The Bank of Industry (BoI) has secured a $50 million loan portfolio from the African Guarantee Fund (AGF).
This is in a bid to empower women entrepreneurs and drive economic growth in Nigeria.
This innovative guarantee framework agreement is backed by the African Development Bank’s (AfDB) Affirmative Finance Action for Women in Africa (AFAWA) initiative.
The loan, which will be disbursed over a 10-year period, is expected to significantly scale up BOI’s lending to Small and Medium Enterprises (SMEs) in Nigeria, with a focus on women-owned businesses and environmentally sustainable enterprises.
Dr Olasupo Olusi, Managing Director and Chief Executive Officer of BOI, spoke on the sidelines of the Africa Investment Forum, Market Days 2024, which ends on Friday in Rabat, Morocco.
Olusi said the partnership would propel Nigeria’s industrial sector by providing financial and business support services to enterprises.
“Today, we signify a collaboration that promises to drive inclusive growth, innovation, and sustainable development,” he said.
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