The Bank of Industry (BOI) has introduced a ₦10 billion special intervention initiative, Project Guaranteed Loans for Women (GLOW), designed to support female entrepreneurs across Nigeria.
The programme, launched in partnership with the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), aims to bridge the financial inclusion gap for women-led businesses by providing easier access to capital.
BOI’s Managing Director, Dr. Olasupo Olusi, unveiled the initiative yesterday in Lagos, emphasizing its goal of empowering female entrepreneurs with much-needed funding.
He highlighted Nigeria’s leadership in women’s entrepreneurial activity, noting that 23 million female entrepreneurs account for 41% of micro-businesses in the country. However, limited access to financing remains a major challenge for women looking to expand their ventures.
“Women entrepreneurs are key drivers of innovation, job creation, and economic growth. Yet, financing remains one of their biggest obstacles. Our focus is to simplify funding processes, build a strong support network, and drive sustainable growth,” Olusi stated.
As part of its 2025-2027 strategy, BOI is prioritizing gender-focused financial inclusion, addressing key financing gaps, and developing tailored solutions for women-led enterprises. The GLOW Fund aligns with this vision by increasing access to capital and fostering economic development.
Olusi also highlighted other BOI initiatives supporting female entrepreneurs, including:
- The BOI Impact Fund, a $2 million investment in Aruwa Capital, a female-led investment firm.
- A $50 million partial risk guarantee partnership with the African Guarantee Fund.
Speaking at the launch, WCCIMA’s Director General, Dr. Weyinmi Eribo, stressed the need for sector-specific financing solutions for women-led businesses.
She pointed out that while women-owned enterprises make up a significant portion of Nigeria’s SMEs, they still face systemic financial barriers.
“The financing gap for women-owned businesses exceeds $42 billion, representing a missed opportunity for economic growth, job creation, and poverty reduction. Without targeted financial solutions, these businesses will struggle to scale and compete,” Eribo noted.
She commended BOI for its commitment to women’s financial inclusion and lauded the efforts of the bank’s gender desk team in facilitating the GLOW Fund.
Eribo assured that WCCIMA and BOI will collaborate to ensure that the initiative delivers tangible impact for female entrepreneurs across the country.
