Bank of Industry Launches N1billion SME Fashion Fund for Women Entrepreneurs to Boost Production of Made-in-Nigeria items

Bank-of-Industry-Launches-N1-Billion-Fashion-Fund-1

As a Business Development Service Provider to Bank of Industry, W-HBS is all set to work with Nigerian designers seeking funds for expansion through the recently launched the N1 Billion Fashion Fund to support women-owned Small and Medium Enterprises (SMEs). The Fashion Fund joins two other SME funds (the N5 Billion Cottage Agro Processing Fund and the N1 Billion Nolly Fund) by BOI and offered as part of our FINANCE solution for SMEs. 

According to Rasheed Olaoluwa, Managing Director/Chief Executive Officer, BoI, “We see an opportunity to support Nigeria’s leading fashion businesses to increase their production volumes and quality, thereby making them more competitive in both the domestic and international markets. Globally, fashion industry revenue is over $1trillion.”

FADAN-BOIThe fashion industry provides an important opportunity to diversify Nigeria’s economy and create jobs, particularly among the youth and at W-HBS we believe that the Fund will help to catalyse the fashion cluster, create millions of jobs and also generate foreign exchange earnings for  businesses and economy.

Most importantly, we believe the Fund will also encourage mass production of Made-in-Nigeria apparels, brands and designs. Funmi Ajila-Ladipo, National President, Fashion Designers Association of Nigeria (FADAN), said “We want to stop consuming from other nations; we want to manufacture. We don’t want to buy those second-hand clothes. We don’t want to wear those rejects that they throw back at us.” 

Our CEO, Olanrewaju Oniyitan, conducted a telephone interview with Rakiya Zubairu (Group Head, Gender Desk) where the fund is domiciled. She explained:

“The N1bn fund will will be accessed by women who are into fashion business in all the 36 states of the federation. It will support women who are into garments, shoes, bags and accessories to purchase equipment. The target market will include limited liability companies and enterprises. However, women must own 51 per cent or more of the business to qualify. BOI would contribute 75 per cent of the fund while the business owner would contribute the remaining 25 per cent. In addition, the entrepreneur must belong to a Business Membership Organisation such as the Fashion Designers Association of Nigeria (FADAN), Nigerian Association of Small and Medium Enterprises (NASME), Manufacturers Association of Nigeria (MAN), etc. This BMO would be required to provide a recommendation letter in addition to the guarantors that would be provided.”

In addition to being a BDSP for the Bank, W-HBS is uniquely positioned to assist designers who want to access this funds because we have a relationship with the Fashion Designers Association of Nigeria (FADAN) and the other BMOs (such as NASME, MAN, etc).

 

How can we help you?

Do you want to need more information about the N1 Billion Fashion Fund?  Let’s talk about your company’s needs and how the N1 Billion Fashion Fund can work for you. W-HBS invites you to contact us to discuss your needs.






Comments