AfDB $15M Funding for 69,000 Women Entrepreneurs in Nigeria

The African Development Bank Group (AfDB) has announced $15 million in funding to support about 69,000 women entrepreneurs in Nigeria’s agricultural value chains.

The financing facility will enable NIRSAL to hire a third-party service provider to identify and provide technical assistance to women farmers’ groups, link them to financial institutions, and manage the loan disbursement process.

AfDB’s Director of Agriculture and Agro-Industry, Dr. Amadou Hott, said this was part of the bank’s 10-year high 5 priorities that focus on improving people’s lives by supporting inclusive growth and transformation of African economies.

As of July 2018, AfDB had invested $11.8 billion in Nigeria across 78 projects covering all sectors of the economy

AfDB $15M Funding

The African Development Bank Group (AfDB) is providing $15 million in funding to support about 69,000 women entrepreneurs in Nigeria’s agricultural value chains.

The African Development Bank Group (AfDB) is a development bank that provides loans and grants to countries on the continent. It was established in 1966 and has become one of Africa’s largest lenders and its largest shareholder based on ownership stakes in several companies operating there.

NIRMAL

The funding is coming through a credit facility to support the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).

The NIRSAL is a public-private partnership between the CBN, Cassava Marketing Board (CMB), National Council for Agriculture and Rural Development (NCARD), and other agencies. It seeks to develop and increase access to finance for smallholder farmers across Nigeria through innovation in risk-sharing systems that make it easier for them to access credit while providing them with better returns on their investments.

69,000 Women Entrepreneurs in Nigeria Will Get Funds

“The decision of the Board of Directors was unanimous,” said Edith Oduah-Ogbonna, Chairperson/CEO of NIRSAL. “It’s a great opportunity for us as an organization because it gives us another tool in our arsenal that we can use when working with farmers on their farms.”

NIRSAL is a joint venture between AfDB and CBN. The company was established in 2015 with an initial capital injection of $15 million by both parties, which has now grown into one of Nigeria’s largest private sector initiatives that have helped generate job opportunities for 69000 women entrepreneurs across all states in Nigeria.

Loans are available for women in Nigeria who are engaged in agricultural business

Loans are available for women in Nigeria who are engaged in agricultural business. The loans will be made available through NIRSAL, a non-profit organization that provides microfinance services to low-income households. Women who have been identified and trained by NIRSAL can get loans ranging from $10,000 to $1 million with an interest rate of 4% per year.

Women linked to financial institutions such as banks and insurance companies may also qualify for these types of loans at lower interest rates than those offered by NIRSAL (but it depends on their credit history).