The Bank of Industry has pledged to the Women’s Chamber of Commerce, Industry, Mines, and Agriculture its dedication to offering financial services tailored for women running businesses within this domain.
As stated by BOI on Friday, this pledge was announced during an occasion celebrating International Women’s Day, which was co-organized by BOI and WCCIMA in Lagos.
The theme of the event was 'Empowering Female Entrepreneurs: Discovering Tailored Financial Solutions.' It gathered more than 80 enterprises led by women to tackle significant funding shortages and discuss practical strategies for businesswomen. The gathering also introduced the Launchpad Assured Loans for Females, a ₦10 billion initiative developed alongside WCCIMA designed to assist women starting their own ventures.
During his speech, the Managing Director and CEO of BOI, Dr Olasupo Olusi, highlighted the bank’s strategic plan for 2025-2027, with a strong focus on promoting gender-specific financial inclusivity.
According to a 2020 report from PricewaterhouseCoopers cited by Olusi, Nigeria tops the list in terms of women's entrepreneurial engagement, with 23 million female entrepreneurs making up 41 percent of the nation's small businesses.
Even with this advancement, accessing funds continues to be a significant hurdle for expanding their enterprises.
"Female business owners stimulate innovation, generate employment opportunities, and fortify local communities. Nonetheless, securing funding continues to be one of their primary obstacles. Today, our objective is to listen, clarify financial procedures, and establish a robust network that encourages enduring development," he emphasized.
Olusi pointed out that the N10bn fund is intended to fill the funding shortfall.
Furthermore, BOI launched the BOI Impact Fund, designed to offer both equity and debt funding specifically for entrepreneurs, with an emphasis on supporting businesses owned by women.
In line with its initiative for gender-specific funding, Olusi announced that BOI has committed $2 million to Aruwa Capital, an investment company led by women.
Olusi also emphasized the $50 million partial risk guarantee collaboration between BOI and the African Guarantee Fund, launched previously, focusing on providing funding support for women-owned micro, small, and medium-sized businesses, with a pledge of up to 75 percent loan guarantee.
At the event, Dr. Weyinmi Eribo, the Director-General of WCCIMA, also addressed the audience, highlighting the critical necessity for targeted financial support specifically aimed at empowering women in various sectors.
She mentioned that businesses owned by women are amongst the quickest expanding in Nigeria; however, the financial sector has not completely acknowledged them as a crucial market segment yet.
"Over 40 percent of Nigeria's small and medium-sized businesses are run by women entrepreneurs; however, many still face exclusion from conventional funding sources because of systemic obstacles," she stated.
She cautioned that without purposeful, customized funding, enterprises led by women may find it difficult to expand and stay competitive.
Eribo praised BOI for introducing the GLOW Fund and recognized the work of the bank’s Gender Desk team, noting that their initiatives are addressing persistent financial disparities and providing chances for women to flourish.
Eribo further committed that WCCIMA, alongside BOI, will guarantee that these financing programs result in tangible outcomes for women business owners.
Provided by SyndiGate Media Inc. Syndigate.info ).
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