The African Development Bank (AfDB) Group has approved a 61 million dollar financing package aimed at expanding access to affordable credit for women-owned and women-led businesses in Nigeria.
According to a statement released by the bank on Friday, the funding will be channeled through the Development Bank of Nigeria to support female entrepreneurs, especially those operating in the agricultural sector.
The bank said the financing package includes a 50 million dollar gender-focused line of credit, an eight million dollar concessional facility under the Agri-Food SME Catalytic Financing Mechanism, and a three million dollar grant under the Affirmative Finance Action for Women in Africa initiative.
AfDB explained that the facility is designed to strengthen lending to Micro, Small and Medium Enterprises through the Development Bank of Nigeria’s network of participating financial institutions.
The bank added that more than 95 per cent of the financing is specifically targeted at women-owned and women-led small and medium enterprises.
Abdul Kamara, director-general of the AfDB Nigeria country department described women entrepreneurs as one of Nigeria’s most valuable but underutilised economic assets.
He said the initiative reflects the bank’s commitment to unlocking economic opportunities for women by supporting businesses in agriculture, clean energy, healthcare and other sectors critical to inclusive growth.
According to the bank, the operation will combine long-term financing, concessional funding, partial credit guarantees and capacity-building support to improve women entrepreneurs’ access to finance.
The AfDB said the initiative aligns with its Ten-Year Strategy 2024–2033 and Nigeria’s Country Strategy Paper 2025–2030, both of which prioritise inclusive growth, gender equality and youth-focused green development.