BOI Disburses N108 Billion to 921 Women-Owned Businesses to Bridge Gender Gap
In a significant move to empower women entrepreneurs and bridge the gender gap in Nigeria’s economy, the Bank of Industry (BOI) has disbursed N108 billion in loans to 921 women-owned businesses. The initiative, announced during BOI’s commemoration of International Women’s Day 2025, underscores the bank’s commitment to expanding access to financing and business opportunities for women.
Speaking at the event themed “Accelerate Action,” BOI’s Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, highlighted the progress made in advancing gender equality while acknowledging the persistent challenges faced by women entrepreneurs.
“One of the biggest obstacles for women entrepreneurs remains access to financing. Women-led businesses receive significantly less funding than their male counterparts, limiting their growth and economic impact,” Olusi stated.
Addressing the Gender Financing Gap
Citing the 2024 Global Gender Gap Index by the World Economic Forum, Olusi noted that at the current pace, full gender equality would not be achieved until 2158, far beyond the 2030 Sustainable Development Goals (SDGs) target. While Nigeria improved its ranking from 139th place in 2023 to 125th in 2024, Olusi emphasized the need for continued efforts to close the gap.
To address this disparity, BOI has increased its financing allocation to women-owned businesses from 7% to 15%. “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.
BOI’s Gender-Inclusive Initiatives
Olusi highlighted several initiatives by BOI to drive gender-inclusive financing and business empowerment. These include 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.
Additionally, through its partnership with the African Guarantee Fund (AGF), BOI has advanced a $50 million Partial Risk Guarantee (PRG) initiative. This initiative prioritizes women-owned businesses and green micro, small, and medium enterprises (MSMEs), offering a 75% guarantee to de-risk lending and encourage financial institutions to support these sectors.
Impact on Women Entrepreneurs
The N108 billion disbursement is expected to have a transformative impact on women-owned businesses across Nigeria, enabling them to scale their operations, create jobs, and contribute to the nation’s economic growth. By addressing the financing gap, BOI aims to unlock the untapped potential of women entrepreneurs, who play a critical role in driving innovation and development in various sectors.
Broader Implications for Nigeria’s Economy
The initiative aligns with Nigeria’s broader economic goals, including the diversification of the economy and the promotion of inclusive growth. By empowering women entrepreneurs, BOI is not only addressing gender inequality but also fostering a more resilient and dynamic economy.
Stakeholders have praised BOI’s efforts, noting that increased access to financing for women-owned businesses can lead to higher productivity, improved livelihoods, and greater economic stability. However, they also called for sustained efforts to address other barriers faced by women entrepreneurs, such as limited access to markets, training, and mentorship.
Looking Ahead
As BOI continues to expand its support for women entrepreneurs, the bank has pledged to intensify its efforts to break down systemic barriers and create an enabling environment for women to thrive. This includes leveraging partnerships, innovative financing models, and capacity-building programs to ensure that women entrepreneurs have the tools and resources they need to succeed.
The N108 billion disbursement marks a significant milestone in BOI’s commitment to gender equality and economic empowerment. It also serves as a call to action for other stakeholders to join forces in accelerating progress toward achieving the SDGs and creating a more inclusive and prosperous Nigeria.
