The Bank of Industry on Thursday, entered into a $50 million portfolio guarantee agreement with the Guarantee Fund to unlock substantial financing for women entrepreneurs, Micro, Small, and Medium Enterprises, and green businesses in Nigeria.
This portfolio, which supports the Affirmative Finance Action for Women in Africa initiative by the African Development Bank, provides guarantees of up to N75 billion.
Commenting, the Managing Director/Chief Executive, BoI, Dr. Olasupo Olusi, stated that the landmark initiative marks the beginning of an exciting new chapter for small businesses, which have long faced challenges with limited access to finance.
He said that the collaboration is set to drive inclusive growth, innovation, and sustainable development, emphasizing that it unlocks unprecedented opportunities for enterprises that represent a resilient, inclusive, and sustainable economic future for the 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 noted that the sector faced limited access to finance, which remained a major barrier to their growth and sustainability.
He stated that with AGF’s support, BoI would strengthen its commitment to these enterprises by providing the resources needed to scale their operations, drive innovation for impact, and expand into new markets.
Olusi 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 highlighted 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 would enhance its capacity to do even more. Olusi also commended the AGF for its steadfast 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.”
