AfDB Provides $50million to Finance Nigerian Entrepreneurs Affected by COVID-19
- Due to the adverse impact of the COVID-19 pandemic, the African Development Bank says it will provide financial support to small businesses owned by women
- Over $50 million and $200,000 Grant's will be given to female entrepreneurs operating within the Nigerian business environment
- AfDB partnered with Affirmative Finance Action for Women in Africa initiative and the Women Entrepreneurship Finance Initiative to provide the grant
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Female entrepreneurs in Nigeria will receive financial support from African Development Bank (AfDB) as the lender provides $50 million for their businesses.
AfDB said the funds will be used to alleviate the negative effects of the COVID-19 pandemic which had impacted the revenue of Nigerian businesses since 2020.
The $50 million will be given to women-led businesses operating in sectors like agribusiness, manufacturing, healthcare and renewable energy.
What you should know
With the help of the Affirmative Finance Action for Women in Africa initiative and the Women Entrepreneurship Finance Initiative, AfDB will also provide a $200,000 grant.
The $50 million loan will be distributed by the Nigerian financial institution, First City Monument Bank on behalf of AfDB, which is led by a Nigerian, Akinwunmi Adesina.
AfDB contributes to poverty alleviation on the African continent, and assist in funding economic and social development, hence, the financial assistance for women-owned businesses.
The bank is focusing on women in developing countries because they are largely underserved in global financial opportunities.
AfDB finances are supported by Nigeria Trust Fund and African Development Fund, which was established by African countries and 13 non-African countries in 1972.
Google to support Nigerian small businesses
Legit.ng had previously reported that Google wants to help small and medium businesses in Nigeria with video promotion and tools necessary for growth.
The search engine giant created an initiative, Google for Small Businesses, which will provide marketing and exposure video for entrepreneurs who register their company name and website on the initiative portal.
Google's initiative is meant to boost the customer base of SMEs and position them for growth amid their respective competitive market.