The Bank of Industry (BOI) has introduced a dedicated financial intervention program, Project Guaranteed Loans for Women (GLOW), worth ₦10 billion, to support female entrepreneurs across Nigeria.
Speaking in Lagos on Thursday, BOI’s Managing Director, Dr. Olasupo Olusi, emphasized that the initiative is designed to bridge the financial inclusion gap that has long hindered women-led businesses.
Empowering Women for Economic Growth
Nigeria is recognized as a global leader in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41% of the country’s micro-businesses. However, many women face significant challenges in accessing finance to expand their ventures.
Dr. Olusi highlighted that despite the growing number of female entrepreneurs, inadequate financial support remains a critical barrier. The GLOW Fund aligns with BOI’s 2025-2027 strategy, which prioritizes gender-focused financial inclusion to stimulate economic growth.
“Women entrepreneurs drive innovation, create jobs, and strengthen communities. However, financing remains one of their biggest challenges. Our goal today is to listen, simplify financing processes, and build a strong network that fosters sustainable growth,” Olusi stated.
Collaboration with WCCIMA and Other Financial Interventions
The GLOW Fund, developed in partnership with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), aims to provide low-interest loans, mentorship programs, and capacity-building opportunities for women-led businesses.
BOI has also launched other initiatives to support female entrepreneurs, including the BOI Impact Fund—a $2 million investment in AruwaCapital, a female-led investment firm—and a ₦50 million partial risk guarantee partnership with the African Guarantee Fund.
These efforts are part of BOI’s broader commitment to fostering gender equality and economic empowerment.
Addressing the ₦42 Billion Financing Gap
WCCIMA’s Director General, Dr. Weyinmi Eribo, stressed the importance of sector-specific financing for women entrepreneurs. She pointed out that while women-led businesses are among the fastest-growing in Nigeria, financial institutions have yet to fully recognize them as a critical market segment.
Dr. Eribo further revealed that the financing gap for women-owned businesses in Nigeria exceeds $42 billion. She described this as a missed opportunity for economic growth, job creation, and poverty reduction.
“Women entrepreneurs account for over 40 per cent of Nigeria’s small and medium-sized enterprises (SMEs), yet many remain excluded from mainstream financing due to systemic barriers,” she stated.
Commending BOI’s efforts, Dr. Eribo assured that WCCIMA would work alongside the bank to ensure that the GLOW Fund translates into tangible benefits for women entrepreneurs across Nigeria.
