The African Development Bank (AfDB) is taking decisive action, earmarking $1.2 billion for female entrepreneurs across 32 African nations under the Affirmative Finance Action for Women in Africa (AFAWA). This robust initiative, now in its second year, showcases AfDB’s commitment to advancing gender equity.
In Lagos, Dr. Beth Dunford, Vice President of AfDB, unveiled this groundbreaking news, igniting the AFAWA Finance Series in Nigeria. This significant step is more than an event; it’s part of AfDB’s comprehensive strategy. The series unites government officials, financial experts, and decision-makers, all focused on one goal: revolutionizing financial opportunities for women.
According to a report by This Day Live, Dunford stressed the early successes of AFAWA. “We’re changing the narrative,” she asserted. “The $1.2 billion approval isn’t just a number. It’s about impacting over 7,000 women-led ventures, made possible through our network of financial partners.” This network spans nearly 100 institutions, demonstrating an expansive, collaborative effort.
The conversation in Nigeria hones in on the critical role of micro, small, and medium enterprises (MSMEs). “Their growth is Nigeria’s growth,” Dunford noted, underlining the sector’s transformative economic potential. Support for these enterprises isn’t just strategic; it’s essential for national economic aspirations.
At the series’ launch, Grace Ogbonna, representing Finance Minister Wale Edun, reinforced this perspective. She championed the economic empowerment of women as not just equitable but necessary. “Their contributions are indispensable for sustained economic growth,” she affirmed, pushing for barrier-free access in all economic sectors.
Addressing the prevalent financial exclusion, Jules Ngankam, CEO of the African Guarantee Fund, highlighted a sobering statistic: 70% of African women encounter these barriers. Yet, there’s optimism. Ngankam applauded Nigeria’s initiatives supporting women-led SMEs and confirmed AGF’s dedication within AFAWA’s framework. “We’re committed to creating an environment where women entrepreneurs don’t just survive; they thrive,” he emphasized.
Lamin Barrow, leading AfDB’s operations in Nigeria, further outlined AFAWA’s ambitious goal. The initiative is not merely about mitigating the present $42 billion financing chasm. “We’re eyeing a $5 billion support threshold for women’s businesses by 2026,” he revealed, celebrating AFAWA’s journey from inception to its current proactive stance.
This high-level dialogue sets the stage for ensuing intensive workshops targeting banks. These sessions aim to challenge and inspire these institutions to overhaul their services, catering more effectively to the unique needs of women entrepreneurs. The future, through AFAWA’s lens, is about inclusive financial reformation, one where women are recognized as pivotal economic players.
