The French Agency for Development (AFD) has extended a €50 million credit line to the Development Bank of Nigeria (DBN) to bolster financial support for women entrepreneurs across Nigeria. A partnership agreement formalizing this funding was signed in Abuja, marking the continuation of a long-standing collaboration between the two institutions. Since its inception, DBN has strategically prioritized women-owned businesses, allocating approximately 74% of its cumulative lending to this demographic.
Dr. Tony Okpanachi, Managing Director of DBN, emphasized the transformative impact of empowering women entrepreneurs on society. He acknowledged AFD’s instrumental role in DBN’s establishment and ongoing capacity-building efforts, noting their early contributions to DBN’s take-off capital. Okpanachi expressed gratitude for the sustained partnership and reiterated DBN’s commitment to further expanding opportunities for women entrepreneurs as part of its core focus.
French Ambassador Marc Fonbaustier highlighted the importance of empowering women, aligning this initiative with the French government’s priorities. Xavier Muron, AFD Nigeria’s Country Director, lauded the additional funding as a significant milestone in their collaboration with DBN, underscoring its importance in advancing economic opportunities for Nigerian women.
