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The Federal Ministry of Women Affairs has reinforced its partnership with the Bank of Industry (BoI) to advance the implementation of the National Women’s Empowerment Fund (NaWEF) and the Business Development Fund for Women (BUDFOW).
Speaking during a meeting in Abuja, the Honourable Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, expressed the Ministry’s dedication to ensuring effective execution of these initiatives in alignment with the current administration’s Renewed Hope Agenda. She said this agenda prioritises gender equality, social inclusivity, and the economic empowerment of women.
“The Ministry is committed to ensuring that policies around women’s economic empowerment are properly coordinated, documented, and translated into actionable implementation strategies,” the Minister stated.
The Minister highlighted key areas of collaboration, including equitable profiling of beneficiaries, expanding access to financial support for women-led businesses, and implementing capacity-building programmes such as financial literacy, business management training, and mentorship. These efforts aim to foster job creation, grassroots empowerment, and long-term financial inclusion for Nigerian women.
The Bank of Industry’s Executive Director, Omar Shekerau, representing Managing Director Dr Olasupo Olusi, presented key updates on the partnership. He disclosed that ₦685 million in funding, facilitated through the Islamic Bank, is available specifically for women entrepreneurs.
Additionally, Shekerau highlighted the Bank’s collaboration with the African Development Bank (AfDB) to integrate technology and innovation into women’s empowerment initiatives. He also revealed that $617.7 million has already been disbursed, with beneficiary details to be shared for enhanced transparency.
The Honourable Minister commended the Bank of Industry for its unwavering support since the inception of NaWEF in 2017 and BUDFOW in 2006, reaffirming the Ministry’s commitment to ensuring these programmes reach more women, especially at the grassroots level.
“We welcome partnerships that foster economic empowerment for women, children, families, and vulnerable groups. This collaboration with BoI is a significant step toward achieving lasting financial inclusion for Nigerian women,” Hajiya Imaan said.
Both institutions pledged to refine the implementation process for NaWEF and BUDFOW to ensure greater accessibility, efficiency, and impact, thus driving economic transformation for women entrepreneurs across Nigeria.
Ozioma Samuel-Ugwuezi
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