The Development Bank of Nigeria has signed a $61 million gender-focused financing agreement with the African Development Bank to support women-led businesses.

The agreement was signed on Wednesday, on the sidelines of DBN’s seventh annual lecture, according to a statement issued by the bank.

DBN also launched an initiative called DBN Action for Women in Nigeria, or DAWN, which combines financing, credit guarantees, technical assistance, grants and market access for women entrepreneurs.

The bank’s managing director, Tony Okpanachi, said access to loans alone has not enabled enough women-led businesses to expand.

“DAWN is about moving gender-focused lending beyond intention and turning access into opportunity,” he said.

The initiative will prioritise agriculture and exports, healthcare, arts and creative businesses, technology and green enterprises.

Support will be delivered through banks, microfinance institutions, fintech companies, aggregators, cooperatives and direct channels.

The grants component will be linked to defined outcomes, while guarantees and other credit support will help financial institutions share lending risks.

Mr Okpanachi said government policies must produce practical benefits for micro, small and medium-sized enterprises.

“The reforms of the past three years were difficult, but necessary, and many businesses carried real costs while they took effect,” he said.

He said businesses needed longer-term loans to purchase equipment, lenders willing to finance viable enterprises and the skills and financial records required to grow.

DBN operates primarily as a wholesale development finance institution, providing funds through participating financial institutions for onward lending to small businesses.

Mr Okpanachi said the bank also supports lending through partial credit guarantees provided by its subsidiary, Impact Credit Guarantee Limited, alongside training for lenders and entrepreneurs.

The DBN chief said the bank had disbursed a cumulative N1.4 trillion to MSMEs through 84 participating financial institutions as of December 2025.

Mr Okpanachi said DBN’s financing had supported the creation of about 1.6 million jobs nationwide.

Under its new five-year strategy, DBN aims to reach more than two million MSMEs, with specific targets for women-led enterprises, youth-led businesses and underserved states.

Mr Okpanachi urged financial institutions to extend lending to sectors and locations where businesses have limited access to finance.

He also asked policymakers and regulators to assess reforms through their effects on businesses, while encouraging entrepreneurs to formalise their operations and maintain proper records.