Lagos: The Bank of Industry (BoI) and MTN Nigeria Foundation have launched a N1 billion fund to support women-owned businesses across Nigeria. Managing Director of BoI, Dr. Olasupo Olusi, disclosed this at a media parley and call for applications on Tuesday in Lagos. Represented by Executive Director, MSMEs, Mr. Oluwatoyin Edu, Olusi said the initiative, Y’ellopreneur 3.0 Matching Fund, reflects a shared commitment to entrepreneurship and women’s empowerment.
According to News Agency of Nigeria, the partnership has grown from a N100 million youth programme in 2018 to a N1 billion fund, financed equally by both institutions. Dr. Olusi expressed pleasure in deepening this collaboration with the launch of the N1 billion Y’ellopreneur 3.0 Matching Fund, which aligns with BoI’s 2025-2027 strategy for enterprise development and economic transformation. He mentioned that 1,000 women entrepreneurs would receive structured training, while 200 women-led MSMEs would access loans of up to N5 million each. The programme targets sectors including agro-processing, light manufacturing, fashion, energy, waste management, and digital services.
Mrs. Mosun Belo-Olusoga, Chairman of MTN Nigeria Foundation, emphasized the initiative’s role in economic development. She stated that women’s empowerment is now central to nation-building, moving beyond corporate social responsibility obligations. Belo-Olusoga noted that over 5,700 women had been trained, and the programme helps bridge economic gaps limiting women’s participation by providing equipment financing, enabling women to transition from small-scale operations to industrial-level businesses. She emphasized the importance of raising awareness, especially in rural communities, to ensure inclusiveness.
Executive Director of the foundation, Mrs. Odunayo Sanya, highlighted the initiative’s combination of capacity building with access to capital. Beneficiaries will undergo a five-week training programme by Pan-Atlantic University Enterprise Development Centre, culminating in business growth plans. The foundation aims to build 30,000 female-led businesses in five years, with 10,000 expected to receive funding. Sanya expressed confidence that the partnership with BoI would open doors to scaling women-owned businesses through working capital and equipment financing.
Mrs. Ibijoke Sanwo-Olu, wife of the Lagos State governor, described the initiative as timely in addressing unemployment and unlocking women’s economic potential. Represented by the wife of Lagos Head of Service, Mrs. Oyinlola Agoro, she stressed the importance of equipping women with skills, mentorship, and planning tools for resilient enterprises. Sanwo-Olu praised earlier phases, which trained over 5,700 women and supported 122 beneficiaries with equipment. She remarked that empowering women leads to thriving families, prosperous communities, and a stronger economy. The N1 billion matching fund will deepen financial inclusion and promote women-led enterprises, reaffirming her commitment to initiatives promoting women’s empowerment, economic independence, and inclusive development.