The Bank of Industry (BoI) has secured a $50 million loan facility from the African Guarantee Fund (AGF) to boost women-led enterprises and drive Nigeria’s economic growth. The initiative is supported by the African Development Bank’s (AfDB) Affirmative Finance Action for Women in Africa (AFAWA) program, emphasizing financial inclusion and sustainable development.
The loan, set to be disbursed over a 10-year period, aims to significantly increase BoI’s lending to Small and Medium Enterprises (SMEs), particularly women-owned businesses and eco-friendly ventures.
Speaking at the Africa Investment Forum in Rabat, Morocco, BoI’s Managing Director, Dr. Olasupo Olusi, highlighted the partnership’s potential to transform Nigeria’s industrial sector by offering financial and business support to enterprises.
“This collaboration promises to drive inclusive growth, innovation, and sustainable development,” Olusi stated.
The AGF will also provide specialized guarantees and technical assistance to support BoI’s tailored SME products, focusing on women, youth, and green businesses. This agreement is projected to unlock up to $100 million in financing for Nigerian SMEs.
AfDB Vice President for Agriculture, Human, and Social Development, Dr. Beth Dunford, reaffirmed the bank’s commitment to empowering women entrepreneurs, describing the partnership as a “beacon of hope” for African businesses led by women.
This initiative aligns with Nigeria’s “Renewed Hope” agenda under President Bola Tinubu’s administration and is expected to stimulate economic growth while reducing unemployment across the country.