Barbara Bako, Abuja.
The Development Bank of Nigeria (DBN) has unveiled a new initiative to expand financing for women owned businesses, alongside plans to reach more than two million micro, small and medium-sized enterprises (MSMEs) under its new five-year strategy.
The initiative, known as DAWN (DBN Action for Women in Nigeria), was launched at the bank’s seventh Annual Lecture in Abuja on Wednesday, alongside its Impact Report and MSME Data Assets.
The event, themed “From Policy to Prosperity: Translating Economic Reforms into MSME Growth,” brought together government officials, regulators, development partners, financial institutions and entrepreneurs to examine how economic reforms can translate into improved business growth.
Speaking at the event, DBN Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the priority was to ensure that the benefits of economic reforms reached businesses across the country.
“The major reforms are now in place. How do we make sure their benefits reach the trader in Onitsha, the fabricator in Aba, the farmer in Kebbi and the young founder in Yaba?” he asked.
Okpanachi noted that MSMEs account for close to half of Nigeria’s Gross Domestic Product and more than eight in every 10 jobs, stressing that their growth was critical to the country’s economic prosperity.
“When reform works for MSMEs, it works for most Nigerians,” he said.
He explained that reforms would translate into prosperity only when entrepreneurs could access long term financing to acquire equipment, obtain credit from financial institutions and develop the skills and records needed to expand their businesses.
According to Okpanachi, DBN had cumulatively disbursed N1.4 trillion to MSMEs through 84 participating financial institutions as of December 2025, supporting the creation of about 1.6 million jobs nationwide.
Under its new five-year strategy, the bank aims to reach more than two million MSMEs, with specific targets for women-led and youth-led enterprises, as well as businesses in underserved states.
On the DAWN initiative, Okpanachi said access to finance alone had not enabled enough women-owned businesses to scale, necessitating a more comprehensive support system.
The programme will combine financing, credit guarantees, technical assistance, outcome-linked grants and market linkages through banks, microfinance institutions, fintech companies, aggregators, cooperatives and direct channels.
Its priority sectors include agriculture and exports, healthcare, arts and the creative industry, technology, and green businesses.
“DAWN is about moving gender-focused lending beyond intention and turning access into opportunity,” he said.
In a related development, DBN and the African Development Bank (AfDB) signed a $61 million gender-focused line of credit to strengthen financing for women-led enterprises.
Okpanachi called on participating financial institutions to extend lending to sectors and states with limited access to finance, while urging policymakers and regulators to assess reforms based on their impact on businesses.
He also encouraged MSMEs to formalise their operations, maintain proper records and take advantage of available support programmes.
Representing the Secretary to the Government of the Federation, Mrs Augusta Warrens Bekaredebo expressed optimism that Nigeria’s 2026 tax reforms would provide relief to small businesses, with many expected to qualify for tax exemptions.
She said she expected that “a lot of businesses will be smiling” by next year as the reforms took effect.
The Vice President, who was the special guest of honour, was represented by Dr Fred Iklaga, Senior Technical Adviser in the Office of the Special Adviser to the President on the Economy.
The keynote speakers were MTN Nigeria Chief Executive Officer, Dr Karl Toriola, and Chairman of the Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.
A fireside chat featured Sterling Bank Chief Executive Officer, Mr Abubakar Suleiman; manufacturing and trade entrepreneur, Mrs Omoyemi Chukwurah; and Babban Gona’s Mr Kola Masha, who participated via video.
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