BoI signs $50M Portfolio Guarantee Agreement with AGF to Empower Women Entrepreneurs

On December 12, 2024, the Bank of Industry (BoI) has signed a portfolio guarantee agreement with Guarantee Fund (AGF) worth of $50 million. This agreement has been made with an intent to unlock unprecedented financing for female entrepreneurs along with Micro, Small, and Medium Enterprises (MSMEs) as well as green businesses in the country.

In addition, the portfolio guarantees up to N75 billion, under Affirmative Finance Action for Women in Africa (AFAWA) assistance which was launched by African Development Bank (AfDB). Dr. Olasupo Olusi, the Managing Director/Chief Executive of BoI stated that this initiative represents the exciting new chapter for small businesses’ dawn.

He said, “By prioritising women-owned businesses and environmentally sustainable enterprises, we are saying that women must not just participate in Nigeria’s economic story—they must lead it. We are saying that sustainable, climate-conscious practices are not optional—they are imperative. This partnership also aligns seamlessly with the BoI’s mission to drive industrial transformation and our vision to lead Nigeria into a future defined by opportunity, equity and resilience.”

Adding to the statement, he added, “Your work in de-risking investments and enhancing financial inclusion has been instrumental in enabling transformative change, and we are honoured to collaborate with you on this mission.”