The Bank of Industry (BOI) and African Guarantee Fund (AGF) have signed a $50 million portfolio guarantee agreement in support of the African Development Bank Group’s (AfDB) Affirmative Finance Action for Women in Africa (AFAWA).
Dr Olasupo Olusi, Managing Director, BOI, made this known on Friday in Lagos, via a statement.
Olusi said the milestone represented the dawn of an exciting new chapter for women entrepreneurs, Micro, Small, and Medium Enterprises (MSMEs) and green businesses in Nigeria.
He said the development solidified a collaboration that promises to drive inclusive growth, innovation, and sustainable development.
“With this portfolio guarantee of up to N75 billion, we are unlocking unprecedented opportunities for these enterprises that represent a resilient, inclusive and sustainable economic future for our nation.
“The MSMEs we serve are the visionaries building the foundation our economy, the innovators solving the most pressing challenges and the dreamers creating jobs that fuel our communities.
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“Yet, they are posed with limited access to finance as a significant barrier to their growth and sustainability.
“Today’s agreement is a bold step to dismantle this barrier,” he said.
The BOI MD said through the AGF’s support, the bank would deepen its commitment to these enterprises, providing them with the resources to scale their operations, innovate for impact and expand into new markets.
He said that by prioritising women-owned businesses and environmentally sustainable enterprises, women must not just participate in Nigeria’s economic story, but must lead it.
He said the partnership also aligned seamlessly with the BOI’s mission to drive industrial transformation and its vision to lead Nigeria into a future defined by opportunity, equity and resilience.
Olusi revealed that over the past decade, the bank had disbursed over 1.6 trillion naira in loans, supported millions of MSMEs, and created over nine million jobs.
He said the agreement with AGF amplified the bank’s capacity to go even further.
“I must commend the AGF for its unwavering commitment to supporting development across the continent.
“Your work in de- risking investments and enhancing financial inclusion has been instrumental in enabling transformative change, and we are honored to collaborate with you on this mission.
“Let us commit to ensuring that the impact of this partnership resonates beyond these walls, reaching every corner of Nigeria and setting a precedent for the continent,” he said. NAN