The African Development Bank Group has approved a $61 million financing package for the Development Bank of Nigeria to boost access to affordable loans for women-owned and women-led micro, small and medium enterprises across Nigeria.

The disclosure was contained in a statement published on the bank’s website on Friday.

According to AfDB, the funding is designed to bridge longstanding financing gaps confronting women entrepreneurs and to promote more inclusive private sector growth in the country.

The financing package is structured into three instruments aimed at strengthening MSME lending and advancing support for women-led enterprises.

These comprise:

A $50 million gender-focused line of credit;

An $8 million concessional facility under the Agri-Food SME Catalytic Financing Mechanism; and

A $3 million grant provided through the Affirmative Finance Action for Women in Africa initiative, funded by the Women Entrepreneurs Finance Initiative.

The statement noted that more than 95 per cent of the total funding is specifically earmarked for women-owned and women-led MSMEs.

According to the statement, over 95 per cent of the total package is specifically earmarked for women-owned and women-led MSMEs.

The funds will be disbursed through DBN’s network of participating financial institutions to enhance access to credit and boost lending capacity to MSMEs nationwide.

AfDB explained that the facility blends long-term financing, concessional funding, partial credit guarantees, and technical assistance to reinforce Nigeria’s MSME ecosystem.

The programme places particular emphasis on women entrepreneurs operating in agriculture, clean energy, healthcare, and other priority sectors.

Performance-based incentives under AFAWA are expected to expand the pool of eligible women-owned enterprises.

The intervention seeks to raise the proportion of women-focused lending within DBN’s MSME portfolio.

The initiative is designed to promote private sector-led growth and drive inclusive economic transformation.

Dr. Abdul Kamara, Director General of the African Development Bank Group’s Nigeria Country Office, described women entrepreneurs as a vital yet underutilised economic resource.