Give to Gain: BOI’s game-changing initiatives to empower women, boost the economy

The Bank of Industry (BOI) is leading Nigeria’s push to unlock the economic power of women entrepreneurs by expanding access to finance, building strategic partnerships, and creating targeted funding programmes designed to help women-led businesses grow, thrive and contribute meaningfully to the economy.

With President Bola Ahmed Tinubu’s commitment to economic diversification and industrial growth, empowering women entrepreneurs has been identified as critical in building a resilient and inclusive economy.

At the commemoration of the 2026 International Women’s Day, the Managing Director and Chief Executive Officer of the Bank, Dr Olasupo Olusi, described women’s empowerment not merely as a social objective but as an economic imperative capable of transforming industries, communities and national productivity.

“International Women’s Day offers us an important moment to reflect on the progress made towards gender equality while recommitting ourselves to the work that still lies ahead,” he said. “It is also a time to celebrate the remarkable contributions of women across every sector of our society.”

His remarks adequately capture the bank’s broader approach to development finance, one that recognises women not just as beneficiaries of economic policy, but as central drivers of enterprise, innovation and inclusive growth.

Across Nigeria, women are increasingly shaping the entrepreneurial landscape. From agro-processing and food production to creative industries, manufacturing and services, women-owned enterprises play a significant role in job creation and economic activity.

Nigeria hosts one of the most dynamic communities of female entrepreneurs globally. According to Dr Olusi, an estimated 23 million women entrepreneurs operate across Nigeria, accounting for more than 40 percent of microbusinesses. In markets, farms and service enterprises across the nation, women continue to demonstrate remarkable resilience, creativity and determination.

However, despite their growing influence, many women entrepreneurs still face limited access to finance, preventing promising businesses from investing in equipment, expanding operations, or scaling production. Structural barriers also persist within the financial ecosystem. For instance, Dr Olusi highlighted that nearly nine out of ten Nigerian women do not own land, one of the most commonly required forms of collateral for securing business loans.

Yet global research cited by the MD shows that empowering women economically produces measurable development outcomes. According to the Food and Agriculture Organisation (FAO), if women farmers had the same access to productive resources as men, agricultural output across 34 developing countries could increase by up to four percent, potentially reducing global hunger by as much as 150 million people. “What this tells us is simple,” Olusi said. “The talent, ambition and entrepreneurial spirit are already present. What is still needed is greater access to opportunity.”

Recognising this gap, the Bank of Industry has made women’s economic empowerment a core part of its development strategy, backing that commitment with funding, partnerships, and innovative financing structures.

The numbers already reflect the impact. As of 2025, BOI has mobilised ₦118.8 billion in gender-focused financing and has disbursed a total of ₦150 billion to support 2,614 women-qualifying MSME businesses across Nigeria, demonstrating the bank’s strong commitment to closing the gender financing gap.

Dr Olusi emphasised that the theme of the 2026 International Women’s Day celebration—“Give to Gain”—captures the philosophy guiding the bank’s gender initiatives. According to him, societies that deliberately invest in women through education, mentorship, access to finance and leadership opportunities reap wide-ranging economic and social benefits.

“When societies invest in women, families grow stronger, businesses become more productive, and economies become more resilient,” he noted. “Empowering women is therefore not simply an act of inclusion. It is a powerful driver of economic growth, innovation and sustainable development.”

Institutionalizing Gender Inclusion in BOI’s Development Finance Strategy

What distinguishes BOI’s approach is that gender inclusion is not treated as an isolated initiative but embedded directly into the bank’s development strategy. BOI has identified gender as a key thematic focus area, supported by a dedicated Gender Business Desk and thematic champions appointed across the institution to drive implementation.

The bank also applies a Gender Lens Investing model, aligned with the globally recognised 2X Challenge criteria, which ensures that investments support businesses that advance gender inclusion through ownership, leadership, employment, or supply chains. This focus is further embedded in the bank’s 2025–2027 corporate strategy, which targets at least 15 percent of its total loan portfolio to MSME gender businesses.

Dr Olusi also reiterated this priority during his remarks at the IWD event, emphasising that gender inclusion has become a strategic consideration guiding how the bank deploys capital and builds development partnerships.

“At the Bank of Industry, gender inclusion is not simply an aspiration,” he said. “It is a strategic priority that guides how we design programmes, deploy capital and build partnerships to support enterprise growth across Nigeria.”

That strategic focus has translated into measurable outcomes, with recent figures indicating a sharp increase in support for women-led businesses. In 2025 alone, 1,846 women-qualifying MSME businesses were financed, marking a 396 percent jump in a single year compared to the annual average recorded between 2022 and 2024, when 372 women-qualifying businesses were financed over the three-year period.

The sharp growth reflects the bank’s deliberate effort to embed gender targets into its institutional strategy and support them with dedicated funding programmes. Much of the 2025 surge was driven by the bank’s effective implementation of the federal government’s MSME Intervention Fund and the Rural Area Programme on Investment for Development (RAPID), both of which prioritise women and youth entrepreneurs.

