DBN Invests Billions in Female Entrepreneurs

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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 achievement was announced by DBN’s Managing Director, Dr. Tony Okpanachi, on International Women’s Day.

Dr. Okpanachi emphasized DBN’s commitment to supporting female entrepreneurs, stating, “This level of financial support reflects DBN’s strong dedication to empowering female entrepreneurs across different industries.” He highlighted the bank’s targeted financing, which has enabled women to grow their businesses in sectors like fashion, agribusiness, technology, and healthcare.

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However, Dr. Okpanachi acknowledged that access to finance alone is not enough to ensure women entrepreneurs’ success. “They also need strategic partnerships, policy support, mentorship, and market access to compete effectively in today’s business environment,” he added.

To address these challenges, DBN has launched initiatives like the Women Entrepreneurs Finance Initiative (WE-FI) Code in partnership 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

DBN has also guaranteed loans totaling N43.3 billion, with 16 Participating Financial Institutions (PFIs) involved in the loan disbursement process. Notably, 60.6% of the 74,678 MSMEs supported by DBN are women-owned businesses.

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Dr. Okpanachi assured that DBN will continue to prioritize financing women-led businesses, recognizing their crucial role in economic growth. He outlined plans to intensify efforts, including dedicated funding lines for women-owned businesses and expanded capacity-building initiatives.

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 will create more opportunities for women entrepreneurs, enabling them to scale their businesses and strengthen their role in Nigeria’s economic development.

To achieve this goal, DBN plans to expand its specialized training programs for women-owned businesses, which have been successful over the past four years. Dr. Okpanachi stated, “Moving women from microbusinesses to small enterprises and eventually to medium and large businesses requires training and skill development.”

Additionally, DBN remains committed to the WE-FI Code, in partnership with the CBN and BOI, to ensure that more financing is directed toward women entrepreneurs. Dr. Okpanachi emphasized the importance of this initiative, saying, “The WE-FI Code is a critical component of our strategy to support women entrepreneurs, and we will continue to work with our partners to ensure its success.”

In conclusion, DBN’s efforts to empower women entrepreneurs have yielded significant results, with over N272 billion disbursed to women-owned businesses. As Dr. Okpanachi noted, “We are proud of our achievements, but we recognize that there is still much work to be done. We will continue to work tirelessly to support women entrepreneurs and contribute to Nigeria’s economic development.”

The DBN’s commitment to supporting women entrepreneurs is a testament to the bank’s dedication to promoting economic growth and development in Nigeria. As the bank continues to implement its strategies and initiatives, it is likely that even more women entrepreneurs will benefit from its support, leading to increased economic opportunities and growth for the country.

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