BOI Gives Female Entrepreneurs N26bn in 18 Months

By Adedapo Adesanya

The Bank of Industry (BOI) has revealed that it distributed not less than N26 billion in loans to female entrepreneurs in the country in 18 months as part of its efforts to reduce the gender entrepreneurship inequality gap in Nigeria.

Managing Director of BOI, Mr Olukayode Pitan, said at a recent event organized by the Chartered Institute of Bankers in Nigeria (CIBN) in Lagos that this was a significant move because gender inclusiveness was necessary to pivot growth in the country.

During his presentation at the event themed Entrepreneurship for Inclusive Growth: Opportunities and Sustainability Strategies, Mr Pitan stated that the Nigerian business environment was more difficult to navigate for a woman entrepreneur compared with her male counterpart. He informed participants at the occasion that this was what spurred the loan programme by his organisation.

He revealed that through strategic partnerships, the bank has promoted healthy, balanced women entrepreneurship schemes and has also partnered with pro-equality organisations to help push for better policy in the Nigerian business environment.

Mr Pitan said the bank has handled the distribution of N37.1 billion in loans through the Government Enterprise & Empowerment Programme (GEEP) which has in turn created 2.31 million jobs for market women, traders, artisans and farmers.

He further added that the BOI has partnered with 54 financial institutions on a scheme called Bottom of the Pyramid Scheme and has resulted in over 7,500 beneficiaries getting the sum of N7.7 billion in loans. The bank chief also revealed that an estimated 37,990 jobs have been created.