By Adenike Lawal
The Bank of Industry (BOI) has disbursed N108 billion in loans to 921 women-led businesses, reinforcing its commitment to bridging the gender gap and boosting economic opportunities for female entrepreneurs in Nigeria.
Speaking at the 2025 International Women’s Day celebration themed “Accelerate Action,” BOI’s Managing Director and CEO, Dr. Olasupo Olusi, highlighted persistent challenges hindering women entrepreneurs, particularly limited access to financing.
“Businesses led by women receive significantly less funding than those run by men, limiting their growth and economic impact,” Dr. Olusi noted.
He referenced the 2024 Global Gender Gap Index by the World Economic Forum, which projects full gender equality only by 2158, far beyond the 2030 Sustainable Development Goals (SDGs) target.
However, he acknowledged Nigeria’s improvement on the index, climbing from 139th place in 2023 to 125th in 2024.
To tackle financial disparities, BOI has doubled its funding allocation for women-owned businesses from 7% to 15%.
“We have disbursed N108 billion to 921 women-led businesses—this is just the beginning. Our goal is to break systemic barriers and provide women entrepreneurs with the resources they need to succeed,” Dr. Olusi stated.
He also outlined BOI’s initiatives to drive gender-inclusive financing, including the Women Entrepreneurs Finance Initiative (We-Fi) Code, developed in collaboration with the Central Bank of Nigeria (CBN) and the Development Bank of Nigeria (DBN) to expand financial inclusion for women.
Additionally, BOI, in partnership with the African Guarantee Fund (AGF), has launched a $50 million Partial Risk Guarantee (PRG) initiative, prioritizing loans to women-owned businesses and green MSMEs.
This program provides a 75% loan guarantee, reducing risks for lenders and encouraging more investment in female-led enterprises.
BOI’s bold steps mark a significant push towards economic empowerment, financial inclusion, and gender equality in business.
