AfDB approves $100 million Loans for Nigeria's Youth & Women-led SMEs

With an intent to increase financial access, African Development Bank (AfDB) has approved a loan of $100 million for small and medium enterprises that are led by youth and women. The loan has ben approved under Nigeria Youth Entrepreneurship Investment Bank (YEIB) initiative.

Basically, Nigeria YEIB is a pioneering institution that is designed in order to foster economic growth as well as job creation within the country by playing as an ecosystem anchor and convener while bringing relevant financial and non- financial stakeholders together for collaboration in a more effective manner in youth entrepreneurs’ support.

Amongst key Nigeria YEIB anchor investors and partners, the bank is leading the coordination that includes Federal Government of Nigeria via Ministry of Finance Incorporated, the Nigeria Sovereign Investment Authority (NSIA), and the Development Bank of Nigeria (DBN). An investment of $100 million of the Bank Group shall be strengthened by $25 million’s additional investment from DBN and NSIA’s $5 million.

The investment will push these women-led and youth-led enterprises to grow further in the industry and secure a space for upcoming opportunities. They shall get better chances to thrive towards success and play in the bigger market as well, within the country.