Prime Highlights-
- The Development Bank of Nigeria and the African Development Bank have signed a $61 million gender-focused credit line to expand financing for women-owned businesses and help more female entrepreneurs grow.
- DBN also launched DAWN, a new initiative that combines financing with credit guarantees, grants, technical assistance and market access for women entrepreneurs.
Key Facts-
- DBN has disbursed N1.4 trillion to MSMEs.
- About 1.6 million jobs have been supported.
Background-
The Development Bank of Nigeria (DBN) and the African Development Bank (AfDB) have signed a $61 million credit line to expand financing for women-owned businesses in Nigeria.
The two institutions signed the deal in Abuja, at DBN’s seventh Annual Lecture. DBN also launched DBN Action for Women in Nigeria (DAWN), a programme that joins financing with business support, credit guarantees, grants and market access.
DBN managing director and chief executive Dr Tony Okpanachi said funding alone has not helped enough women-led firms expand, so the bank must tackle their other challenges as well. He said DAWN turns gender-focused lending from intention into real opportunity.
DAWN will reach women-owned and women-led businesses through commercial banks, microfinance institutions, fintech companies, business aggregators, cooperatives and direct channels. It focuses on agriculture and exports, healthcare, arts and creative industries, technology, and green businesses.
Beneficiaries can access financing, credit guarantees that help lenders manage risk, technical assistance to prepare for growth, results-based grants, and links to customers, trade platforms and business associations.
DBN has paid out a cumulative N1.4 trillion to micro, small and medium-sized enterprises through 84 partner financial institutions. The bank says its work has helped create about 1.6 million jobs nationwide. Under a new five-year strategy, it plans to reach more than two million businesses, with a special focus on women-led and youth-led firms and on states where finance is harder to find.
