In a groundbreaking move to address the persistent financial barriers faced by women entrepreneurs, the African Development Bank (AfDB) has disbursed $1 billion to women-led enterprises across Nigeria and other African countries.
This initiative is a critical part of AfDB’s mission to close the $46 billion financing gap that limits women’s access to resources for business growth.
Dr. Abdul Kamara, the Director General of AfDB’s Nigeria Country Department, made this announcement during the High-Level Dialogue on Investment in Gender Equality and Ending Violence Against Women, held in Abuja in collaboration with UN Women.
Dr. Kamara highlighted the bank’s commitment to empowering women, stating that these funds are not only supporting businesses but also driving broader economic development.
AfDB’s approach goes beyond funding, with policies and products aimed at promoting gender inclusivity and youth empowerment. Dr. Kamara noted the recent launch of a $100 million Youth Entrepreneurship Investment Fund in Nigeria, which underscores the bank’s dedication to building a future where women and young people have access to markets, enhanced skills, and financial opportunities.
Beatrice Eyong, Country Representative for UN Women in Nigeria, echoed this sentiment, emphasizing the progress being made in advancing women’s rights and development across the country.
She applauded the efforts of both national and subnational governments in adopting gender-responsive policies, which aim to ensure equitable opportunities for women.
Eyong highlighted the Kaduna State government’s recent adoption of a procurement policy that reserves 30 percent of public contracts for women, calling it a significant step toward inclusive governance. She also revealed that Lagos State is preparing to implement similar policies, signaling a growing momentum for gender equity reforms across Nigeria.
These actions, fueled by AfDB’s financial support and a commitment to gender equality, are laying the foundation for a future where women-led businesses can thrive. By addressing the systemic challenges faced by women and providing them with the resources to succeed, these efforts are not just transforming lives but also contributing to the sustainable development of the continent.
