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Women-Owned MSMEs: DBN AND FRANCE JOIN FORCES TO EMPOWER WOMEN ENTREPRENEURS

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Development Bank of Nigeria Plc (DBN), the French Republic and the French Development Agency (AFD) are pleased to announce their joint commitments towards the empowerment of Nigerian women entrepreneurs and the recognition of their pivotal role in fostering economic growth, innovation and social equity. 

On December 11th, 2023, under the high patronage of His Excellency, the French Ambassador to Nigeria, Marc Fonbaustier, DBN’s Managing Director, Dr Tony Okpanachi and AFD’s Country Director, Xavier Muron convened at DBN’s Headquarters in Abuja to sign a €50 million credit line and a €825 000 technical assistance and capacity building grant. Through these financings, the two institutions are collaborating to provide tailor-made tools to strengthen access to financing for women MSMEs while developing a gender mainstreaming approach with financial and non-financial services specifically adapted to women’s needs.

As a public development bank, DBN constitutes a strategic stakeholder to better take into consideration gender issues within the financial sector and support the financing of MSMEs contributing to the empowerment of women. 

Dr. Tony Okpanachi, highlighting DBN’s role and commitment to empowering women in Nigeria stated: “At Development Bank of Nigeria, we are unwavering in our commitment to empowering women MSMEs in Nigeria. We believe that women are the backbone of our economy, and by supporting them, we are not only promoting gender equality but driving sustainable economic growth.”

“Our bank is dedicated to providing financial inclusion and access to capital for women entrepreneurs, thereby enabling them to grow their businesses and create jobs. We are also passionate about supporting the girl child, recognising that education and economic empowerment are key to unlocking their full potential.”

Xavier Muron, AFD’s Country Director, took the opportunity to highlight that “by providing women with tools, resources, network and mentorship, AFD is committed to participating in the creation of a more inclusive and resilient global economy while encouraging women to bring their unique perspectives and ideas to the table.”

The project provides a unique approach to support DBN in catalyzing financing towards MSMEs and in particular underserved clients. To this point, part of the financing will be exclusively allocated to first-time borrowers. In addition, priority for access to financing and capacity building to micro and small enterprises has been a strong focus of the design of this financial product. Lastly, the credit line aims at providing medium to long-term financing to what is today a much-underserved segment of the population. 

All in all, the support to DBN in its role as a second-tier public development bank will make it possible to seek a transformational movement to integrate gender issues and redirect financial flows within the Nigerian financial system via the PFIs.

With this in mind, it was only natural that this highly anticipated event occurred during the 16 days of activism against gender-based violence (25 November – 12 December). Indeed, research has proven that reducing economic dependence, promoting gender equality and empowering gender champions, are some of the key structural solutions to fight against the symptoms and the roots of GBV. To this point, M. Marc Fonbaustier, the French Ambassador to Nigeria reiterated the long-term commitment of France to support all of its partners towards “economic empowerment of women as it builds independence, increases confidence and provides for a more equal world.”

Dr. Okpanachi acknowledged the dedication of France and AFD, to ensure a smooth and efficient implementation of this program: “DBN welcomes this partnership as it shows the strong will of key partners to implement Sustainable Development Goal 5 – Gender Equality and empowerment of all women and girls. The partnership underscores a collective action to work together towards creating a more inclusive and prosperous society for all.”

Meanwhile, Mr Muron commended “the professional approach adopted by DBN which led to this signing ceremony which is the beginning of a very crucial program which will, without a doubt, enhance the capacity of DBN, the Participating Financial Institutions and the Women MSMEs benefiting from it.”

Development Bank of Nigeria (DBN) is a wholesale development finance institution set up by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria. DBN’s objective is to alleviate financing constraints faced by MSMEs and small Corporations in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.

The Agence Française de Développement (AFD – French Development Agency) funds, supports, and accelerates the transitions to a fairer and more sustainable world – aligned with the Sustainable Development Goals. Focusing on climate, biodiversity, peace, education, urban development, health and governance, our teams carry out more than 4,000 projects in France’s overseas departments and territories and another 115 countries. In this way, it contributes to the commitment of France and the French people to support sustainable development goals.

AFD has been present in Nigeria since 2008 with its main office based in Abuja along with an additional branch in Lagos. Its main sectors of intervention in the country are financial services, energy, higher education & vocational training, agriculture, water supply as well as clean transportation. For more information, visit https://www.afd.fr/en

Essentially, gender equality is a priority for the French government. Internationally, the French Ministry for Europe and Foreign Affairs delivers on this commitment through its feminist foreign policy. France is advocating gender equality in international forums and wants this goal to be taken into account in all issues, including inequality reduction and sustainable development, peace and security, defence and promotion of fundamental rights, and climate and economic issues. By 2025, France is committed to ensuring that 75% of the projects funded by France’s official development assistance help to improve gender equality.

The collaboration between DBN and AFD will no doubt impact women-owned businesses in Nigeria by addressing not only their financing challenge but their capacity to scale as well.   

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Rescue Mission: Governor Dauda Lawal Approves N7.2 billion for Community Projects Across Zamfara

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Zamfara State Government under the leadership of Governor Dauda Lawal has earmarked N7.2 billion for development projects across 375 communities in the state, under the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES), a World Bank-funded initiative. Deputy Governor Mani Mummuni disclosed this in Gusau on Tuesday while flagging off a free project implementation training programme for participants drawn from 158 communities across the state.

