The Bank of Industry (BOI), in partnership with the National Credit Guarantee Company (NCGC), has signed a Memorandum of Understanding to unlock N10billion in guaranteed loans for women entrepreneurs, marking a major step toward strengthening women’s participation in Nigeria’s MSME sector.
BOI Managing Director, Dr. Olasupo Olusi, who has been driving gender-inclusive financing reforms, said the initiative was designed to create a credit-guarantee framework that makes funding more accessible and affordable for thousands of women-owned businesses nationwide.
Speaking during the MoU signing in Abuja with NCGC Managing Director, Bonaventure Okhaimo, Olusi said NCGC will provide a 25 percent credit-guarantee cover on BOI loans. This, he explained, will cut lender risk significantly and enable BOI to reach more women-led enterprises across the country.
He noted that the guaranteed loans will support high-impact sectors including manufacturing, processing, ICT, digital marketing, e-commerce, the creative and entertainment industries, healthcare, education, renewable energy, and waste management.
Olusi described the GLOW (Guaranteed Loans for Women) programme as a national intervention aimed at removing long-standing barriers that prevent women from scaling their businesses. He said the programme offers concessionary interest rates at seven percent, flexible collateral requirements, and embedded capacity-building support for beneficiaries.
“This event represents more than a procedural milestone; it signals our collective commitment to expanding access to finance for the Nigerian entrepreneurs who power our economy, particularly women and MSMEs,” he said. “GLOW was crafted to deliver affordable, flexible, and well-structured financing to women. One of the clearest signs of its necessity is the overwhelming market response, with over 33,000 applications already in progress, valued at more than N65billion.”
NCGC Managing Director, Bonaventure Okhaimo, said the organisation will begin with a N5billion guarantee, adding that the arrangement will help manage portfolio risks while reaching women and MSMEs who are viable but previously underserved due to collateral constraints.
He explained that the partnership will allow women-owned businesses to access loans at lower interest rates and enjoy faster approval timelines, ultimately strengthening financial inclusion and MSME competitiveness.
The collaboration is expected to accelerate the growth of women-led enterprises, expand the national MSME ecosystem, and contribute to broader economic development.
