Paragraph 1: Empowering Women Entrepreneurs: A Collaborative Initiative
The Bank of Industry (BOI) and the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA) joined forces to celebrate International Women’s Day and address the persistent financial hurdles faced by female entrepreneurs in Nigeria. The event, aptly themed "Empowering Women Entrepreneurs: Unlocking Sector-Focused Financing Solutions," marked the launch of a groundbreaking initiative, the Project Guaranteed Loans for Women (GLOW), a substantial N10 billion fund specifically designed to empower women-owned businesses. This collaborative effort signifies a significant stride towards bridging the financing gap that often hinders the growth and scalability of women-led enterprises.
Paragraph 2: Recognizing the Untapped Potential of Women Entrepreneurs
Dr. Olasupo Olusi, the Managing Director and Chief Executive Officer of BOI, articulated the bank’s strategic commitment to gender-focused financial inclusion as a core element of its 2025-2027 strategy. Highlighting a 2020 PricewaterhouseCoopers study, he emphasized Nigeria’s leading position globally in women’s entrepreneurial activity. With an estimated 23 million female entrepreneurs accounting for a remarkable 41% of the nation’s micro-businesses, the potential for economic growth driven by women is undeniable. However, Dr. Olusi acknowledged that access to finance remains a significant impediment to these women fully realizing their business potential.
Paragraph 3: Addressing the Financing Gap: A Multi-Faceted Approach
The BOI’s commitment to empowering women entrepreneurs transcends the GLOW fund. Dr. Olusi unveiled the BOI Impact Fund, a dual-pronged initiative providing both equity and debt financing for entrepreneurs, with a particular focus on supporting women-owned enterprises. This strategic diversification of funding options demonstrates a nuanced understanding of the varying needs of businesses at different stages of their growth trajectory. Recognizing the importance of fostering a supportive ecosystem for women-led businesses, BOI has also invested $2 million in Aruwa Capital, a female-led investment firm. This strategic investment not only provides financial backing but also signifies a commitment to empowering women in the investment landscape.
Paragraph 4: Leveraging Partnerships for Enhanced Impact
Further solidifying its commitment to fostering financial inclusion, BOI entered into a $50 million partial risk guarantee partnership with the African Guarantee Fund. This initiative, introduced in the previous year, prioritizes funding for women-owned micro, small, and medium-sized enterprises (MSMEs), offering a substantial 75% loan guarantee. By mitigating the risks associated with lending to these businesses, BOI encourages increased lending from financial institutions, thereby broadening access to finance for women entrepreneurs. This collaborative approach leverages partnerships to amplify the impact of BOI’s initiatives.
Paragraph 5: The Urgent Need for Sector-Focused Financing
Dr. Weyinmi Eribo, the Director-General of WCCIMA, underscored the critical need for sector-focused financing for women-owned businesses. While acknowledging that these businesses represent some of the fastest-growing segments of the Nigerian economy, she highlighted the financial sector’s lag in recognizing and catering to this vital market. Despite women entrepreneurs accounting for over 40% of Nigeria’s SMEs, systemic barriers continue to impede their access to traditional financing. Dr. Eribo warned that without intentional and tailored financing solutions, these businesses will struggle to scale and compete effectively, hindering their potential contribution to the national economy.
Paragraph 6: Collaborative Efforts and a Shared Vision
Dr. Eribo commended BOI for its proactive initiatives, particularly the GLOW Fund, and praised the dedication of the bank’s Gender Desk team in bridging the long-standing financial disparities faced by women entrepreneurs. This recognition underscores the importance of dedicated teams within financial institutions focused on understanding and addressing the unique challenges faced by specific segments of the population. WCCIMA pledged its ongoing collaboration with BOI to ensure that these funding initiatives translate into tangible positive outcomes for female entrepreneurs. The shared vision of both organizations highlights a collective commitment to fostering an inclusive and equitable financial landscape that empowers women-owned businesses to thrive and contribute meaningfully to Nigeria’s economic prosperity.
