Tag: Bank of Industry

The Bank of Industry (BoI) has assured the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA) of its commitment to unlocking financial solutions for female entrepreneurs with strategic funding initiatives aimed at driving economic growth and innovation among women-led businesses in Nigeria.

This commitment was highlighted during the commemoration of International Women’s Day, jointly organised by BoI and WCCIMA in Lagos.

The event, themed “Empowering Women Entrepreneurs: Unlocking Sector-Focused Financing Solutions,” brought together over 80 women-led businesses to address critical financing gaps and explore actionable solutions for female entrepreneurs.

 Managing Director, Bank of Industry (BoI), Dr. Olasupo Olusi, emphasised the bank’s 2025-2027 strategy, which prioritises gender-focused financial inclusion.

  Citing a 2020 PricewaterhouseCoopers study, Olusi noted that Nigeria leads globally in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41 per cent of the country’s micro-businesses.

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  He said despite this progress, access to finance remains a major challenge for scaling their businesses.

  “Women entrepreneurs drive innovation, create jobs, and strengthen communities. However, financing remains one of their biggest challenges. Our goal today is to listen, demystify financing processes, and build a strong network that fosters sustainable growth,” he stated.

  To bridge this gap, Olusi announced the launch of a special intervention program called Project Guaranteed Loans for Women (GLOW), a N10 billion fund in partnership with WCCIMA aimed at supporting female entrepreneurs.

  Additionally, BoI introduced the BoI Impact Fund, which will provide both equity and debt financing for entrepreneurs in general but with special interest in women-owned enterprises.

  As part of its gender-focused financing drive, Olusi revealed that BoI has invested $2 million in Aruwa Capital, a female-led investment firm.

  Olusi further highlighted BoI’s $50 million partial risk guarantee partnership with African Guarantee Fund, introduced last year, which prioritises funding for women-owned micro, small, and medium enterprises (MSMEs), offering a 75 per cent loan guarantee.

  Also speaking at the event, the Director General of WCCIMA, Dr. Weyinmi Eribo, stressed the urgent need for sector-focused financing for women.

  She underscored that while women-owned businesses are among the fastest-growing in Nigeria, the financial sector has yet to fully recognise them as a critical market segment.

  Citing a 2020 International Finance Corporation (IFC) report, Eribo noted that the financing gap for women-owned businesses stands at over $42 billion, describing it as a missed opportunity for national economic growth, job creation, and poverty reduction.

  “Women entrepreneurs account for over 40 per cent of Nigeria’s small and medium-sized enterprises (SMEs), yet many remain excluded from mainstream financing due to systemic barriers,” she said.

  She warned that without intentional, tailored financing, women-led businesses would struggle to scale and compete.

  Eribo commended BoI for launching the GLOW Fund and acknowledged the contributions of the bank’s Gender Desk team, whose efforts, she said, are bridging long-standing financial gaps and creating opportunities for women to thrive.

  Eribo also pledged that WCCIMA in partnership with BoI will ensure that the funding initiatives translate into measurable impacts for female entrepreneurs.

The Bank of Industry (BOI) has reiterated its commitment to bridging the gender gap and accelerating economic opportunities for women entrepreneurs in Nigeria by expanding access to financing and business opportunities.

Speaking at BOI’s commemoration of International Women’s Day 2025, themed “Accelerate Action,” Managing Director, Bank of Industry (BOI), Dr. Olasupo Olusi, acknowledged progress in gender equality but highlighted persistent challenges.

He noted that one of the biggest obstacles for women entrepreneurs remains access to financing, as women-led businesses receive significantly less funding than their male counterparts, limiting their growth and economic impact.

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  Citing the 2024 Global Gender Gap Index by the World Economic Forum, Olusi pointed out that at the current pace, full gender equality would not be achieved until 2158, far beyond the 2030 Sustainable Development Goals (SDGs) target.

  He acknowledged Nigeria’s improved ranking on the index, moving from 139th place in 2023 to 125th in 2024, and emphasised the need for continued efforts to close the gap.

  Olusi said to address this disparity, BOI has increased its financing allocation to women-owned businesses from seven per cent to 15 per cent.

  “We have disbursed N108 billion to 921 women-owned and led businesses, this is just the beginning. Our goal is to continue breaking down systemic barriers and ensuring women entrepreneurs have access to the resources they need to thrive,” Olusi said.

  He highlighted BOI’s various initiatives to drive gender-inclusive financing and business empowerment, 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 improve financial inclusion for women entrepreneurs.

