AfDB Approves $61M for Women-Owned MSMEs in Nigeria

The African Development Bank (AfDB) has approved a $61 million financing package for the Development Bank of Nigeria (DBN) aimed at expanding access to affordable credit for women-owned and women-led micro, small, and medium enterprises (MSMEs) in Nigeria. This initiative was announced on Friday and is designed to address the persistent financial gap that women entrepreneurs face, thereby strengthening private sector growth in Nigeria.

The financing package is structured across three instruments to deepen MSME lending and support women-led businesses. According to a statement, 95% of the total package specifically targets women-owned and women-led MSMEs.

The funds will be channeled through DBN's network of participating financial institutions to improve access to credit and expand lending capacity for MSMEs across Nigeria. Dr.

Abdul Kamara, Director General of the AfDB Nigeria Country Office, described women entrepreneurs as key underutilized economic resources. The partnership between AfDB and DBN dates back to DBN's establishment, with the financing package set to support AfDB's active portfolio in Nigeria, which consists of 52 projects valued at $5.1 billion, with a target completion date of October 31, 2025.