The Bank of Industry (BOI) has fulfilled a significant portion of its $10 million investment commitment to the Alitheia Fund, a pioneering gender-lens fund aimed at supporting women-owned, women-led, or women-servicing companies across various sectors.
Olasupo Olusi, the managing director of BOI, announced the disbursement during the BOI International Women’s Day 2024 event, themed ‘Inspire Inclusion,’ where he emphasized the importance of moving beyond perceived norms to embrace diversity, equity, and inclusion.
The BOI has also been actively involved in funding initiatives for women-owned businesses, serving as the local execution partner for the Islamic Development Bank’s Business Resilience Assistance for Value-Adding Services program in Nigeria.
Under this initiative, BOI has disbursed N5.9 billion to 551 beneficiaries, demonstrating its commitment to supporting women entrepreneurs, particularly those in economically disadvantaged areas affected by conflicts and social unrest.
Additionally, BOI is collaborating with the African Development Bank on its AFAWA initiative, aimed at bridging the $42 billion financing gap faced by women in Africa.
Olusi highlighted that BOI has prioritized gender funding as one of its six thematic critical areas, aligning with President Bola Ahmed Tinubu’s commitment to social inclusion and economic support for disadvantaged women and mothers.
Furthermore, Omoyemi Akerele, founder of Lagos Fashion Week, emphasized the importance of adopting sustainability models in the textile industry to contribute to women’s empowerment.
She stressed the need for fashion centers to focus on sustainability targets, promote socioeconomic interventions for designers, and encourage consumer behavior that prioritizes reuse, resale, and recycling to minimize environmental impact.
Overall, the initiatives announced by BOI and the insights shared by industry leaders underscore the collective commitment to empowering women, promoting inclusivity, and fostering sustainable practices in various sectors
