The African Development Bank (AfDB) is seeking $42 billion to close the financing gap hindering women-owned and women-led enterprises across Africa, a move aimed at accelerating gender equality and economic empowerment.
Dr. Abdul Kamara, Director General of the AfDB’s Nigeria Country Department, disclosed this on Tuesday at the High-Level Dialogue on Investment in Gender Equality and Ending Violence Against Women for Rights and Development, organized by UN Women in partnership with the AfDB.
Kamara highlighted the bank’s ongoing efforts through its Affirmative Finance Action for Women in Africa (AFAWA) initiative, which has disbursed over $1 billion to enhance women’s access to finance.
“This $42 billion financing gap is a major constraint on women-led enterprises across the continent,” Kamara said. “Through AFAWA, we aim to provide sustainable financial solutions and bridge this gap, enabling women to access markets, skills, and most importantly, jobs and income.”
In Nigeria, AfDB recently approved $100 million for the Youth Entrepreneurship Investment Bank, a non-deposit financial institution focused on fostering youth and gender-responsive enterprise development.
Senator Atiku Bagudu, Minister of Budget and National Planning, emphasized the need for immediate action to combat gender-based violence (GBV) and promote gender-responsive budgeting. Represented by Dr. Vitalis Obi, Permanent Secretary in the ministry, Bagudu called for increased resource allocation to programs addressing GBV, women’s empowerment, and education.
“Gender-responsive budgeting integrates gender perspectives into the entire budget cycle, ensuring adequate resources are directed toward addressing GBV and promoting gender equality,” Bagudu said.
Prof. Olufolake Abdul-Razaq, Chairperson of the Nigerian Governors’ Spouses Forum, reiterated the forum’s commitment to advocating gender-responsive governance across Nigeria’s 36 states and the Federal Capital Territory (FCT).
“We are championing initiatives that institutionalize gender laws at sub-national levels and promote women’s leadership,” said Abdul-Razaq, who is also the First Lady of Kwara State. “Empowering women is not just a matter of justice—it is a strategic investment in national resilience and productivity.”
Beatrice Eyong, UN Women Country Representative to Nigeria and ECOWAS, highlighted the economic toll of GBV, noting that it costs Nigeria an estimated 1.5% of its Gross Domestic Product (GDP) annually.
“Gender-based violence is not only a human rights issue but also an economic issue,” Eyong said. “Addressing GBV is critical to achieving the Sustainable Development Goals. If we do nothing, we will remain trapped in poverty and miss out on sustainable development.”
UN Resident Coordinator Mohammed Fall underscored the urgency of tackling gender inequality and violence against women, citing data from the 2018 Nigerian Demographic and Health Survey, which revealed that 31% of women aged 15 to 49 had experienced physical violence, while 9% had suffered sexual assault.
“Gender inequality and violence against women limit our collective potential for progress,” Fall said. “The United Nations remains committed to supporting Nigeria in building an inclusive society where every woman and girl can thrive.”
The dialogue is part of the global 16 Days of Activism against Gender-Based Violence campaign, which runs from November 25 to December 10, highlighting the need for collective action to end violence and discrimination against women and girls.
