The Bank of Industry (BOI), in collaboration with the Adeola Azeez Community Care Foundation (AACCF) and Neighbours Shop, has launched a transformative initiative to empower 50 women traders in Ogun and Lagos States with solar-powered smart retail kiosks. The initiative, funded by BOI with an investment of ₦97 million, was unveiled on Thursday in Ijebu-Ode, Ogun State, where 35 beneficiaries received fully stocked kiosks equipped with solar-powered freezers and tablets for business management.
Transforming Lives Through Collaboration
Speaking at the event, AACCF Founder, Mrs. Adeola Azeez, described the project as a groundbreaking step toward fostering financial independence, environmental resilience, and sustainable development in Nigeria’s informal retail sector, which accounts for 90% of the nation’s retail activities.
“Our mission is to empower women, youth, and children to achieve their full potential. This project bridges gaps in the informal retail sector by tackling challenges such as financial exclusion, energy deficiency, and safety concerns,” Azeez stated. She highlighted that the kiosks come with advanced features, including cloud-connected inventory systems, refrigeration for perishable goods, and robust security measures.
Strategic Impact on Women and Communities
BOI’s Managing Director, Olasupo Olusi, represented by John Akinde, reaffirmed the bank’s commitment to supporting women-led enterprises. “Empowering women is not just a moral imperative but an economic necessity. Women-owned businesses are pivotal to the growth of households, communities, and the national economy,” he said.
The project, aligned with the United Nations Sustainable Development Goals (SDGs), specifically targets SDG 1 (No Poverty), SDG 5 (Gender Equality), and SDG 8 (Decent Work and Economic Growth).
Innovation in Action
Neighbours Shop Founder, Muyideen Sanwo-Ola, explained the kiosk model, which ensures transparency and sustainability. Beneficiaries receive 60% of profits from goods sold, with weekly payments directly into their accounts. Each kiosk is monitored online to prevent the program from falling into inefficiency, a challenge common with some empowerment initiatives.
The pilot phase has seen 35 kiosks distributed in Ijebu-Ode and 15 in Ikorodu, Lagos. Beneficiaries underwent specialized training to enhance their business acumen, ensuring they maximize the opportunities provided by this innovative model.
This initiative not only empowers women economically but also reinforces the importance of collaboration between development-focused organizations and private enterprises in driving inclusive growth and sustainable development.
