{"id":179,"date":"2024-12-10T07:48:49","date_gmt":"2024-12-10T07:48:49","guid":{"rendered":"https:\/\/demo.oxygenehosting.com\/agf-blog\/?p=179"},"modified":"2026-03-04T08:08:30","modified_gmt":"2026-03-04T08:08:30","slug":"empowering-women-entrepreneurs-and-smes-in-nigeria-african-guarantee-fund-and-bank-of-industry-sign-usd-50-million-guarantee-framework-agreement","status":"publish","type":"post","link":"https:\/\/demo.oxygenehosting.com\/agf-blog\/empowering-women-entrepreneurs-and-smes-in-nigeria-african-guarantee-fund-and-bank-of-industry-sign-usd-50-million-guarantee-framework-agreement\/","title":{"rendered":"Empowering Women Entrepreneurs and SMEs in Nigeria: African Guarantee Fund and Bank of Industry Sign USD 50 Million Guarantee Framework Agreement"},"content":{"rendered":"

African Guarantee Fund and Nigeria\u2019s Bank of Industry (BOI) have signed a USD 50 Million Loan Portfolio Guarantee framework in a bid to propel Nigeria\u2019s industrial sector by providing financial and business support services to enterprises. The agreement that was signed at the Africa Investment Forum in Rabat is backed by African Development Bank\u2019s Affirmative Finance Action for Women in Africa (AFAWA) initiative.<\/p>\n

The transaction will be phased out in three tranches over a 10-year period and will significantly scale up BOI\u2019s lending to Small and Medium Enterprises (SMEs) in Nigeria.<\/p>\n

The partnership includes a comprehensive risk-sharing mechanism that focuses on supporting MSMEs, Women-Owned enterprises and Green businesses to promote environmental sustainability and gender equity.<\/p>\n

Speaking during the signing ceremony, AGF Group Chief Executive Officer, Mr. Jules Ngankam<\/strong>\u00a0said:<\/p>\n

\u201cThis transaction with the leading Development Finance Institution in Nigeria is a great milestone that will significantly impact Nigeria\u2019s economy by unlocking up to USD 100 million in financing for SMEs. AGF will also provide tailored guarantees and technical assistance towards the special SME products offered by BOI, targeting Women, Youth and Green Businesses.\u201d<\/p><\/blockquote>\n

\"\"<\/p>\n

The\u00a0MD\/CEO of the Bank of Industry, Dr. Olasupo Olusi<\/strong>\u00a0shared his remarks:<\/p>\n

\u201cBOI is excited to leverage the guarantee framework of the African Guarantee Fund in promoting sustainable growth, gender equity, innovation and advancing more credit to SMEs in Nigeria in line with President Bola Tinubu\u2019s government\u2019s Renewed Hope agenda.\u201d<\/p><\/blockquote>\n

\"\"<\/p>\n

On her part,\u00a0Dr. Beth Dunford\u2014Vice President for Agriculture, Human and Social Development\u00a0<\/strong>said,<\/p>\n

\u201cThis strategic partnership illustrates the commitment of the African Development Bank, especially the Affirmative Finance Action for Women in Africa (AFAWA) initiative, to empower women entrepreneurs and foster economic growth in Nigeria. It is not just a financial transaction aimed at supporting and catalysing the growth of small and medium enterprises in Nigeria; it is a beacon of hope and progress for African businesses, particularly for those led and owned by women.\u201d<\/p><\/blockquote>\n

\"\"<\/p>\n

This agreement signifies the start of a long-term strategic relationship, and it provides a perfect intersection of the AGF’s mission to unlock financing for SMEs, and BOI’s mandate to catalyse Nigeria’s industrialization and economic transformation.<\/p>\n","protected":false},"excerpt":{"rendered":"

This agreement signifies the start of a long-term strategic relationship, and it provides a perfect intersection of the AGF’s mission to unlock financing for SMEs, and BOI’s mandate to catalyse Nigeria’s industrialization and economic transformation.<\/p>\n","protected":false},"author":2,"featured_media":180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[17,35,36,37,39,40,25],"class_list":["post-179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-women-and-youth","tag-afawa","tag-african-development-bank-initiatives-nigeria","tag-economic-transformation","tag-financial-inclusion","tag-impact-investing","tag-msme-growth-support","tag-sme-financing"],"acf":[],"_links":{"self":[{"href":"https:\/\/demo.oxygenehosting.com\/agf-blog\/wp-json\/wp\/v2\/posts\/179","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/demo.oxygenehosting.com\/agf-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo.oxygenehosting.com\/agf-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo.oxygenehosting.com\/agf-blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/demo.oxygenehosting.com\/agf-blog\/wp-json\/wp\/v2\/comments?post=179"}],"version-history":[{"count":2,"href":"https:\/\/demo.oxygenehosting.com\/agf-blog\/wp-json\/wp\/v2\/posts\/179\/revisions"}],"predecessor-version":[{"id":198,"href":"https:\/\/demo.oxygenehosting.com\/agf-blog\/wp-json\/wp\/v2\/posts\/179\/revisions\/198"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo.oxygenehosting.com\/agf-blog\/wp-json\/wp\/v2\/media\/180"}],"wp:attachment":[{"href":"https:\/\/demo.oxygenehosting.com\/agf-blog\/wp-json\/wp\/v2\/media?parent=179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo.oxygenehosting.com\/agf-blog\/wp-json\/wp\/v2\/categories?post=179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo.oxygenehosting.com\/agf-blog\/wp-json\/wp\/v2\/tags?post=179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}