The French Agency for Development (AFD) has extended a €50 million credit line to the Development Bank of Nigeria (DBN) to support women entrepreneurs in the country. This funding aims to empower women-led businesses and foster economic growth.
The partnership agreement was formalized at a signing ceremony held in Abuja, with DBN’s Managing Director, Dr. Tony Okpanachi, emphasizing the transformative potential of the funding. According to Dr. Okpanachi, DBN has prioritized women in its seven years of operation, with approximately 74% of its cumulative credit already directed toward women-owned businesses.
“When DBN started, AFD, alongside other development partners, provided significant initial capital and technical assistance,” said Dr. Okpanachi. “Today, this additional funding reflects our continued commitment to supporting women entrepreneurs, whose success has a ripple effect on society.”
The French Ambassador to Nigeria, Marc Fonbaustier, highlighted the French government’s focus on empowering women globally and praised the collaboration with DBN. He noted that DBN’s track record of supporting women entrepreneurs made it a natural ally in achieving this goal.
AFD Nigeria’s Country Director, Xavier Muron, described the funding as a key milestone in the agency’s ongoing partnership with DBN, underlining the importance of long-term collaboration in driving sustainable development in Nigeria.
This initiative further cements DBN’s role as a critical player in fostering financial inclusion and economic empowerment, particularly for women-led enterprises across the country.