He explained that Governor Dauda Lawal had approved the N7.2 billion for various community development projects through the State Community and Social Development Agency (CSDA), adding that the funds would finance projects spanning health, education, water supply, agriculture and drainage, among others, across the state’s 14 Local Government Areas. The deputy governor noted that the projects would be implemented by Community Project Monitoring Committees (CPMCs) under the supervision of the CSDA, and reiterated the state government’s commitment to providing social amenities to vulnerable communities.

Mummuni urged participants to ensure transparency and accountability in managing resources for project execution in their communities, describing the initiative as part of Governor Lawal’s administration’s effort to extend the dividends of democracy to the people, especially at the grassroots level. He expressed confidence that the training under CSDA would encourage community participation in project implementation, while also promoting transparency, accountability, and commitment to the development of their communities.

In his remarks, the General Manager of CSDA, Umar Nakwada, revealed that the participants were drawn from CPMCs responsible for monitoring projects in their communities, and that the training was designed to sensitise them on effective project implementation. He stated that the training covered Batch A projects worth N3.2 billion, spanning 158 communities, and assured that the agency would ensure effective monitoring of all projects to be implemented by CPMC members in benefiting communities. Nakwada also commended Governor Lawal for his unwavering support in improving the livelihoods of grassroots communities.

Also speaking, the State NG-CARES Coordinator, Mukhtar Ibrahim, praised the Zamfara Government for its commitment to supporting the livelihoods of vulnerable households. He explained that NG-CARES aims to expand access to livelihood support, food security services, and grants for poor and vulnerable households and firms, focusing on three result areas: livelihood and social support, food security and agricultural value chain, as well as micro and small enterprises recovery. small enterprises recovery,” Ibrahim said.

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ICPC, PenCom recover N3bn unremitted pension deductions from defaulting firms

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The Independent Corrupt Practices and Other Related Offences Commission and the National Pension Commission have recovered over N3bn in unremitted pension contributions from defaulting employers as both agencies intensified efforts to enforce compliance with the Pension Reform Act 2014.The recovery was disclosed in a statement issued by the National Pension Commission on Wednesday, which said the funds had been fully remitted into the Retirement Savings Accounts of affected employees.According to the commission, the recovery was achieved through a joint ICPC-PenCom enforcement initiative designed to address pension contribution defaults and protect workers’ retirement savings.It stated, “The Independent Corrupt Practices and Other Related Offences Commission and the National Pension Commission have recovered over N3bn in unremitted pension contributions from employers.”

PenCom explained that the recovered funds were obtained from defaulting employers in the electricity sector and credited to the respective Retirement Savings Accounts of affected workers in line with the Pension Reform Act 2014.“The recovered funds, obtained from defaulting employers in the electricity sector, have been fully remitted into the respective Retirement Savings Accounts of affected employees in accordance with the provisions of the Pension Reform Act 2014,” the statement read.The commission said the development demonstrated the effectiveness of its partnership with the ICPC in ensuring compliance with pension laws and compelling employers to fulfil their statutory obligations.

It said, “The recovery demonstrates the effectiveness of the partnership between PenCom and ICPC in enforcing compliance with the PRA 2014 and ensuring that employers fulfil their statutory pension obligations.”PenCom recalled that it signed a Memorandum of Understanding with the ICPC in October 2025 to strengthen collaboration in the recovery of unremitted pension contributions, the investigation of pension-related infractions, and the enforcement of compliance with the Pension Reform Act 2014.

The commission added that the ICPC was currently investigating several private-sector employers referred by PenCom for alleged non-compliance with the Act, expressing optimism that further recoveries would be made as the investigations progressed.“The ICPC is currently investigating several private-sector employers referred by PenCom for non-compliance with the PRA 2014. With the ongoing collaboration, additional recoveries would be achieved as the investigations progress,” it stated.PenCom reiterated that the Pension Reform Act requires employers to deduct and remit pension contributions into employees’ Retirement Savings Accounts within seven working days after salaries are paid.It warned that employers who fail to comply risk sanctions.“Failure to comply with this requirement constitutes a violation of the law and attracts sanctions, including the recovery of outstanding contributions, penalties and, where necessary, prosecution,” the statement said.

The commission urged employers, particularly those in the private sector, to regularise outstanding pension remittances and comply fully with the provisions of the Act to avoid regulatory and enforcement action.It reaffirmed its commitment to protecting workers’ retirement savings, promoting compliance with the Contributory Pension Scheme, and ensuring that pension contributions deducted from employees are promptly remitted into their Retirement Savings Accounts.The PUNCH recently reported that the National Pension Commission intensified its enforcement drive to ensure nationwide compliance with the Contributory Pension Scheme by launching a specialised, high-level monitoring platform targeting non-compliant subnational governments.The initiative is part of an ongoing strategy to deepen pension reform at the subnational level and secure a sustainable retirement future for public servants across the states of the federation.

PUNCH

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DSS Arrests Former Minister Geoffrey Nnaji; Hands Over to ICPC

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Operatives of the Department of State Services (DSS), on Wednesday morning, arrested former Minister of Science and Technology, Uche Nnaji, at the Akanu Ibiam International Airport, Enugu.Security sources said Nnaji, who resigned last October under controversial circumstances, was arrested by DSS officers on request by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and handed him to the Anti-Graft Agency.The sources further notes that the ICPC had extended several invitations to the former minister following petitions on how he managed his Ministry, and therefore contacted the DSS to assist in arresting him.

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