Expanding Opportunities For Women Entrepreneurs

BOI’s gender portfolio now spans multiple financing channels, providing tailored support to women entrepreneurs at every stage of business growth. Through these initiatives, the bank has strengthened enterprises across sectors where women are most active, driving business expansion, job creation, and broader economic impact.

Of the 2,614 women-led businesses supported, agro-processing accounts for 32 percent (839), followed by the creative industry at 30 percent (788) and food processing at 23 percent (602). Together, these three sectors account for over 85 percent of the bank’s gender-focused portfolio, demonstrating how the bank’s financing also aligns with the real economy by supporting industries that promote food security, local production, and sustainable community livelihoods.

But beyond lending, BOI is also implementing several national programmes designed to broaden economic participation among women entrepreneurs across the country.

One example is the ₦50 billion Presidential Conditional Grant Scheme (PCGS), designed to provide grants of ₦50,000 to small businesses across Nigeria.

So far, 344,768 women entrepreneurs have benefited from the scheme, representing 40 percent of the programme’s reach across the 774 local government areas.

Similarly, through the Government Enterprise Empowerment Programme (GEEP) and N-Power Social Investment Programme, BOI facilitated the disbursement of ₦68 billion to 2.9 million beneficiaries, with 56 percent—approximately 1.6 million—being women.

These programmes demonstrate how large-scale interventions can expand economic opportunities for women across both urban and rural communities.

Creating Financing Solutions Designed For Women

Beyond national programmes, BOI has developed dedicated products aimed specifically at addressing the financing needs of women entrepreneurs. One of the most prominent is the Guaranteed Loans for Women initiative, widely known as GLOW, a ₦10 billion financing programme which the bank launched in 2025 to provide affordable loans of up to ₦50 million to female entrepreneurs.

Dr. Olusi explained that the programme was designed not only to provide access to affordable capital but also to support women entrepreneurs with the resources required to scale sustainably.

Specifically, the programme combines access to capital with mentorship, capacity building, networking opportunities, and market access support, ensuring that women entrepreneurs, in addition to receiving funding, are also equipped with the tools to build sustainable businesses. So far, more than 41,000 female entrepreneurs have applied for the programme, and applications are currently being processed.

Other targeted initiatives include the Business Development Fund for Women (BUDFOW), a ₦89 million fund established by the Federal Ministry of Women Affairs to support women-owned MSMEs. The fund has already been disbursed to over 55 women-led businesses and is now being reactivated to expand its impact.

BOI is also supporting rural entrepreneurs through the Rural Area Programme on Investment for Development (RAPID). Initially launched with ₦3.7 billion, the programme has since expanded to ₦10 billion, providing financing of up to ₦10 million for businesses operating in rural communities. Importantly, RAPID includes a conditional grant component, meaning that once beneficiaries repay 60 percent of their loan, the remaining 40 percent is converted into a grant. More than 40 percent of the programme’s disbursements have gone to women entrepreneurs in rural areas, ensuring that financing reaches those who often face the greatest barriers to capital.

To expand access to finance for women entrepreneurs, the bank has secured a $50 million Partial Risk Guarantee facility with the African Guarantee Fund, a development finance institution supporting small businesses across Africa. The facility provides up to 75 percent risk coverage for loans to women-owned businesses, unlocking much-needed capital and reducing the barriers that often prevent smaller enterprises from growing and creating jobs.

 

Empowering Women Internally: BOI Amazons

The Bank of Industry’s commitment to empowering women extends beyond financing external businesses to nurturing its own workforce. In March 2024, the Bank launched “BOI Amazons,” a dedicated platform for female employees focused on collaboration, professional growth, and innovation. This widely commended internal initiative reflects the same philosophy behind BOI’s gender-focused financing programs, ensuring that the support and opportunities the Bank provides to women entrepreneurs are reinforced within its own organisation. By aligning internal practices with external programs, the Bank is able to strengthen its organisational effectiveness while advancing the broader mission of promoting gender equality and inclusive economic growth across Nigeria.

Advancing Gender Financing Through Strategic Partnership

BOI’s initiatives are further reinforced through strategic partnerships that broaden financing options and help lower barriers to lending. On October 9, 2024, it joined the Central Bank of Nigeria (CBN) and the Development Bank of Nigeria (DBN) to sign the Women Entrepreneurs Finance Code declaration, marking a major milestone in advancing financial inclusion for women entrepreneurs. The partnership aims to establish a national coalition dedicated to expanding financing opportunities for women-owned businesses across Nigeria.

It has also entered into a $50 million Loan Portfolio Guarantee Framework with the African Guarantee Fund (AGF), backed by the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative.

Under this framework, women-owned businesses and green projects receive up to 75 percent guarantee coverage, significantly reducing the risk associated with lending to smaller enterprises.

