Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, has reaffirmed the ministry’s commitment to strengthening its partnership with the Bank of Industry (BoI) for the effective implementation of the National Women’s Empowerment Fund (NaWEF) and the Business Development Fund for Women (BUDFOW).

The minister acknowledged BoI’s unwavering dedication to advancing women’s economic empowerment since the inception of the NaWEF in 2017 and BUDFOW in 2006.

She emphasised that this partnership aligns with the Renewed Hope Agenda, which prioritises gender equality, social inclusivity, and economic empowerment for women entrepreneurs and small business owners.

Sulaiman-Ibrahim spoke during a meeting with BoI, held weekend in Abuja, according to a statement by her Special Adviser on Media and Publicity, Mr. Jonathan Eze.

She said the renewed collaboration will foster stronger ties with both institutions.

“The ministry is committed to ensuring that policies around women’s economic empowerment are properly coordinated, documented, and translated into actionable implementation strategies,” said Sulaiman-Ibrahim.

To achieve the full impact of these initiatives, she highlighted the importance of collaboration in profiling beneficiaries to ensure equitable access to funding, monitoring and evaluating projects to enhance efficiency and sustainability, expanding access to financial support for women-led businesses, poviding critical capacity-building programmes, including financial literacy, business management training, and mentorship, and driving job creation and grassroots economic empowerment, in line with national and global commitments to gender inclusion.

“We welcome partnerships that foster economic empowerment for women, children, families, and vulnerable groups.

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“This collaboration with BoI is a significant step toward achieving lasting financial inclusion for Nigerian women,” the minister said.

Representing Dr. Olasupo Olusi, Managing Director of the Bank of Industry, Executive Director, Omar Shekerau, presented a review of the partnership, highlighting key financial updates and upcoming opportunities for women entrepreneurs.

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Key highlights from the BoI’s Presentation included N685 million available for women entrepreneurs through the Islamic Bank funding dedicated strictly to women’s empowerment.

On technology and Innovation, BoI stated that it is collaborating with the African Development Bank (AfDB) to integrate technology and innovation into women’s economic programmes.

The bank chief also disclosed that $617.7 million has been disbursed, and details of the beneficiaries will be shared with the minister and the Ministry for transparency and better clarification.

The minister commended BoI for its sustained support and reaffirmed the Ministry’s commitment to expanding NaWEF and BUDFOW to reach more women, particularly at the grassroots level.

The Ministry and BoI commit to continue working together to refine the implementation process, ensuring greater accessibility, efficiency, and impact of these empowerment initiatives.