The Bank of Industry (BOI) has unveiled a groundbreaking initiative, Project Guaranteed Loans for Women (GLOW), a special ₦10 billion intervention fund aimed at supporting female entrepreneurs across Nigeria.
Announcing the initiative on Thursday in Lagos, BOI’s Managing Director, Dr. Olasupo Olusi, emphasized that the funding is designed to bridge the financial inclusion gap for women, empowering them to scale their businesses and drive economic transformation.
Bridging the Financial Gap for Women Entrepreneurs
Dr. Olusi highlighted Nigeria’s leading position in global female entrepreneurial activity, noting that an estimated 23 million women entrepreneurs account for 41% of the country’s micro-businesses. Despite this remarkable presence, he acknowledged that access to financing remains a significant hurdle for women looking to expand their enterprises.
“Women entrepreneurs are vital to our economy. They drive innovation, create jobs, and strengthen communities. Yet, financing remains one of their biggest challenges. Through the GLOW Fund, we aim to simplify financing processes, listen to their needs, and build a robust support network for their sustainable growth,” Olusi stated.
BOI’s 2025-2027 strategy prioritizes gender-focused financial inclusion, targeting key financing gaps and developing actionable solutions to support female-led businesses.
Strategic Partnerships and Financial Interventions
Reaffirming BOI’s dedication to women’s economic empowerment, Olusi announced a partnership with the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA) to ensure that financial solutions reach deserving female entrepreneurs.
Other key BOI financial interventions include:
- The BOI Impact Fund, aimed at fostering social and economic impact.
- A $2 million investment in Aruwa Capital, a female-led investment firm.
- A $50 million partial risk guarantee partnership with the African Guarantee Fund to enhance credit access for women entrepreneurs.
Closing the $42 Billion Financing Gap for Women-Owned Businesses
Dr. Weyinmi Eribo, Director-General of WCCIMA, underscored the urgency of tailored financial solutions for women-led enterprises. She highlighted that despite being among the fastest-growing businesses in Nigeria, many female-owned enterprises remain underserved by mainstream financing institutions.
“The financing gap for women-led businesses exceeds $42 billion. This is not just a gender issue; it’s a missed opportunity for national economic growth, job creation, and poverty reduction,” Eribo stressed.
She warned that without intentional and sector-specific financing, female entrepreneurs would struggle to scale and compete effectively in the business landscape.
Commending BOI for launching the GLOW Fund, Eribo praised the bank’s gender-focused initiatives and pledged WCCIMA’s commitment to ensuring that the funds translate into tangible benefits for women in business.
As Nigeria continues to harness the power of entrepreneurship for economic growth, initiatives like GLOW could be the game-changer that propels women-led businesses to new heights of success.
