The Bank of Industry (BOI) has launched a special intervention program, Project Guaranteed Loans for Women (GLOW), valued at ₦10 billion, to support female entrepreneurs across Nigeria. The bank’s Managing Director, Dr. Olasupo Olusi, announced the initiative on Thursday in Lagos.
Dr. Olusi said that the funding is designed to empower women who are pivotal to Nigeria’s economic growth. The new initiative aims to address the persistent financial inclusion gap faced by women in the country.
According to Dr. Olusi, Nigeria leads the world in women’s entrepreneurial activity. 23 million female entrepreneurs account for 41% of the country’s micro-businesses.
However, access to finance remains a significant barrier for many of these women. “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.
Glow Fund targets women’s financial inclusion
The GLOW Fund, established in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), is designed to enhance access to capital for female entrepreneurs.
The fund will provide low-interest loans, capacity-building programs, and mentorship opportunities to help women-led businesses thrive. Dr. Olusi also outlined other BOI financial interventions aimed at supporting women entrepreneurs.
These include the BOI Impact Fund, a $2 million investment in Aruwa Capital, a female-led investment firm, and a 50 million partial risk guarantee partnership with the African Guarantee Fund. The partnership with WCCIMA is particularly significant, as the chamber represents a vast network of women entrepreneurs across various sectors. WCCIMA’s Director General, Dr.
Weyinmi Eribo, emphasized the need for sector-specific financing tailored to women-led businesses. Dr. Eribo revealed that the financing gap for women-owned businesses in Nigeria exceeds $42 billion.
She described this as a missed opportunity for national 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. Dr. Eribo commended BOI for launching the GLOW Fund and pledged that WCCIMA, in partnership with BOI, would ensure that these funding initiatives translate into measurable impacts for female entrepreneurs.
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