The French Agency for Development (Agencie Francaise De Development -AFD) has provided the Development Bank of Nigeria (DBN) an additional 50 million Euros line of credit for on-lending to women entrepreneurs, in the country.
A partnership agreement to that effect was signed between the two organisations, in Abuja, today.
The Managing Director of DBN. Dr. Tony Okpanachi, who signed on behalf of his bank described the additional funding by AFD as a great opportunity to further empower Nigerian women-owned businesses.
According to him, DBN has been deliberate in focusing on providing greater access to women entrepreneurs in its seven years of operation, with women receiving about 74 percent of the bank’s cumulative credit because of the catalytic impacts of empowering women in the society as a whole.
Commenting after signing the deal, Dr. Okpanachi said, “When DBN was starting, AFD, working with other development partners, provided the capital for DBN. Our initial capital, our take-off funding, AFD contributed extensively in starting DBN. “We have had this history and over the years, apart from providing initial funding, we have had a lot of support in the areas of building capacity, providing technical assistance. DBN is about seven years old and we are very grateful to AFD for this partnership over the years.
“Today, we are gathered in continuation of that partnership- providing funding for women entrepreneurs. For us at DBN, women entrepreneurship plays a very big role in our focus area. I can assure you that up-to-date, in terms of cumulative lending, about 74 percent of our funds have gone to women-owned businesses.
“It is an area that we are focused on because we believe that when you impact women entrepreneurs, you impact the nation. They have the catalytic effects over time. This is one thing we are very happy about. When the AFD came and our conversation was to provide us this additional line to increase our reach to women, we felt it was very good and I think, not only as DBN but for our country Nigeria, it is a huge support. I must commend the French government and AFD in particular for this support.
“This line of funding is particularly important because from our experience we notice that MSMEs in Nigeria have challenges in accessing finance and women entrepreneurs even have greater challenges accessing funding.
The French Ambassador, Mr. Marc Fonbaustier, who led the delegation to DBN, said that empowering women was a priority for his home government who happened to have found an ally in DBN.
According to him, “This agreement we sign today to open the line of 50 million Euros for women entrepreneurs, we consider it a top priority of our shared priority between Nigeria and France.
“I insist on this, that it is a co-construction between two equal partners who have common goals to address, common challenges and try to bring a common response. This programme is at the crossroads of the juncture of two dimensions- economy and society for women empowerment.
“The more women we scale up in the social ladder with more autonomy, more income, more capabilities, the better the society as whole will be. So clearly, women are agents for social transformation. It is something we believe is true universally for all types of societies including.
“50 million is a new impetus for what we have been doing together. This is a game changer. I am proud as French Ambassador to bring something good to this nation. We are not two: men, women; DBN , AFD ; Black or white. We are one. Because it is a mankind issue.”
In his remarks, the Country Director for Nigeria of Agencie Francaise Development, Mr. Xavier Muron, described the additional funding as another major milestone in AFD’s long-term partnership with DBN.
The director explained that AFD was channeling the funds to women because of its belief that it would empower and guarantee financial inclusion among them.
Mr. Muron’s words, “At AFD, we recognize that women entrepreneurship is not only a question of social justice but also a strategic priority to build a more inclusive and resilient society.
“We, indeed, believe that the economic empowerment of women is key to achieve some Sustainable Development Goals and that the future of local and global economies depends on the real inclusion of Women in the economic life.
“This is why together, we must make women entrepreneurship not an exception, but a norm, and allow every woman to exploit her full potential.”
Peoplesmind
