By Rukayat Moisemhe
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.
He said the partnership has grown from a N100 million youth programme in 2018 to a N1 billion fund, financed equally by both institutions.
“Today, we are pleased to deepen this collaboration with the launch of the N1 billion Y’ellopreneur 3.0 Matching Fund.
“This programme aligns strongly with BoI’s 2025–2027 strategy for enterprise development and economic transformation,” he said.
Olusi said 1,000 women entrepreneurs would receive structured training, while 200 women-led MSMEs would access loans of up to N5 million each.
He added that the programme targets sectors including agro-processing, light manufacturing, fashion, energy, waste management and digital services.
Chairman of MTN Nigeria Foundation, Mrs Mosun Belo-Olusoga, said the initiative highlighted women’s critical role in economic development.
According to her, the foundation now treats women’s empowerment as central to nation-building, rather than a corporate social responsibility obligation.
Belo-Olusoga said over 5,700 women had been trained, with the programme designed to bridge economic gaps limiting women’s participation.
“This fund provides equipment financing, enabling women to transition from small-scale operations to industrial-level businesses,” she said.
She stressed the need for greater awareness, especially in rural communities, to ensure inclusiveness.
Executive Director of the foundation, Mrs Odunayo Sanya, said the initiative combined capacity building with access to capital.
Sanya said beneficiaries would undergo a five-week training programme by Pan-Atlantic University Enterprise Development Centre, ending with business growth plans.
She said the foundation aimed to build 30,000 female-led businesses in five years, with 10,000 expected to receive funding.
“We believe this partnership with BoI opens the door to scaling women-owned businesses through working capital and equipment financing,” she said.
Lagos State governor’s wife, Mrs Ibijoke Sanwo-Olu, described the initiative as timely in tackling unemployment and unlocking women’s economic potential.
Mrs Sanwo-Olu, represented by wife of Lagos Head of Service, Mrs Oyinlola Agoro, said equipping women with skills, mentorship and planning tools is vital for resilient enterprises.
Sanwo-Olu commended earlier phases, which trained over 5,700 women and supported 122 beneficiaries with equipment.
“This shows that when women are empowered, families thrive, communities prosper and the economy grows stronger.
“The N1 billion matching fund will deepen financial inclusion and promote women-led enterprises,” she said.
She reaffirmed her commitment to initiatives promoting women’s empowerment, economic independence and inclusive development. (NAN) (www.nannews.ng)
Edited by Kamal Tayo Oropo
