The Bank of Industry (BOI) has unveiled a groundbreaking initiative, the Project Guaranteed Loans for Women (GLOW) Fund, valued at ₦10 billion. This special intervention program aims to support female entrepreneurs across Nigeria, addressing the persistent financial inclusion gap that hinders many women-led businesses.
A Bold Step for Women’s Economic Empowerment
Announced by BOI’s Managing Director, Dr. Olasupo Olusi, in Lagos, the GLOW Fund seeks to empower women, recognizing their crucial role in Nigeria’s economic landscape. With over 23 million female entrepreneurs making up 41% of the country’s micro-businesses, Nigeria leads the world in women’s entrepreneurial activity. However, access to finance remains a significant challenge.
“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,” Dr. Olusi stated.
Bridging the Financing Gap
The GLOW Fund, launched in partnership with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), is designed to enhance access to capital for female entrepreneurs. The initiative will offer low-interest loans, capacity-building programs, and mentorship opportunities to help women-led businesses thrive.
Dr. Olusi also highlighted other BOI financial interventions supporting women entrepreneurs. These include:
- The BOI Impact Fund, which includes a $2 million investment in Aruwa Capital, a female-led investment firm.
- A ₦50 million partial risk guarantee partnership with the African Guarantee Fund.
A Collaboration to Drive Change
WCCIMA’s Director General, Dr. Weyinmi Eribo, emphasized the urgent need for sector-specific financing tailored to women-led businesses. She revealed that the financing gap for women-owned enterprises in Nigeria exceeds $42 billion, calling it a missed opportunity for national economic growth, job creation, and poverty reduction.
“Women entrepreneurs account for over 40% of Nigeria’s small and medium-sized enterprises (SMEs), yet many remain excluded from mainstream financing due to systemic barriers,” Dr. Eribo stated.
She commended BOI for launching the GLOW Fund and assured that WCCIMA, in collaboration with BOI, would work to ensure that these funding initiatives translate into tangible results for female entrepreneurs.
A Promising Future for Women Entrepreneurs
The GLOW Fund represents a significant step toward financial empowerment and inclusion for Nigerian women. By providing easier access to funding, mentorship, and capacity-building programs, this initiative is poised to unlock new opportunities for female entrepreneurs, fostering sustainable economic growth and development.
