The Bank of Industry (BoI) has teamed up with the African Guarantee Fund (AGF) to unlock N75 billion in financing aimed at empowering women entrepreneurs, Micro, Small, and Medium Enterprises (MSMEs), and environmentally sustainable businesses across Nigeria.
On Thursday, BoI signed a landmark $50 million portfolio guarantee agreement with AGF to support these sectors, aligning with the Affirmative Finance Action for Women in Africa (AFAWA) initiative launched by the African Development Bank (AfDB).
At the signing ceremony, Dr. Olasupo Olusi, Managing Director/CEO of BoI, described the partnership as a transformative step for small businesses, which have long faced challenges in accessing finance. He emphasized that the initiative will promote inclusive growth, innovation, and sustainable development by unlocking new opportunities for these vital sectors.
Olusi highlighted the essential role of MSMEs as “visionaries building the foundation of the economy, innovators solving pressing challenges, and dreamers creating jobs that fuel our communities.” Despite their importance, these businesses often struggle with limited access to capital, which hampers their growth and sustainability.
With AGF’s backing, BoI plans to significantly expand its support for these enterprises, helping them scale operations, innovate, and enter new markets. The partnership prioritizes women-led businesses and environmentally sustainable ventures, reinforcing the message that women must play a leading role in Nigeria’s economic future and that sustainable practices are essential for long-term growth.
Olusi noted that over the past decade, BoI has disbursed over N1.6 trillion in loans, supported millions of MSMEs, and created over nine million jobs. He expressed confidence that this new agreement will enhance the bank’s ability to further drive industrial transformation and contribute to a resilient, equitable future for Nigeria.
He commended AGF for its dedication to advancing financial inclusion and de-risking investments across Africa. Olusi also called for broader collaboration, stating, “This agreement is not just a deal, but a commitment to impact. Together, we will ensure that this partnership delivers prosperity for Nigeria’s economy, touching lives and empowering businesses across the nation.”
In closing, Olusi expressed gratitude to the BoI team, AfDB’s AFAWA initiative, and all stakeholders who contributed to bringing the agreement to fruition, emphasizing the long-term potential of the partnership for Nigeria and beyond.
