Business
Bank of Industry disburses N108bn to 921 women-owned businesses
The Bank of Industry (BOI) says it has disbursed N108 billion as loans to 912 women-owned businesses in demonstration of its commitment to bridging the gender gap and accelerating economic opportunities for women entrepreneurs in Nigeria by expanding access to financing and business opportunities.
The Managing Director/Chief Executive Officer of BOI, Dr. Olasupo Olusi, who disclosed this while speaking at the bank’s commemoration of International Women’s Day 2025, themed “Accelerate Action,” acknowledged progress in gender equality but highlighted persistent challenges.
Dr. Olusi noted that one of the biggest obstacles for women entrepreneurs remains access to financing, as women-led businesses receive significantly less funding than their male counterparts, limiting their growth and economic impact.
Citing the 2024 Global Gender Gap Index by the World Economic Forum, Olusi pointed out that at the current pace, full gender equality would not be achieved until 2158, far beyond the 2030 Sustainable Development Goals (SDGs) target.
He acknowledged Nigeria’s improved ranking on the index, moving from 139th place in 2023 to 125th in 2024, and emphasised the need for continued efforts to close the gap.
According to Olusi, to address this disparity, BOI has increased its financing allocation to women-owned businesses from seven per cent to 15 per cent.
“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 highlighted BOI’s various initiatives to drive gender-inclusive financing and business empowerment, including the Women Entrepreneurs Finance Initiative (We-Fi) Code, developed in collaboration with the Central Bank of Nigeria (CBN) and the Development Bank of Nigeria (DBN) to improve financial inclusion for women entrepreneurs.
He said through its partnership with the African Guarantee Fund (AGF), BOI has advanced a $50 million Partial Risk Guarantee (PRG) initiative, prioritising women-owned businesses and green MSMEs with a (75%) seventy-five per cent guarantee to de-risk lending
