The Bank of Industry has allocated N108 billion in loans to 921 businesses that are either owned or managed by women, emphasizing its dedication to closing the gender divide and enhancing economic prospects for female entrepreneurs in Nigeria.
Addressing the BOI’s International Women’s Day 2025 event, which focused on the theme “Accelerate Action,” the Managing Director and CEO, Olasupo Olusi, recognized the advancements made towards gender equality while highlighting the ongoing obstacles women encounter in securing funding.
Referencing the 2024 Global Gender Gap Index from the World Economic Forum, Olusi pointed out that at the existing rate of progress, complete gender equality may not be realized until the year 2158, significantly exceeding the target set by the 2030 Sustainable Development Goals (SDGs).
Nonetheless, he emphasized Nigeria’s advancement in the rankings, rising from 139th position in 2023 to 125th in 2024, underlining the necessity of ongoing efforts to bridge the gap.
To tackle this gap, BOI has raised its funding allocation for women-owned businesses from 7% to 15%
“We have disbursed N108 billion to 921 women-owned and led businesses; this is just the beginning. Our goal is to continue breaking down systemic barriers and ensuring women entrepreneurs have access to the resources they need to thrive,” Olusi stated.
Olusi also highlighted BOI’s initiatives to promote gender-inclusive financing, including the Women Entrepreneurs Finance Initiative (We-Fi) Code, developed in partnership with the Central Bank of Nigeria and the Development Bank of Nigeria to improve financial inclusion for women entrepreneurs.
Also, in partnership with the African Guarantee Fund, BOI has started a $50 million Partial Risk Guarantee programme that focuses on businesses owned by women and environmentally-friendly micro, small, and medium enterprises (MSMEs).
This programme provides a 75 percent guarantee to reduce the risks associated with lending.
These actions highlight BOI’s dedication to establishing a financial system that includes everyone, making sure that women business owners have the resources and funding essential for boosting Nigeria’s economic development.
