphasized the need for long-term patient capital to bridge financing gaps in Nigeria's industrial sector.

This intervention is expected to create jobs, enhance local manufacturing, and reduce Nigeria's dependence on imports.