The Bank of Industry (BoI) on Thursday signed a $50 million portfolio guarantee agreement with Guarantee Fund (AGF) to unlock unprecedented financing for women entrepreneurs; Micro, Small, and Medium Enterprises (MSMEs), and green businesses in the country.
The portfolio, which is in support of the Affirmative Finance Action for Women in Africa (AFAWA) launched by African Development Bank (AfDB), guarantees up to N75 billion.
Speaking at the signing ceremony, Managing Director/Chief Executive, BoI, Dr. Olasupo Olusi, said the landmark initiative represented the dawn of an exciting new chapter for small businesses, which had struggled with limited access to finance.
He said the collaboration promised to drive inclusive growth, innovation, and sustainable development as “we are unlocking unprecedented opportunities for these enterprises that represent a resilient, inclusive and sustainable economic future for our nation”.
Olusi described MSMEs as “visionaries building the foundation of the economy, the innovators solving the most pressing challenges and the dreamers creating jobs that fuel our communities”.
He said the important sector was confronted with limited access to finance as a significant barrier to their growth and sustainability.
He said through AGF’s support, BoI will deepen its commitment to the enterprises, providing them with the resources to scale their operations, innovate for impact and expand into new markets.
The BoI managing director said, “By prioritising women-owned businesses and environmentally sustainable enterprises, we are saying that women must not just participate in Nigeria’s economic story—they must lead it.
“We are saying that sustainable, climate-conscious practices are not optional—they are imperative. This partnership also aligns seamlessly with the BoI’s mission to drive industrial transformation and our vision to lead Nigeria into a future defined by opportunity, equity and resilience.”
He pointed out that over the past decade, the bank had disbursed over N1.6 trillion in loans, supported millions of MSMEs, and created over nine million jobs. He added that the new agreement will amplify its capacity to do more.
Olusi commended the AGF for its unwavering commitment to supporting development across the continent.
He said, “Your work in de-risking investments and enhancing financial inclusion has been instrumental in enabling transformative change, and we are honoured to collaborate with you on this mission.
“As we formalise this agreement today, let us not just celebrate a deal but the potential it represents – the lives it will touch, the businesses it will empower and the legacy it will leave. Let us commit to ensuring that the impact of this partnership resonates beyond these walls, reaching every corner of Nigeria and setting a precedent for the continent.
“The road ahead is long, but it is also bright. Together, we will ensure that the seeds of hope and opportunity sown here today grow into a harvest of prosperity for the Nigerian economy.”
Olusi thanked the BoI team, AfDB AFAWA group and all stakeholders who had worked tirelessly to bring the agreement into fruition.
James Emejo
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