More

    BOI Launches ₦10bn Fund to Boost Women-Led Businesses

    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.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Captcha verification failed!
    CAPTCHA user score failed. Please contact us!

    Latest

    5 Proven Strategies to Increase Brand Awareness in Any Industry

    Whether you’re launching a startup or scaling an established business, increasing brand awareness is essential for long-term success. But in a competitive landscape, what...

    US Reduces Visa Validity for Nigeria, Cameroon, and Ethiopia

    The United States has revised its non-immigrant visa policy for Nigeria, Cameroon, and Ethiopia, drastically reducing the validity period and entry conditions for most...

    MAN Urges Nigeria to Deepen Intra-African Trade Amid US–BRICS Tensions

    As global trade tensions mount following the United States’ proposed tariffs on BRICS-aligned nations, the Manufacturers Association of Nigeria Export Promotion Group (MANEG) is...

    OPEC: No Peak to Global Oil Demand Before 2050

    The Organization of the Petroleum Exporting Countries (OPEC) has projected that global oil demand will continue to rise steadily until at least 2050, countering...

    Lagos, China Partners on Low-Carbon Initiative to Combat Emissions

    The Lagos State Government has announced a new collaboration with China under the China-Nigeria Low-Carbon Demonstration Initiative (Nextier) to advance the Lekki Low-Carbon Demonstration...