The Development Bank of Nigeria (DBN) has provided over N272 billion in funding to more than 518,170 women-led businesses, representing 74% of its total beneficiaries.
This announcement was made last weekend by the bank’s Managing Director, Dr. Tony Okpanachi, in Abuja during an event commemorating International Women’s Day.
Dr. Okpanachi emphasized that this level of financial support highlights DBN’s commitment to empowering female entrepreneurs across various sectors.
He noted that the bank’s tailored financing initiatives have enabled women to grow their businesses in industries such as fashion, agribusiness, technology, trade, healthcare, and renewable energy, strengthening their contributions to Nigeria’s economic development.
He however, stressed that access to funding alone is insufficient for women entrepreneurs to thrive.
He noted that in addition to financial support, they require strategic partnerships, policy backing, mentorship, and market access to remain competitive in today’s business landscape.
To bridge these gaps, DBN has introduced several initiatives, including the Women Entrepreneurs Finance Initiative (WE-FI) Code. Implemented in collaboration with the Central Bank of Nigeria (CBN) and the Bank of Industry (BOI), this program is designed to expand financing options, enhance business skills, and facilitate networking opportunities for female entrepreneurs.
A report released last Thursday revealed that DBN has guaranteed a total of N43.3 billion in loans, with 16 Participating Financial Institutions (PFIs) involved in the disbursement process.
These funds have reached 45,178 micro, small, and medium enterprises (MSMEs), with 60.6% of the 74,678 supported businesses being women-owned.
Reaffirming DBN’s dedication to financing women-led enterprises, Dr. Okpanachi stated that the bank prioritizes lending to female entrepreneurs, recognizing their pivotal role in economic growth.
Moving forward, DBN aims to strengthen its efforts to support more women, enabling them to scale their businesses and contribute significantly to national development.
To achieve this, DBN has established dedicated funding lines for women-owned businesses through its partner financial institutions, ensuring that these funds are exclusively allocated to female entrepreneurs.
Beyond financial support, the bank is also focused on capacity-building initiatives. Dr. Okpanachi explained that transitioning women from micro-businesses to small, medium, and eventually large enterprises requires targeted training and skill development.
Over the past four years, DBN has provided specialized training programs for female entrepreneurs and plans to expand these efforts to support even more women in growing their businesses.
Expressing confidence in DBN’s ongoing efforts, Dr. Okpanachi reaffirmed again that the bank’s focus on financing and capacity-building will create more opportunities for women entrepreneurs, empowering them to expand their businesses and play a more significant role in Nigeria’s economic development.
