The Bank of Industry (BOI) has partnered with the African Guarantee Fund (AGF) to sign a deal worth $50 million to support women-owned businesses, Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
The fund, which will be rolled out in three tranches over a 10-year period was signed at the Africa Investment Forum in Rabat (AFAWA) initiative.
BOI managing director, Olasupo Olusi, said the partnership will create gender base equality for women-owned businesses and also improve environmental sustainability.
Olusi also commended AGF for its commitment to support MSMEs and other entrepreneurs across the country.
He said, “This agreement with AGF amplifies our capacity to go even further.
“Your work in de-risking investments and enhancing financial inclusion has been instrumental in enabling transformative change, and we are honored to collaborate with you on this mission.
“The partnership includes a comprehensive risk sharing mechanism that focuses on supporting MSMEs, Women-Owned enterprises and Green businesses to promote environmental sustainability and gender equity.
“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.”
He added that BOI has given out over ₦1.6 trillion in loans to millions of MSMEs and have also created over nine million jobs in a decade.
AGF has unlocked over $5 billion in SME financing, through partnerships with over 250 partner financial institutions in 44 African countries.
The agreement is seen as a long-term strategic relationship for both parties that will unlock financing for SMEs and economic transformation in Nigeria.
