The Bank of Industry (BoI) has secured a $50 million loan portfolio from the African Guarantee Fund (AGF) to boost economic growth by empowering women entrepreneurs in Nigeria.
This initiative is part of the African Development Bank’s (AfDB) Affirmative Finance Action for Women in Africa (AFAWA) program, which aims to provide financial support and promote gender-inclusive economic development.
The agreement represents a strategic step toward enhancing opportunities for women in business.
The loan, which will be disbursed over a 10-year period, is expected to significantly scale up BOI’s lending to Small and Medium Enterprises (SMEs) in Nigeria, with a focus on women-owned businesses and environmentally sustainable enterprises.
Dr Olasupo Olusi, Managing Director and Chief Executive Officer of BOI, spoke on the sidelines of the Africa Investment Forum, Market Days 2024, which ends on Friday in Rabat, Morocco.
Olusi said the partnership would propel Nigeria’s industrial sector by providing financial and business support services to enterprises