The Development Bank of Nigeria (DBN) has so far advanced lending of over N60 billion to women-owned businesses across the country, its Managing Director, Tony Okpanachi has said, as he raises concerns on how poor access to education continues to limit Nigerian women.
The funding indicates about 62 percent of the bank’s total loan portfolio, according to Okpanachi, who spoke at a special event organized by the bank on Wednesday to celebrate the 2022 International Women’s Day (IWD).
The bank – which is Nigeria’s foremost wholesale Development Financial Institution has also empowered about 138,000 women-owned businesses, partnering relevant institutions to drive capacity building in these businesses while positioning them for growth.
“Up to date, about 62 percent of our lending has gone to women owned businesses. A lot of them are micro businesses in terms of number, and we have about 138,000 businesses owned by women and most of them are micro. But what we want to do now is to grow them from micro to small, medium and large businesses,” he told BusinessDay at the event.
For three consecutive years, the DBN has hosted special events to mark the IWD, and celebrate the social, economic, cultural, and political achievements of women. According to Okpanachi, the decision was borne out of a strong understanding of the great role women play in nation building, as well as the bank’s focus as the country’s foremost wholesale financier of businesses, particularly the SMEs.
“First and foremost, apart from DBN as an institution, we encourage access to finance for women, because we know that women businesses in particular, have more challenges with funding. Therefore, at DBN, one focus area for us is to ensure that a lot of our finance going throughout Participating Financial Institutions goes to the women,” he stressed.
“Secondly, when you look at the contribution of women even among the DBN staff, we still need to encourage them to do more, because of the much they contribute.
“Thirdly, if you look at it from the National perspective, the contribution of women is relevant to national GDP, wellness and all aspects of the country – both at an individual, Corporate and national level, women are very strong partners in development in all aspects.
“This informed our decision to celebrate on annual basis and we have done it 3years in a row now.”
DBN’s inaugural International Women’s Day Celebration in 2020 was focused on the global theme #EachForEqual. Last year, it examined the true cost of excluding women and took a cursory glance at situations where women and men chose to challenge existing biases and promote women’s rights/empowerment and the gains thereof.
This year, and for the third consecutive time, DBN marked the IWD in line with the global theme #BreaktheBias with a well-structured panel session comprising of distinguished professionals with vast experience across various business segments.
The panelists discussed in detail, the title – ‘‘Who made these rules anyway? Challenging Existing Stereotypes and Moving Forward Constructively”, and evaluated the detriments of excluding women from functioning optimally within society. They further took a cursory glance at situations where women and men have chosen to go against the cultural and societal norms to promote women’s rights/empowerment and the gains that have been experienced from such actions.
According to Okpanachi, while gender equity is crucial to meeting development goals, reducing human suffering, and solving the biggest environmental problems, women across the world continue to suffer from gender inequality, including child labour, forced marriages, gender-based violence, sexist policies, as well as barriers to participation in education and employment.
“These are realities that still stare at us today,” Okpanachi said in his opening speech.
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He, particularly regretted how women in Nigeria today, still suffer huge disadvantage on account of limited access to education, which has a ripple effect on earning power and economic opportunities.
“But we at DBN believe that: It’s time to change the narrative for women; It’s time to ensure equal boardroom representation, gender balance in public decision-making bodies, and improved life chances for all women,” he stressed, adding that without gender equality today, a sustainable future, and an equal future remains beyond reach.
The event was mainly attended by women entrepreneurs and leaders, including Thelma Ekiyo, Managing Partner, SME.NG; Samira Farouk, founder, Mercy Mission Global Ltd; Clare Omatseye, Founder and Managing Director, JNC International and many other who tried to teach and mentor the younger ones, including students who were present.
