BOI supports Women-owned businesses with $6.02m

Alex Omenye
Alex Omenye

The Bank of Industry has reiterated its commitment to supporting gender equality and women’s financial inclusion by disbursing $6.02 million out of its $10 million investment commitment to the Alitheia Fund.

During the BOI International Women’s Day 2024 event themed “Inspire Inclusion,” Dr. Olasupo Olusi, the Managing Director of BOI, represented by Ms. Mabel Ndagi, Executive Director of the Micro Enterprise Directorate, highlighted the significance of the Alitheia Fund, a $100 million gender-lens fund investing in women-owned, women-led, or women-servicing companies across diverse sectors.

Olusi stated, “This is a $14.27 million initiative designed to support women-owned businesses, particularly those in economically disadvantaged areas due to conflicts and social unrest. As of February 2024, the bank had disbursed the sum of N5.9 billion to 551 beneficiaries. We are currently working with the African Development Bank (AfDB) on its AFAWA initiative, a Pan-African initiative to bridge the $42 billion financing gap women in Africa face.”

BOI has created special funding and business support for female entrepreneurs, making gender funding one of the bank’s six thematic critical areas of focus and support. This aligns with President Bola Ahmed Tinubu’s commitment to social inclusion, women’s empowerment, and economic support for disadvantaged women and mothers.

Mrs. Omoyemi Akerele, Founder of Lagos Fashion Week, emphasized the importance of adopting sustainability models in the textile industry to contribute significantly to women’s empowerment. She highlighted the role of creativity in community art and ecosystem development but stressed that unsustainable patterns in textile production contribute to sustainability issues by leaving a carbon footprint.

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