The Bank of Industry (BOI) says it has disbursed $6.02 million out of its $10 million investment commitment to Alitheia Fund.
This, the bank said, is in line with its support of gender equality and women financial inclusion.
Alitheia Fund is a pioneering $100 million gender-lens fund that invests in women-owned, women-led or women-servicing companies across varying sectors.
Managing Director of BOI, Dr Olasupo Olusi, stated this on Friday in Lagos at the BOI International Women’s Day (IWD) 2024 event with theme, “Inspire Inclusion.”.
Olusi who was represented by Ms Mabel Ndagi, Executive Director of the Micro Enterprise Directorate, BOI, said the 2024 IWD’s theme resonated deeply with BOI’s commitment to fostering a diverse and inclusive workplace as well as the bank’s clientele portfolio.
He added that the year’s theme challenges everyone to move beyond the perceived norms and truly embody the principles of diversity, equity, and inclusion.
On funding for women owned businesses, the BOI chief stated that the bank was also the local execution partner for the Islamic Development Bank’s Business Resilience Assistance for Value-Adding Services (BRAVE) programme in Nigeria.
“This is a $14.27 million initiative that was designed to support women-owned businesses, particularly those living in economically disadvantaged areas arising from 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 African Development Bank (AfDB) on its AFAWA initiative; a Pan-African initiative to bridge the $42 billion financing gap women in Africa face,” he added.
The managing director further disclosed that BOI has created special funding and business support for female entrepreneurs and making gender funding one of the bank’s six thematic critical areas of focus and support.
This, he stated, was in line with President Bola Ahmed Tinubu’s unwavering commitment to ensuring social inclusion, empowerment for women, and economic support for disadvantaged women and mothers.
“To truly “Inspire Inclusion”, we must take action and it starts within our organisations by implementing policies that promote gender equality and creating an environment where women can thrive.
“As leaders, we have the responsibility to champion inclusivity, by ensuring that our workplaces are free from discrimination and biases,” he said.
Olusi added that achieving full inclusion for women required proactive and collaborative effort of the Federal Government and sub-nationals, organised private sector, civil societies and individuals.