BOI commits to expanding financial access for women entrepreneurs — Business — The Guardian Nigeria News – Nigeria and World News

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’, the Managing Director/Chief Executive Officer, 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.

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 stated.

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 on ‘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.

The 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 labourers 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, the 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.

The Divisional Head of 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.