The Development Bank of Nigeria (DBN) has signed a €50 million credit facility agreement with the French Development Agency (AFD) to support women-owned businesses in Nigeria. The initiative, announced during a signing event in Abuja, aims to empower women entrepreneurs, create jobs, and improve access to finance for women in Micro, Small, and Medium Enterprises (MSMEs). An additional €825,000 technical assistance program is included to enhance capacity building and gender integration across DBN and its partner financial institutions.
Tony Okpanachi, Managing Director/CEO of DBN, emphasized the importance of this funding in elevating women-led businesses from micro to larger enterprises. He noted that women face significant barriers in accessing capital despite their vital role in the Nigerian economy. Okpanachi highlighted that 74% of DBN’s on-lending already targets women businesses, showcasing their catalytic impact on economic growth and resilience.
The DBN leader also reflected on the bank’s longstanding partnership with AFD, which has been instrumental in DBN’s development since its inception seven years ago. With over 70 Participating Financial Institutions (PFIs) nationwide, Okpanachi assured a broad geographical distribution of the funds to ensure maximum impact. He praised AFD for its continued commitment to empowering Nigerian women entrepreneurs.
Xavier Muron, AFD’s Country Director, reiterated that empowering women is not just a social justice issue but also a strategic priority for building an inclusive and resilient society. He cited studies showing that 40% of Nigerian women were excluded from financial systems in 2020, underscoring the need to normalize women entrepreneurship. Muron described DBN as a natural partner to drive gender-focused initiatives in Nigeria’s financial sector.
French Ambassador to Nigeria, Marc Fonbaustier, described the credit line as a transformative move aligned with the shared priorities of France and Nigeria. He highlighted the broader societal benefits of empowering women, emphasizing the positive ripple effects on families and communities. The program also aligns with ongoing global campaigns such as the 16 Days of Activism Against Gender-Based Violence by addressing systemic challenges faced by women.
