BoI partners AfDB to support female-owned businesses

The Bank of Industry says it is currently collaborating with the African Development Bank (AfDB) on the launch and implementation of the $300 million Affirmative Finance Action for Women in Africa (AFAWA).

Olukayode Pitan, the BoI managing director, announced the partnership at the bank’s webinar themed: ‘Recognising Women’s Leadership In Enhancing Nigeria’s COVID-19 Recovery’ to celebrate International Women’s Day.

Pitan said the AFAWA fund was expected to unlock $3 billion in private sector financing to empower female entrepreneurs through capacity building development.

He added that the fund would grant women access to finance as well as spearhead legal policy and regulatory reforms to support enterprises led by women.

BoI also said it has a partnership with Islamic Development Bank (IDB) to implement the business resilience assistance for value-adding enterprise (BRAVE) women Nigeria project.

“BRAVE Nigeria is part of a larger $32.2 million five-year initiative coordinated by the Islamic Development Bank,” NAN quoted Pitan to have said.

“The project combines training and grant-matching to support the growth and resilience of women-led enterprises in spite of their challenging operating environment.”

He listed some of BoI’s initiatives in financing and supporting female-led businesses to include $10 million investment in Alitheia Identity Fund, a joint venture company that drives growth in African SMEs by leveraging gender-balanced businesses to generate high returns and impact.

He also said the Nigerian Content Intervention (NCI) fund, a partnership between BoI and Nigerian Content Development & Monitoring Board (NCDMB), allocated $20 million as an intervention fund to women businesses in the oil and gas sector.

“The female gender have also been marginalised when it comes to access to finance. The gender financing gap in Africa is believed to be $42 billion between men and women.

“It is believed that if Nigeria enhances gender equality in the labour market, politics, legal system, education and healthcare, it could add 1.25 percent points to the economy.”

Pitan said BoI remains committed in its drive to support women and take deliberate steps to address issues around gender equality in entrepreneurship.

He urged other organisations to endeavour to do same “because when women win, the society wins”.