ABUJA: The Development Bank of Nigeria (DBN) and the African Development Bank (AfDB) have signed a $61 million gender-focused credit agreement aimed at improving access to finance for women-owned businesses and supporting the growth of micro, small and medium-sized enterprises (MSMEs) across Nigeria.

The agreement was signed on the sidelines of DBN’s seventh Annual Lecture in Abuja on Thursday, October 22, 2026, as both institutions stepped up efforts to address financing challenges facing women entrepreneurs.

At the event, DBN also unveiled a new initiative, DBN Action for Women in Nigeria (DAWN), designed to help women-led businesses secure funding, technical assistance, credit support and access to wider markets.

According to the bank, DAWN will go beyond conventional lending by combining financing with credit guarantees, grants tied to measurable outcomes, business development services and market linkages.

The initiative will prioritise sectors including agriculture and exports, healthcare, technology, arts and creative industries, and green businesses.

Speaking at the event, DBN Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said access to finance alone had not enabled enough women-owned businesses to grow and expand their operations.

He stressed the need for a broader support system that would help women entrepreneurs turn access to funding into sustainable business opportunities.

“DAWN is about moving gender-focused lending beyond intention and turning access into opportunity,” Okpanachi said.

He explained that the initiative would seek to address the practical challenges that often prevent women-led enterprises from obtaining financing, developing their businesses and accessing new markets.

The $61 million credit agreement with AfDB is expected to strengthen DBN’s capacity to support women entrepreneurs through participating financial institutions.

The partnership was announced during DBN’s seventh Annual Lecture, themed From Policy to Prosperity: Translating Economic Reforms into MSME Growth.

The gathering brought together government officials, regulators, development partners, financial institutions and business owners to discuss how Nigeria’s economic reforms could translate into improved business performance, investment and job creation.

Okpanachi said the major challenge was ensuring that the benefits of economic reforms reached small businesses across the country.The major reforms are now in place. How do we make sure their benefits reach the trader in Onitsha, the fabricator in Aba, the farmer in Kebbi and the young founder in Yaba?” he asked.

He noted that MSMEs account for close to half of Nigeria’s Gross Domestic Product and more than 80 per cent of jobs, making their growth essential to the country’s economic prosperity.

When reform works for MSMEs, it works for most Nigerians, he added.

According to Okpanachi, DBN had disbursed a cumulative ₦1.4 trillion to MSMEs through 84 participating financial institutions as of December 2025.

The funding, he said, had supported the creation of approximately 1.6 million jobs nationwide.

Under its new five-year strategy, the bank plans to reach more than two million MSMEs, with specific targets for women-led and youth-led businesses, as well as enterprises operating in underserved states.

DBN provides longer-term financing through participating financial institutions and partial credit guarantees through its subsidiary, Impact Credit Guarantee Limited. It also offers capacity-building support, including its Entrepreneurship Training Programme.

The bank also unveiled its Impact Report and presented its MSME Data Assets at the annual lecture.

Stakeholders Call for Reforms That Benefit Small Businesses

The Vice President, who attended as special guest of honour, was represented by Dr Fred Iklaga, Senior Technical Adviser in the Office of the Special Adviser to the President on the Economy.

Other speakers included MTN Nigeria Chief Executive Officer, Dr Karl Toriola, and Nigeria Sovereign Investment Authority Chairman, Dr Segun Ogunsanya.

A fireside discussion featured Sterling Bank Chief Executive Officer, Abubakar Suleiman; manufacturing and trade entrepreneur, Omoyemi Chukwurah; and Babban Gona Chief Executive Officer, Kola Masha, who participated virtually.

Representing the Secretary to the Government of the Federation, Augusta Warrens Bekaredebo expressed optimism that Nigeria’s 2026 tax reforms would provide relief to small businesses through tax exemptions.

She expressed hope that more businesses would benefit from the changes by next year.

Okpanachi urged participating financial institutions to expand lending to underserved sectors and states. He also called on policymakers and regulators to assess economic reforms based on their tangible impact on businesses and livelihoods.

He encouraged MSMEs to formalise their operations, maintain proper financial records and take advantage of available financing and business development opportunities.

The DBN-AfDB agreement and the launch of DAWN represent a further effort to strengthen women’s participation in Nigeria’s enterprise sector, with the potential to support business expansion, improve access to markets and create employment opportunities.