BOI Supports 921 Women Entrepreneurs With N108 Billion In Business Loans

Bank of Industry Disburses N108 Billion to Support Women Entrepreneurs in Nigeria

In a move aimed at narrowing the gender gap and boosting economic prospects for women entrepreneurs in Nigeria, the Bank of Industry (BOI) has announced the disbursement of N108 billion in loans to 912 women-owned enterprises. This initiative was highlighted during BOI’s International Women’s Day 2025 celebration, whose theme was “Accelerate Action.”

Dr. Olasupo Olusi, the Managing Director and Chief Executive Officer of BOI, recognized the strides made towards achieving gender equality but also pointed out the ongoing challenges that women face, particularly in securing financial support for their businesses. He emphasized that women-led enterprises typically receive far less funding than those led by men, which restricts their potential for growth and their overall economic impact.

Referencing the 2024 Global Gender Gap Index produced by the World Economic Forum, Olusi warned that, at the current rate of progress, complete gender equality is projected to be realized only in the year 2158—significantly later than the 2030 target set by the Sustainable Development Goals (SDGs). He noted an improvement in Nigeria’s position on the index, with the country climbing from 139th place in 2023 to 125th in 2024, but reiterated the necessity for sustained efforts to further close the gender gap.

To tackle the financial disparity facing women entrepreneurs, BOI has increased its financing allocation for women-owned businesses from seven percent to 15 percent. “We have disbursed N108 billion to 921 women-led enterprises, and this marks just the beginning. Our aim is to continue dismantling systemic barriers and ensuring that women entrepreneurs have access to the vital resources they need to succeed,” stated Olusi.

He also underscored various initiatives BOI has launched to promote gender-inclusive financing and business empowerment. One such initiative is the Women Entrepreneurs Finance Initiative (We-Fi) Code, which was developed in partnership with the Central Bank of Nigeria (CBN) and the Development Bank of Nigeria (DBN) to enhance financial inclusion for women business owners.

Additionally, BOI’s collaboration with the African Guarantee Fund (AGF) has led to the establishment of a $50 million Partial Risk Guarantee (PRG) initiative aimed specifically at women-owned businesses and green micro, small, and medium enterprises (MSMEs), providing a 75% guarantee to mitigate lending risks. This effort is intended to bolster support for women entrepreneurs and further contribute to economic empowerment in Nigeria.