In a significant boost for female entrepreneurship in Nigeria, FSDH Merchant Bank has announced the disbursement of more than N3 billion in loans specifically to women-led businesses over the past five years. This landmark commitment was reaffirmed at the fifth edition of the Women in Business Initiative (WIBI) Summit, held in Lagos.
A Summit Celebrating Women in Motion
The WIBI Summit, themed “Empowered- Celebrating Women in Motion,” served as a powerful convergence point for hundreds of Nigeria’s leading female entrepreneurs, professionals, creatives, and policymakers. The event spotlighted the substantial progress made by women in the economy while also addressing the persistent challenges they face. It was here that FSDH detailed its expanding role in enabling growth driven by women.
Bukola Smith, the Managing Director of FSDH Merchant Bank, articulated the core belief behind the initiative. She stated that WIBI was founded on the conviction that when women are provided with the right systems, knowledge, and financial support, entire economies can experience a positive shift.
Collaboration and Blended Finance as Key Drivers
Delving into the mechanics of the program, Stella-Marie Omogbai, the bank’s Executive Director, provided concrete figures on its impact. She confirmed that the financial institution’s dedicated Women in Business Desk has been instrumental in channeling the over N3 billion in loans. This effort has been amplified through strategic collaborations with key partners including the Bank of Industry (BOI), the International Finance Corporation (IFC), the African Guarantee Fund (AGF), and Weav Capital to deliver blended financial solutions and targeted interventions.
Echoing the need for a collective approach, Jide Sipe, the Group Head of Brand Transformation and Digital Marketing at the Bank of Industry (BOI), offered a crucial perspective. In a discussion with The Guardian, he highlighted that many women-owned businesses currently operate on an individual basis, a model that can limit their potential for scaling and significant growth. He charged women to pursue greater collaboration to overcome these structural barriers.
Inspirational Voices on Resilience and Authenticity
The summit also featured powerful motivational addresses from celebrated personalities. Veteran actress Joke Silva delivered the keynote speech, focusing on the indispensable tools of resilience, reinvention, and emotional intelligence for thriving in today’s dynamic economy. Her message strongly resonated with emerging entrepreneurs and creatives in attendance.
Adding to this, actress and CEO of Desperanza Media, Blessing Obasi-Nze, shared her personal journey to the limelight during a panel session. She advised young creative talents to prioritize originality, authenticity, and consistency in their pursuit of success. The session, moderated by media personality Olive Emodi, fostered a rich and energetic discussion on leadership, brand-building, and the evolving economic landscape for women in Nigeria.
The collective takeaway from the event is clear: with continued financial backing, strategic partnerships, and a focus on skill development, women-led businesses are poised to play an even more transformative role in the Nigerian economy.
