The African Development Bank Group (AfDB), through its Affirmative Finance Action for Women in Africa (AFAWA) program, has pledged $50 million to boost Nigeria’s women-led enterprises. The agreement, signed during the Africa Investment Forum in Rabat, establishes a loan portfolio guarantee framework between the African Guarantee Fund (AGF) and Nigeria’s Bank of Industry (BOI).
This $50 million facility, phased over ten years, aims to enhance BOI’s lending capacity to small and medium enterprises (SMEs), with a specific focus on women entrepreneurs. Through the AFAWA Guarantee for Growth program, the initiative will provide de-risking measures and technical support, enabling better access to financing for women-led businesses.
Beth Dunford, AfDB Vice President for Agriculture, Human, and Social Development, hailed the partnership as a transformative step toward empowering women and fostering economic growth in Nigeria. “This is more than a financial transaction; it’s a beacon of hope for African women entrepreneurs,” she noted.
The agreement includes a risk-sharing mechanism targeting micro, small, and medium enterprises, women-owned businesses, and eco-friendly ventures promoting sustainability and gender equity. Jules Ngankam, CEO of AGF, highlighted its potential to unlock $100 million in SME financing, marking a milestone for Nigeria’s economic development.
BOI Managing Director Olasupo Olusi emphasized the initiative’s alignment with Nigeria’s Renewed Hope agenda, stating it will drive sustainable growth, innovation, and gender equity.
Since its inception, AFAWA has mobilized $2.4 billion for women-led SMEs across 44 African countries, benefiting over 18,600 enterprises. This initiative continues to reduce financing gaps, advancing Africa’s economic transformation through strategic partnerships and inclusive funding solutions.
