The Bank of Industry (BOI) has launched a N10 billion special intervention programme tagged ‘Project Guaranteed Loans for Women (GLOW)’ in furtherance of its sustained initiatives to support female entrepreneurs in the country.
The GLOW, which was launched in collaboration with the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), seeks to bridge the financial inclusion gap for women-led businesses.
Speaking during the launching of the facility on Thursday in Lagos, the bank’s Managing Director, Dr. Olasupo Olusi, said that the Nigeria had become a leader in women’s entrepreneurial activities globally, with 23 million female entrepreneurs accounting for 41% of the country’s micro-businesses.
While noting that despite the achievement, access to finance remained a major challenge for women looking to scale their businesses in the country, the banker restated the bank’s commitment to supporting female entrepreneurs with strategic funding initiatives designed to drive economic growth and innovation.
According to him, the bank’s 2025-2027 strategy prioritises gender-focused financial inclusion, targeting critical financing gaps and exploring actionable solutions for female-led businesses.
He said: “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”, the banker added.
Olusi listed other BOI’s financial interventions as including the BOI Impact Fund, $2 million investment in Aruwa Capital, a female-led investment firm and $50 million partial risk guarantee partnership with the African Guarantee Fund
In her remarks at the event, Director-General of WCCIMA, Dr. Weyinmi Eribo, stressed the need for sector-specific financing tailored for women-led businesses, noting that while women-owned businesses are among the fastest-growing in Nigeria, the financial sector is yet to fully recognise them as a critical market segment.
Eribo disclosed that the financing gap for women-owned businesses exceeded $42 billion, describing the gap as a missed opportunity for national economic growth, job creation, and poverty reduction.
She said: “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.
The WCCIMA boss commended the BOI for launching the GLOW Fund and the contributions of the bank’s gender desk team, promising that WCCIMA will ensure that the funding initiatives positively impact on female entrepreneurs’ businesses.
