DBN Secures $61M AfDB Funding for Women-led MSMEs

The Development Bank of Nigeria (DBN) has secured a $61 million financing package from the African Development Bank (AfDB) aimed at expanding access to credit for women-owned and women-led micro, small, and medium enterprises (MSMEs) across Nigeria. This initiative, announced on a Tuesday, consists of three components designed to deepen MSME financing and strengthen women's participation in the economy, including sectors such as agriculture, clean energy, and healthcare.

The package includes a $50 million gender-focused line of credit, an $8 million concession facility for agri-food SMEs, and a $3 million grant to support the Affirm Financial Action for Women in Africa initiative. The AfDB reports that 95 percent of the total financing will be directed towards women-owned and women-led enterprises.

This intervention is part of efforts to address the persistent funding gap limiting women's access to finance in Nigeria. The funds will be deployed through DBN's network of participating financial institutions, with the aim of increasing the share of women-focused lending within DBN's MSME portfolio.