Lamin Barrow, Director-General, African Development Bank (AfDB) Nigeria Country Department, during the 5th Edition of the AFAWA Finance Series hosted in Nigeria [NAN]
Empowering women-led small and medium-sized enterprises (SMEs) across Africa, the Affirmative Finance Action for Women in Africa (AFAWA) Initiative has successfully secured over 1.2 billion dollars in financing commitments.
Lamin Barrow, the Director-General of the African Development Bank (AfDB) Nigeria Country Department, made this announcement during the 5th Edition of the AFAWA Finance Series hosted in Nigeria.
The event, co-organised by the News Agency of Nigeria (NAN), the African Guarantee Fund, and the Chartered Institute of Bankers of Nigeria, highlighted the significant progress made by AFAWA in bridging the financing gap for women entrepreneurs in 32 African countries.
Barrow stated the importance of promoting women's economic empowerment and financial inclusion not only in Nigeria but also across the African continent.
"The AFAWA initiative aims to increase women's access to finance by closing the 42 billion dollars financing gap. Since its inception two years ago, the initiative has secured more than 1.2 billion dollars in financing commitments for lending to women-led SMEs in 32 African countries," Barrow stated.
Citing the World Economic Forum's Global Gender Gap report of 2022, Mr. Barrow highlighted Nigeria's position, ranking 123rd out of 146 countries surveyed. This underlines the necessity for continuous efforts to promote financial inclusion for women. Despite recent progress, a significant gender financing gap persists, with women facing barriers to financial services and entrepreneurship.
The Director-General stressed the critical role of economic empowerment in achieving inclusive growth and building resilient societies. He stated that closing the gender gap would stimulate economic growth and reduce income inequality, underscoring the AfDB's commitment to spearheading initiatives that enable women to thrive in Africa.
"AFAWA's innovative mechanisms for de-risking lending to women entrepreneurs are a vital part of the solution. Through AFAWA, the Bank is changing the perception that women entrepreneurs are a risky investment," Barrow stated.
Acknowledging Nigeria's dedication to AFAWA-related activities, Barrow called on leaders in government, the financial sector, and the development community to join hands in supporting this initiative. He urged for the creation of an enabling environment and emphasised the need to unleash the full potential of women entrepreneurs across Africa.
NEWS AGENCY OF NIGERIA
