BOI disburses N108bn to 921 women-owned businesses

The Bank of Industry (BOI) yesterday reiterated its commitment to bridging the gender gap and accelerating economic opportunities for women entrepreneurs in Nigeria by increasing access to financing and business opportunities. Managing Director/Chief Executive Officer, Dr. Olasupo Olusi, spoke at the BOI’s commemoration of International Women’s Day 2025, themed “Accelerate Action.” He disclosed that the […]

The Bank of Industry (BOI) yesterday reiterated its commitment to bridging the gender gap and accelerating economic opportunities for women entrepreneurs in Nigeria by increasing access to financing and business opportunities.

Managing Director/Chief Executive Officer, Dr. Olasupo Olusi, spoke at the BOI’s commemoration of International Women’s Day 2025, themed “Accelerate Action.”

He disclosed that the bank had disbursed N108bn to 921 women-owned and led businesses while acknowledging progress in gender equality but highlighted persistent challenges.

He explained that the BOI has increased its financing allocation to women-owned businesses from seven per cent to 15 per cent.

He 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.

“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.

He also noted BOI’s role in implementing the N50 billion Presidential Conditional Grant Scheme (PCGS), which provides N50,000 grants to small business owners, as 344,768 women have benefited so far, representing 40 per cent of the total beneficiaries.

Olusi also mentioned that under the N3.7 billion Rural Area Programme on Investment for Development (RAPID) fund, launched in May 2024, BOI has already disbursed N327 million to 55 women-owned businesses nationwide.

Olusi called on businesses, policymakers and individuals to take bold steps in supporting women entrepreneurs and driving systemic change.

The Divisional Head, Management Services at BOI, Adedayo Aderugbo, stressed that technology should not become an additional barrier for women in developing countries.

She advocated a shift from mentorship to sponsorship, urging women to actively uplift one another by sharing technological tools and knowledge that enhance workplace efficiency.