Nigeria has finalized a €50 million credit facility aimed at empowering women entrepreneurs, along with an additional €825,000 grant for capacity-building initiatives.
The agreement was signed in Abuja between the Development Bank of Nigeria (DBN) and the Agence Française de Développement (AFD) of France.
The funding targets the structural challenges facing women-led businesses in Nigeria, providing resources to foster their growth and sustainability.
DBN Managing Director, Dr. Tony Okpanachi, highlighted the importance of the funding, stating, “This €50 million credit line is specifically dedicated to women entrepreneurs. It complements the $130 million previously secured to support MSMEs broadly. Our strong repayment history has enabled us to access this favorable credit facility.”
Okpanachi revealed that women-owned businesses represent a significant share of DBN’s portfolio, with about 74 percent of cumulative lending directed to them. He emphasized that DBN collaborates with over 70 financial institutions across the country to ensure accessibility, even for women in underserved areas.
The €825,000 grant accompanying the credit line will fund capacity-building programs tailored to women-owned MSMEs. These initiatives are designed to help women entrepreneurs transition their businesses from micro to small, and eventually medium-sized enterprises.
“Many women who have participated in these programs have successfully scaled their businesses,” said Okpanachi. “The training addresses challenges in accessing credit and navigating financial systems, which are especially acute for micro and small businesses.”
AFD Country Director, Xavier Muron, emphasized the broader objectives of the program, including job creation, improved financial access for women, and the integration of gender perspectives within DBN and its partner institutions.
Muron also linked the initiative to the ongoing 16 Days of Activism Against Gender-Based Violence, noting the transformative potential of economic empowerment in reshaping cultural attitudes and reducing violence against women.
French Ambassador to Nigeria, Marc Fonbaustier, highlighted the alignment of this program with France’s feminist diplomacy and the outcomes of recent discussions between Presidents Bola Ahmed Tinubu and Emmanuel Macron.
“Women, youth, employment, and the economy were central to discussions between President Tinubu and President Macron. This €50 million initiative perfectly embodies those shared priorities,” Fonbaustier said.
He added that empowering women not only strengthens individual businesses but also drives societal progress. “The more women achieve autonomy and financial independence, the stronger and more equitable our societies become,” he remarked.
This initiative underscores Nigeria’s commitment to inclusive growth and the critical role of women in the country’s economic development. By addressing barriers to finance and fostering entrepreneurial capacity, the program aims to catalyze a wave of innovation, job creation, and social transformation led by women entrepreneurs.
