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The Development Bank of Nigeria (DBN) has made significant strides in empowering women entrepreneurs, disbursing over N272 billion to 518,170 women-owned businesses, which account for 74% of its total beneficiaries. This remarkable achievement was announced by DBN’s Managing Director, Dr. Tony Okpanachi, during an International Women’s Day event in Abuja.
Dr. Okpanachi emphasized that this level of financial support demonstrates DBN’s strong commitment to empowering female entrepreneurs across various industries. “This level of financial support reflects DBN’s strong dedication to empowering female entrepreneurs across different industries,” he stated.
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The bank’s targeted financing has enabled women to grow their businesses in sectors such as fashion, agribusiness, technology, trade, healthcare, and renewable energy. By supporting women in these areas, DBN ensures they play a significant role in Nigeria’s economic development.
However, Dr. Okpanachi noted that access to finance alone is not enough to guarantee success for women entrepreneurs. “They also need strategic partnerships, policy support, mentorship, and market access to compete effectively in today’s business environment,” he explained
To address these challenges, DBN has launched initiatives like the Women Entrepreneurs Finance Initiative (WE-FI) Code in collaboration with the Central Bank of Nigeria (CBN) and the Bank of Industry (BOI). This program aims to expand access to finance, enhance business skills, and create networking opportunities for women entrepreneurs.
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DBN has also guaranteed loans totaling N43.3 billion, with 16 Participating Financial Institutions (PFIs) involved in the loan disbursement process. This has reached 45,178 micro, small, and medium enterprises (MSMEs), with 60.6% of the 74,678 MSMEs supported being women-owned.
Dr. Okpanachi assured that DBN remains focused on financing women-led businesses, ensuring a significant portion of its lending goes to women entrepreneurs. “Their participation is crucial for economic growth,” he stressed.
Moving forward, DBN plans to intensify efforts to empower more women, providing dedicated funding lines for women-owned businesses through partner financial institutions. The bank will also expand its capacity-building initiatives, providing specialized training programs for women-owned businesses.
As Dr. Okpanachi noted, “The focus is not just on giving financial support but on measuring how it transforms businesses and contributes to the economy.” He expressed confidence that DBN’s continued efforts in financing and capacity building would create more opportunities for women entrepreneurs, helping them scale their businesses and strengthen their role in Nigeria’s economic development.
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