  He said through its partnership with the African Guarantee Fund (AGF), BOI has advanced a $50 million Partial Risk Guarantee (PRG) initiative, prioritising women-owned businesses and green MSMEs with a 75 per cent guarantee to de-risk lending.

  He also noted BOI’s role in implementing the N50 billion Presidential Conditional Grant Scheme (PCGS), which provides N50,000 grants to small business owners, as 344,768 women have benefited so far, representing 40 per cent of the total beneficiaries.

  Olusi also mentioned that under the N3.7 billion Rural Area Programme on Investment for Development (RAPID) fund, launched in May 2024, BOI has already disbursed N327 million to 55 women-owned businesses nationwide.

  Olusi called on businesses, policymakers and individuals to take bold steps in supporting women entrepreneurs and driving systemic change.

  At a panel session themed, “The Future of Work – Women Thriving in the Digital Economy,” top executives and entrepreneurs emphasised the need for deliberate support systems to bridge gender gaps in technology, finance, inclusion in the digital economy, sponsorship, funding and leadership representation.

Chief Executive Officer of Zest and President of the Fintech Association of Nigeria, Dr. Stanley Jacob, called for increased financial inclusion and digital empowerment for women.

  He highlighted the stark reality of financial exclusion in Nigeria, where 38 per cent of women remain outside the formal financial system, compared to 24 per cent of men.

  He also pointed to disparities in asset ownership, particularly in agriculture, where women make up over 70 per cent of farm laborers yet own less than 10 per cent of the land.

  Jacob emphasised the transformative role of digital platforms in leveling the playing field, citing fintech solutions, microfinance platforms and digital identity systems as key enablers of financial access for women.

   Similarly, Co-Founder and Chief Executive Officer of Shuttlers, Damilola Olokesusi, highlighted the difficulties women face in securing funding and leadership positions in the tech industry.

  She noted that female founders are often overlooked when listing top global tech entrepreneurs, which discourages young women from pursuing STEM careers.

 Olokesusi called for more deliberate support from funding institutions to ensure female-led businesses receive adequate backing as well as emphasise the need for women in leadership to invest in and support other women.

Divisional Head, Management Services at BOI, Adedayo Aderugbo, stressed that technology should not become an additional barrier for women in developing countries.

  She advocated a shift from mentorship to sponsorship, urging women to actively uplift one another by sharing technological tools and knowledge that enhance workplace efficiency.

The Bank of Industry (BoI) says a well designed Credit Guarantee Instruments (CGI) will unlock the full potential of Nigeria’s enterprises, laying foundation for a resilient and inclusive economy.

BoI’s Managing Director, Dr Olasupo Olusi, said this in a statement on yesterday, adding that a coordinated Public-Private Partnership (PPP) was essential to implementing an effective Credit Guarantee Instrument (CGI) in the country.

He said that CGIs are mechanisms designed to reduce the risks financial institutions face when lending to businesses.

A third party, such as a government agency or a specialised institution, guarantees a portion of the loan, ensuring that lenders recover part of their losses if borrowers’ default.

By reducing the perceived risk, CGIs incentivise lenders to extend credit to underserved sectors, including Micro, Small and Medium Enterprises (MSMEs).

The managing director added that in the country’s bustling markets and commercial districts, millions of business owners shared a common struggle of accessing tailored financing needed to scale-up their operations.

He observed that various reports from both local and international development agencies indicated that about five to 10 per cent of Nigerians had access to adequate financing.

“In Nigeria, a limited capacity to package projects, lack of collateral, inadequate credit history and general risk aversion by financial institutions are key factors constraining credit access.

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“Given the private sector’s critical role in job creation and economic development, addressing this financing gap is essential.

“As Nigeria aims to achieve its goal of becoming a trillion-dollar economy under President Bola Tinubu’s Renewed Hope agenda, closing the financing gap is critical as MSMEs are the engine of growth.

“Credit Guarantee Instruments (CGIs) emerge as a transformative tool to unlock credit flow, deepen financial inclusion, and drive sustainable economic growth,” he said.

Olusi listed global CGI models to include South Korea’s Credit Guarantee Fund (KODIT), Chile’s Fondo de Garantía para Pequeños Empresarios (FOGAPE), and Turkey’s Credit Guarantee Fund (KGF).

He, however, noted that not all CGI programmes were successful while some showed promise, they fell short of achieving their full potential due to design flaws and implementation challenges.

Olusi stated that to avoid repeating these mistakes, Nigeria must adopt a tailored approach that incorporates global best practices while addressing local needs.