Additional partnerships include the bank’s $2 million investment in Aruwa Capital Fund II, a female-led private equity fund focused on businesses advancing gender equality, as well as its $10 million equity contribution to the $100 million Alitheia Fund, which supports women-led companies across sectors such as hygiene products, healthy foods, education supplies, and humanitarian goods.

Together, these partnerships help strengthen Nigeria’s gender-focused investment ecosystem.

How BOI’s Support For Women-led Businesses Is Driving Inclusive Growth

Across sectors, BOI financing is helping women-owned businesses invest in equipment, strengthen operations and unlock growth opportunities that would otherwise remain out of reach.

One beneficiary, TRT Arredo, a woman-led woodwork manufacturing company in Abuja, exemplifies how strategic support from institutions like BOI can transform businesses. Lucy Agwunobi, the company’s co-founder and Chief Operations Officer, explains that BOI financing allowed the business to overcome its initial operational constraints and scale effectively.

“Without BOI’s support, we simply wouldn’t have been able to scale to this level,” she says. “They provided the capital to purchase essential machinery, build our factory, and expand production. More than just funding, they guided us through the process. Their partnership has been instrumental in turning our vision into a thriving business.”

For over 16 years, TRT Arredo has been producing high-quality, made-in-Nigeria home furniture, including kitchens, closets, upholstery and commercial projects, while employing a growing team of architects, artisans, accountants and creatives. But like many small businesses, its early growth was constrained by major operational challenges, including limited access to capital. Without its own factory, the business relied on third-party manufacturers, delivering flat-packed items for assembly. The company also faced consistent logistics delays, missing parts, and quality control issues.

“We later opened our first factory with just one cutting machine and one edge binder,” Agwunobi recalls. “Even then, we often had to run generators to power the machines, which was very expensive.”

BOI’s intervention transformed TRT Arredo’s operations, allowing the company to acquire machinery, establish a fully functional factory, and internalise production and quality control. The impact has been remarkable. Production capacity increased nearly 200%, staff grew 150% from fewer than 100 to 250 employees, while revenue has consistently grown about 25% year on year. Project volume expanded by roughly 40% annually, and the quality of the work environment improved significantly with functional facilities, efficient machines, and systems that make life easier for employees.

Equally significant, Agwunobi notes, was the bank’s hands-on, collaborative approach throughout the financing process. “They weren’t intimidating or transactional,” she explains. “Their team guided us through every step, explained bank requirements, connected us with guarantees, and genuinely rooted for our success. Honestly, it felt like they were part of our team.”

Agwunobi believes that continued support for women entrepreneurs remains essential. According to her, “Many women hesitate to scale because they wait until they feel completely ready. BOI’s support changes that mindset. With their guidance and funding, women can move beyond self-imposed limits, leverage partnerships, and grow sustainably.”

Another female entrepreneur, Jade Ogbeh, co-founder and CEO of Yellow Door Hotels and The Living Room, credits the BOI with enabling her business to scale responsibly and sustainably. Founded seven years ago, her boutique hospitality brand and community-driven restaurant have become hubs for entrepreneurs, creatives, and professionals in Abuja, offering a standard of service that transforms the local hospitality landscape.

Like many women entrepreneurs in Nigeria, Ogbeh faced challenges accessing patient, structured capital, especially as traditional financing often comes with high interest rates or collateral requirements, which disproportionately limit women-led businesses. “Access to that kind of structured capital allows businesses to move from simply maintaining operations to actually scaling what they’re building,” she says, describing how BOI’s facility supported expansions, upgraded facilities, and strengthened operational capacity.

Since receiving BOI funding, her team has grown fivefold, operational systems have been enhanced, and the guest experience significantly improved, creating ripple effects for suppliers and local service providers.

Stories like Yellow Door Hotels and The Living Room, alongside TRT Arredo, highlight the broader impact of gender-focused development finance. When women entrepreneurs gain access to capital, they do more than grow their businesses. They create jobs, strengthen supply chains, and stimulate economic activity within their communities. Many also reinvest profits into education, healthcare, and family welfare, generating long-term social and economic benefits.

BOI’s continued support for women-led businesses therefore reinforces the belief that investing in women is not just good for entrepreneurs—it drives inclusive growth and builds a stronger, more resilient Nigerian economy.

As Dr Olusi succinctly puts it, “Investing in women strengthens families, broadens opportunities, and drives national development.”

BOI is actively supporting this through targeted financing, strategic partnerships, and innovative programmes that unlock the potential of women-led enterprises.

At the International Women’s Day event, Dr Olusi also reiterated that achieving gender equality is a shared responsibility, requiring collective commitment across society, government, and the private sector.

“The message of Give to Gain is both simple and powerful,” he said. “When we invest in women, the benefits ripple across families, businesses and the entire economy.”

He concluded with a question that captures the essence of the bank’s gender agenda: What are we all willing to give today to gain a more equal and prosperous tomorrow?