Sunday, September 7, 2025
24.5 C
Lagos

ADfB Supports Female Entrepreneurs in Nigeria with $50m

The Board of Directors of the African Development Bank has approved a loan of $50 million to Nigeria’s First City Monument Bank (FCMB) to channel to local enterprises and women-empowered businesses in the agribusiness, manufacturing, healthcare and renewable energy sectors.
Thirty percent of the funds, which are intended to mitigate effects of the challenging Covid-19 environment, are earmarked for underserved women-empowered businesses.
In addition, the Bank will provide  a technical assistance grant of $200,000 through its Affirmative Finance Action for Women in Africa (AFAWA) initiative supported by the Women Entrepreneurship Finance Initiative. The grant will complement the loan by enabling First City Monument Bank to provide non-financial services, including training, and to strengthen its monitoring and reporting functions.
“The African Development Bank is pleased to support FCMB’s strategy to become a dominant player in addressing the funding needs of women-empowered and local enterprises,” said Stefan Nalletamby, the African Development Bank’s Director of Financial Sector Development. “This project will extend valuable resources to critical but underserved segments during the ongoing Covid-19 pandemic, with its adverse macroeconomic impacts.”
Small- and medium-sized firms account for up to 80% of employment in most African countries and women-empowered businesses typically face a considerable financing gap. The Nigerian economy has been hard hit by the Covid-19 pandemic, and falling crude oil prices have had a ripple effect on the wider economy.
FCMB is a Nigerian commercial bank with around 5 million customers. It had total assets of around $5 billion as at the end of 2020.
The project aligns with the objectives of AFAWA, which aims to improve gender inclusivity by improving access to finance for women entrepreneurs. The project also advances the Bank’s Ten-Year Strategy and is consistent with three of its High-5 strategic priorities:  Industrialize Africa, Feed Africa, and Improve the Quality of Life for the People of Africa. It also aligns with the Nigeria Country Strategy Paper 2020-2024.
The African Development Bank is an implementing partner of the Women Entrepreneurs Finance Initiative, a groundbreaking partnership housed in the World Bank Group that aims to unlock financing for women-led businesses in developing countries.

 

 

 

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Lufthansa Cargo to Off-load 800 Staff

German-based Lufthansa Cargo is planning to cut around 700-800...

Sanlam Life Nigeria wins BAFI Life Insurance Company of the Year Award 2022

L-R: Dr Ogho Okiti, MD/CEO, BusinessDay Media; Mr Tunde...

NAICOM, CAC Partner for 12- Month Recapitalisation Timeline

The Management of the National Insurance Commission (NAICOM) paid...

Access Bank Issues N15bn 5-Year Green Bond at 15%

Access Bank Plc is issuing a 5-year Fixed Rate...

Union Bank Rewards 452 Customers in UnionKorrect Draws 

Union Bank of Nigeria recently rewarded 452 UnionKorrect account...

Royal Exchange to Celebrate 100th Anniversary, Restructure to Lead Market

L-R: Mr. Wale Banmore,  MD, Royal Exchange Prudential Life; Alhaji Auwalu...

Global Airlines Financial Monitor: January 2018

The initial airline financial results from the final quarter...
spot_img

Related Articles

Popular Categories

spot_imgspot_img