He said a formalised credit guarantee scheme would create a more inclusive financial ecosystem, ensuring that businesses of all sizes could access the funding needed to grow.

“These experiences highlight the need for a solid framework to guide the operationalisation of CGI.

“A well designed credit guarantee scheme could significantly transform Nigeria’s financial landscape by reducing lender risk and unlocking access to affordable financing for enterprises.

“For instance, tech startups and agricultural enterprises could leverage financing to adopt advanced tools, expanding their market reach and operational efficiency.

“As Nigeria seeks to diversify its economy away from fossil fuel dependence, CGIs can channel resources into non-oil sectors such as agriculture, manufacturing, technology and services.

“These sectors have immense potential to drive economic diversification, create employment opportunities, and reduce poverty which could be transformative for the Nigerian economy,” he said.

Olusi noted that while Dvelopment Finance Institutions (DFIs), such as BoI, had made strides in supporting businesses, their reach remained limited by the need to optimise risk management.

He said CGI could complement these efforts by mobilising private sector participation in commercial lending, leading to expanded credit pool and long-term investments in economic growth.

“As part of its recognition of the critical nature of CGIs in fulfilling its mandate, the Bank of Industry in December 2024 signed a 50 million dollars Loan Portfolio Guarantee Agreement with the African Guarantee Fund (AGF).

“This would provide funding for MSMEs and women owned businesses in line with BOI’s six thematic areas.

 “Steps such as tailored design, effective risk management, stakeholders collaboration, transparency and accountability, awareness and capacity building should guide CGI design and implementation.

“Stakeholders, including the government, banks, DFIs and development partners must collaborate to bring this vision to life,” he said.

• Nets two billion Euros in loan syndication

The Bank of Industry (BoI), has garnered over $5 billion from the international capital markets through Eurobonds, loan syndications, and green

finance instruments, the Managing Director/CEO of the Development Finance Institution, Dr. Olasupo Olusi, has said.

Olusi, who made this known yesterday at a press briefing heralding the bank’s 65th year in operation, also said that this month, BoI “concluded a global loan syndication that raised nearly two billion euros which in his words, “is the largest fundraising in BoI’s history and indeed the largest syndication in the history of African DFIs.

“As we mark this historic milestone,” he continued, “I would like to highlight some of the bank’s key

achievements over time.”

Olusi, who assumed the headship of bank about a year ago, went into memory lane to itemise the salient accomplishments that have laced the bank’s trajectory since its establishment in 1959.

He said BoI’s authorised share capital was increased to N250 billion in 2017 so as to put the bank in a position to address its mandate better, adding that this was subsequently increased to N500 billion in May 2023.

He said given the pivotal role of Micro Small and Medium Enterprises (MSMEs) in national economic development, BoI in 2014 engaged 122 Small and Medium Enterprises (SME)consultants and entered strategic alliances with 10 SME-friendly commercial banks, saying that as of today, BoI has over 300 Business Development Service providers supporting SMEs nationwide.

“The bank also has a robust on-lending program with various financial institutions, including microfinance banks and fintechs,” he said.

Amongst its other milestone accomplishments, Olusi said,  BOI has its presence in 33 states nationwide.

The BOI boss admitted that the DFI had leveraged on partnerships t for its accomplishments .

As he put it: “One key thread in achieving these milestones through the years is our partners.

BoI has established strategic partnerships with key local public and private institutions, as well as global financial and multilateral institutions to enable the bank to fulfill its mandate effectively.”

Olusi admitted that BOI partners with state governments, and Foundations to establish the “Matching Fund” scheme.

“We also have partnerships with trade associations, such as the National Association of Small and Medium Enterprises (NASME), Nigerian Association of Small-Scale Industrialists (NASSI), and Manufacturers Association of Nigeria (MAN), to deepen real sector financing.”

He said BOI recently signed a partnership agreement with SMEDAN to provide Nano and Micro Enterprises in Nigeria with a ₦1 billion fund at a single-digit interest rate, in addition to partnerships with several other public agencies like Nigeria Content Development and Monitoring Board (NCDMB) to support specific sectors.

He said in November last year, the Federal Government appointed BOI as the executing agency for the ₦200 billion FGN MSME Intervention Fund, which includes a ₦50 billion Presidential Conditional Grant Scheme (PCGS), a ₦75 billion Manufacturing Sector Fund, and a ₦75 billion MSME Intervention Sector Fund.

This program, he said, is currently being disbursed, saying there are numerous stories on the impact on private enterprises.

