More
    HomeNewsNigeria secures $50m loan to boost women-owned businesses

    Nigeria secures $50m loan to boost women-owned businesses

    Published on

    spot_img

    The Bank of Industry (BoI) has secured a 50 million dollars loan portfolio from the African Guarantee Fund (AGF).

    This is in a bid to empower women entrepreneurs and drive economic growth in Nigeria.

    This innovative guarantee framework agreement is backed by the African Development Bank’s (AfDB) Affirmative Finance Action for Women in Africa (AFAWA) initiative.

    The loan, which will be disbursed over a 10-year period, is expected to scale up BoI’s lending to Small and Medium Enterprises (SMEs) in the country, with a focus on women-owned businesses and environmentally sustainable enterprises.

    READ ALSO:

    Nigeria Immigration Service blocks 14 internationally flagged individuals from entering country

    Independent Hajj Reporters Pay Courtesy Visit to NAHCON Chairman, Urge Prompt Preparations for 2025 Pilgrimage

    HOMEF trains locals on role in transition to renewable energy sources

    Dr Olasupo Olusi, Managing Director and Chief Executive Officer of BOI, spoke on the sidelines of the Africa Investment Forum, Market Days 2024, which ends on Friday in Rabat, Morocco.

    Olusi said that the partnership would propel Nigeria’s industrial sector by providing financial and business support services to enterprises.

    “Today, we signify a collaboration that promises to drive inclusive growth, innovation, and sustainable development,” he said.

    The AGF will also provide tailored guarantees and technical assistance toward special SME products offered by BOI, targeting women, youth and green businesses.

    This agreement is expected to unlock up to 100 million dollars in financing for SMEs in Nigeria.

    According to Olusi, the partnership is a significant step towards promoting economic growth and reducing unemployment in Nigeria.

    He said it also aligned with the Renewed Hope agenda of President Bola Tinubu’s administration.

    The African Development Bank’s Vice President, Agriculture, Human and Social Development, Dr Beth Dunford, emphasised the bank’s commitment to empowering women entrepreneurs and fostering economic growth in Nigeria.

    “This strategic partnership is a beacon of hope and progress for African businesses, particularly those led and owned by women,” she said.

    NAN

    Kindly share this story:

    Contact: [email protected]

    Stay informed!
    Follow us on: X.com: @TheReporter2024
    Follow us on: Facebook: TheReporterNigeria
    WhatsApp for breaking news, updates and exclusive content. Don't miss a headline – Click below to join now!
    WHATSAPP

    Latest articles

    My daughter was murdered for ritual, says victim’s father

    Father of Yetunde Lawal, Alhaji Ibrahim Lawal has said that Yetunde who was his...

    Suspected son of prominent Islamic scholar in police net for murder of final year student in Ilorin 

    One Yetunde Lawal, a female final year student, of the Kwara state College of...

    Jonathan urges African leaders to tackle instability with inclusion, economic empowerment

    Former President Dr. Goodluck Jonathan has advised African leaders to prioritise inclusion and economic...

    Amb Isola mourns demise of Chief Adebanjo

    Nigeria's immediate past High Commissioner to the United Kingdom, Ambassador Sarafa Tunji Isola has...

    More like this

    My daughter was murdered for ritual, says victim’s father

    Father of Yetunde Lawal, Alhaji Ibrahim Lawal has said that Yetunde who was his...

    Suspected son of prominent Islamic scholar in police net for murder of final year student in Ilorin 

    One Yetunde Lawal, a female final year student, of the Kwara state College of...

    Jonathan urges African leaders to tackle instability with inclusion, economic empowerment

    Former President Dr. Goodluck Jonathan has advised African leaders to prioritise inclusion and economic...