BoI, AGF partner to unlock $50m in MSMEs financing
On Thursday, the Bank of Industry signed a $50 million portfolio guarantee agreement with the Guarantee Fund to provide significant financing for women entrepreneurs, Micro, Small, and Medium Enterprises, and green businesses in Nigeria.This portfolio, which supports the African Development Bank's Affirmative Finance Action for Women in Africa initiative, provides guarantees totalling up to N75 billion.
Dr. Olasupo Olusi, Managing Director/Chief Executive of BoI, commented that the landmark initiative marks the start of an exciting new chapter for small businesses that have long struggled with limited access to finance.
He stated that the collaboration is intended to drive inclusive growth, innovation, and sustainable development, emphasising that it creates unprecedented opportunities for businesses that represent the country's resilient, inclusive, and sustainable economic future.
Olusi called small and medium-sized enterprises (MSMEs) "visionaries building the foundation of the economy, the innovators solving the most pressing challenges and the dreamers creating jobs that fuel our communities."
He emphasised that the sector's limited access to finance remained a significant barrier to its growth and sustainability.
He stated that with AGF's assistance, BoI would strengthen its commitment to these businesses by providing the resources they require to scale their operations, drive impactful innovation, and expand into new markets.
Olusi stated, "By focussing on women-owned businesses and environmentally sustainable enterprises, we are saying that women must not only participate in Nigeria's economic story, but also lead it.
"We are arguing that sustainable, climate-conscious practices are not optional—they are necessary. This collaboration also fits perfectly with the BoI's mission of driving industrial transformation and our vision of leading Nigeria into a future defined by opportunity, equity, and resilience."
He stated that over the last decade, the bank has disbursed over N1.6 trillion in loans, supported millions of MSMEs, and created over nine million jobs.
He added that the new agreement would expand its ability to do even more. Olusi also praised the AGF for its unwavering commitment to promoting development throughout the continent.
He said, "Your efforts to de-risk investments and increase financial inclusion have been critical in enabling transformative change, and we are honoured to work with you on this mission.
"As we formalise this agreement today, let us celebrate not just the deal itself, but also the potential it represents - the lives it will touch, the businesses it will help, and the legacy it will leave. Let us pledge to ensure that the impact of this partnership extends beyond these walls, reaching every corner of Nigeria and setting a standard for the continent.
"The road ahead is long and bright. Together, we will ensure that the seeds of hope and opportunity planted here today yield a harvest of prosperity for Nigeria's economy."
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