Olusi said the bank’s strategic partnerships also extend to numerous organisations, such as the Africa Development Bank (AfDB), the African Finance Corporation (AFC), Investment Climate Reform (ICR) initiative, the African Guarantee Fund (AGF), the Multilateral

Investment Guarantee Agency (MIGA), the United States Export-Import Bank (USEXIM), the International Finance Corporation (IFC), among  several others.

He said BOI has revised its strategy to focus on impact and introduced various strategic initiatives in alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda and in response to emerging macroeconomic issues.

In 2024, he said the bank introduced six thematic focus areas to drive developmental impact in the following areas—Gender, Climate and Sustainability, Youth and Skills, Digital Economy, and Infrastructure.

These themes, he said, stemmed from their importance to Nigeria’s overarching development and will guide “our financing interventions in the Nigerian economy.”

This year, we launched the Rural Areas Program on Investment for Development (RAPID) program, to promote financial inclusion and support the development of micro and small businesses in rural Nigeria, he said, focusing on youth and women.

In addition, he said, the bank is focused on improving “on our product offerings with plans to scale up Non-Interest Banking (NIB), Export Credit Agency (ECA) and Supply Chain Finance (SCF) with a view to provide

adequate financing to various economic clusters, recognising our national diversity to drive economic growth.”

In alignment with Nigeria’s sustainability agenda, Olusi said, BOI has also launched a climate- focused initiative. As a testament to this, BOI has been nominated as a Direct Access Entity by the Nigeria Climate Change Commission (NCCC) to access financing for climate projects through the Green Climate Fund (GCF).

This designation, he revealed, has empowered BOI to spearhead climate initiatives and support sustainable development efforts in Nigeria.

In October 2024, the Bank held its first Inaugural Annual Lecture Series & launched two publications, the BOI Journal of Development Finance (Technical) and the BOI Journal of Development Review (Non-Technical); as well as a price intelligence platform for real-time monitoring of price variations of food commodities across the country.

He said this platform seeks to enhance transparency and accountability in the food commodity market by providing real-time insights into price trends, stabilising markets, protecting consumers and informing policy decisions.

Beyond the Bank’s efforts, we have also started to implement steps to ensure our subsidiaries become key contributors to national impact.

He said the BOI board approved a ₦50 billion recapitalisation of one of its subsidiaries ― LECON Financial Services, saying the new funding will enable LECON to support key sectors and better respond to increasing customer interest in asset acquisition through leasing as an alternative to outright

purchasing equipment at a relatively lower cost and longer tenure, thereby taking pressure off business owners.

Another subsidiary of the bank, BOI Investment and Trust Company Limited (BOI-ITC), has been re-issued by the Securities and Exchange Commission (SEC), its Trusteeship Operating License. BOI-ITC will re-enter the

trusteeship market, focusing on Trusts/Trusteeship Services, Consultancy, Business Advisory, Governance Advisory, and Nominee Services. We have increased the capitalization of BoI Microfinance Bank to enable it to obtain a state licence, rather than its current unit licence.

Our people are at the heart of BoI’s strategy. As a result, we have prioritized staff engagement and improved their welfare through professional development opportunities, employee recognition programs, wellness initiatives, workplace support advocates, and so on.

All these efforts have not gone unnoticed. In the past year, BOI has garnered multiple awards including the EMEA Award for “Best Social Development Program in Africa” for the Investment in Digital and Creative Economy (iDICE), the SERAS Award for “Best Company in Financial Inclusion” and “Most Effective MDA/Parastatal in Sustainable Development,” and the Philips Consulting Ltd. Award for “Best Website and Overall Best Digital Presence for a Federal Parastatal.” (IoD).

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As we celebrate our past achievements, we also recognise the opportunities and challenges that lie ahead. We live in a time of rapid technological advancement, shifting economic dynamics, and growing environmental concerns. Looking into the future, we reaffirm our commitment to driving sustainable industrialisation, supporting clients with innovative financing solutions, expanding our partnerships, strengthening financial inclusion efforts, and working closely with government agencies to advocate for policies that foster a supportive business environment, particularly for MSMEs and start-ups, thus, building a resilient and inclusive economy.

This anniversary is a testament not just to the longevity of our institution but also to the resilience, adaptability, and shared purpose that we carry in our mission.

To our partners and stakeholders who have contributed to our journey, thank you for your passion, dedication, and belief in our vision.

To the board members, executive management, and bank staff, your diligence and hard work are deeply appreciated.

As we embark on the next chapter, I am confident that together, we will continue to surpass limitations, create new opportunities, and build a brighter future for Nigeria.

Thank you all for being a part of this celebration. Here is to our continued success and impact for many more years to come