The Bank of Industry (BOI) has introduced a N10 billion special intervention programme, Project Guaranteed Loans for Women (GLOW), aimed at supporting female entrepreneurs across Nigeria. The initiative seeks to close the financial inclusion gap that limits women’s access to capital, helping them expand their businesses and contribute to economic growth.
Announcing the programme in Lagos, BOI’s Managing Director, Dr. Olasupo Olusi, highlighted that while Nigeria leads globally in women’s entrepreneurial activity—with 23 million female entrepreneurs making up 41% of the country’s micro-businesses—access to funding remains a major hurdle. He emphasized BOI’s commitment to gender-focused financial inclusion through strategic interventions like the GLOW Fund, which aligns with the bank’s 2025-2027 strategy.
The GLOW Fund, launched in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), will provide low-interest loans, capacity-building programmes, and mentorship opportunities for women-led businesses. WCCIMA’s Director General, Dr. Weyinmi Eribo, stressed the need for sector-specific financing, pointing out that despite their rapid growth, women-owned businesses are still overlooked by mainstream financial institutions.
Dr. Eribo also revealed that the financing gap for women-owned businesses in Nigeria exceeds $42 billion, warning that this limitation hinders national economic growth, job creation, and poverty reduction. She commended BOI for its gender-focused efforts, pledging that WCCIMA would work closely with the bank to ensure the funds translate into tangible benefits for female entrepreneurs.
BOI has also rolled out additional financial interventions, including a $2 million investment in AruwaCapital, a female-led investment firm, and a N50 million partial risk guarantee partnership with the African Guarantee Fund. These initiatives reinforce the bank’s broader agenda of fostering gender equality and economic empowerment.
