The Bank of Industry (BOI) has launched a ₦10 billion fund called Project Guaranteed Loans for Women (GLOW) to support female entrepreneurs in Nigeria. Dr. Olasupo Olusi, the bank’s Managing Director, made the announcement on Thursday in Lagos. The initiative aims to empower women by addressing the financial inclusion gap they face and providing them with capital to scale their businesses.
Nigeria leads the world in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41% of the country’s micro-businesses. However, access to finance remains a significant barrier for many of these women. Dr.
Olusi stated that despite the impressive number of women entrepreneurs in Nigeria, many struggle to access funding to grow their businesses. BOI is committed to addressing this challenge through initiatives like the GLOW Fund, which is part of the bank’s 2025-2027 strategy to prioritize gender-focused financial inclusion. “Women entrepreneurs drive innovation, create jobs, and strengthen communities.
boi launches ₦10bn GLOW fund
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,” Olusi said.
The GLOW Fund, established in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), will provide low-interest loans, capacity-building programs, and mentorship opportunities to help women-led businesses thrive. BOI has also introduced other financial interventions to support women entrepreneurs, including the BOI Impact Fund, a $2 million investment in Aruwa Capital, a female-led investment firm, and a ₦50 million partial risk guarantee partnership with the African Guarantee Fund. Dr.
Weyinmi Eribo, WCCIMA’s Director General, emphasized the need for sector-specific financing tailored to women-led businesses. She pointed out that while women-owned businesses are among the fastest-growing in Nigeria, the financial sector has yet to fully recognize them as a critical market segment. Dr.
Eribo revealed that the financing gap for women-owned businesses in Nigeria exceeds $42 billion, describing it as a missed opportunity for national economic growth, job creation, and poverty reduction. She pledged that WCCIMA, in partnership with BOI, would ensure that these funding initiatives translate into measurable impacts for female entrepreneurs.
Photo by; Christina @ wocintechchat.com on Unsplash
