DBN Secures €50Mn Credit Line for Women Entrepreneurs
By Patience Ikpeme
The Development Bank of Nigeria (DBN) has secured a €50 million credit line from the Agence Française de Développement (AFD) exclusively for women entrepreneurs.
This significant funding, coupled with an additional €825,000 grant for capacity building, aims to empower women-owned businesses and stimulate economic growth.
DBN Managing Director Dr. Tony Okpanachi highlighted the importance of women entrepreneurship and the bank’s commitment to supporting women-owned businesses. He emphasized that approximately 74% of the DBN’s cumulative lending has been directed towards women-owned businesses.
The €50 million credit line will be disbursed through DBN’s network of participating financial institutions (PFIs), ensuring widespread access to financing for women entrepreneurs across Nigeria.
The capacity-building grant will be used to provide training and technical assistance to women entrepreneurs, enabling them to enhance their business skills and improve their chances of success.
AFD Country Director Xavier Muron noted the importance of women’s economic empowerment in reducing gender-based violence and promoting social development. He noted that the initiative aligns with France’s feminist diplomacy and the shared priorities of both countries.
This partnership between Nigeria and France underscores the commitment of both nations to supporting women’s economic empowerment and fostering sustainable development. By providing access to finance and capacity building, this initiative has the potential to significantly impact the lives of women entrepreneurs in Nigeria.
