The Bank of Industry (BoI) has renewed its commitment to women-owned businesses, asserting that women’s proactive empowerment is a prerequisite for sustainable growth in Nigeria.
Olukayode Pitan, the managing director of BoI, made this statement yesterday in Lagos at the Bank of Industry (BoI) International Women’s Day Conference 2023, which was centered around the IWD theme of “Embrace Equity”.
Pitan stated that as of December 2022, the bank had given N73 billion to enterprises run by or owned by women in a variety of industries in Nigeria.
In addition to offering financial and business advice services to women-owned businesses, he said that the bank has strengthened a number of key alliances to advance the interests of women.
The $100 million investment equity fund Alitheia supports women-led businesses in a variety of industries, including food and beverage, health and personal care, school supplies, and humanitarian aid.
The BoI MD further stated that, of the bank’s commitment of $10 million to the Alitheia IDF Fund, $4.5 million had been disbursed.
He added that the bank was also the local execution partner for the Nigerian branch of the $14.27 million Business Resilience Assistance for Value Added Services (BRAVE) program of the Islamic Development Bank, which supports women-owned businesses, especially those in economic disadvantaged areas.
He also stated that the bank has achieved the disbursement of N2.9 billion to 322 beneficiaries in the pilot states of Kano, Gombe and Edo and partnered with key women organisations, such as Women in Successful Careers (WISCAR) and Women in Management, Business and Public Service (WIMBIZ).
Pitan commented on the IWD theme,stating that equity was important in all aspects of life and that it has marginalized women, people of color, disabled people, and the poor.
According to him, the current period of digital revolution offers greater chances to eradicate gender discrimination and create the necessary infrastructure to promote social inclusion and integration for the disabled.
“While gender equity aims to right past wrongs that have left women behind, such as cultural barriers to education, employment, and other areas, gender equality is primarily concerned with giving both sexes equal chances.”
“Embracing equity” can be accomplished by actively working to increase the number of women in positions of leadership and policy-making, as well as through enacting enforceable laws that condemn gender inequity and dispelling societal biases and gender stereotypes.
The 2023 International Women’s Day (IWD) theme, “embrace equity,” gave a true portrayal that leveled the playing field for both sexes, according to Minister of State for Industry, Commerce, and Investment, Mrs. Mariam Katagum.
She pointed out that in order to create an egalitarian system, one must first comprehend and take into account the difficulties that women experience, as well as offer specialized support for both personal and professional growth.”We must remove obstacles that prevent women from participating in trade and commerce and work to close the gender wage gap,” she stated.
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