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The Bank of Industry (BOI) has introduced the Project Guaranteed Loans for Women (GLOW) initiative, a ₦10 billion special intervention fund aimed at enhancing financial inclusion and supporting female entrepreneurs across Nigeria.
Announcing the initiative in Lagos, BOI’s Managing Director, Dr. Olasupo Olusi, emphasized that the fund is designed to bridge the financial access gap for women-led businesses, fostering economic empowerment and innovation.
Addressing Financial Challenges for Female Entrepreneurs
Dr. Olusi highlighted that Nigeria leads globally in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41% of the country’s micro-businesses. However, he noted that limited access to capital remains a significant barrier to scaling these businesses.
BOI’s 2025-2027 strategic plan prioritizes gender-focused financial inclusion, focusing on bridging critical financing gaps and providing tailored solutions for female-led enterprises.
“Women entrepreneurs are key drivers of job creation, innovation, and economic growth. However, access to finance continues to hinder their expansion. Our objective is to simplify financing processes and foster a strong support network for sustainable business growth,” Olusi stated.
Strategic Partnerships and Additional Interventions
BOI has partnered with the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA) to administer the GLOW Fund, ensuring targeted financial support for women-owned businesses.
In addition to the GLOW Fund, BOI has introduced other funding initiatives, including:
- The BOI Impact Fund
- A $2 million investment in Aruwa Capital, a female-led investment firm
- A $50 million partial risk guarantee partnership with the African Guarantee Fund
Closing the Gender Financing Gap
Dr. Weyinmi Eribo, Director General of WCCIMA, emphasized the need for sector-specific financing for women-led businesses. She pointed out that despite their rapid growth, women entrepreneurs remain underrepresented in mainstream financing due to systemic barriers.
With the financing gap for female-owned businesses in Nigeria exceeding $42 billion, Eribo described this as a missed opportunity for economic growth, job creation, and poverty reduction. She cautioned that without intentional financial interventions, women-led enterprises would struggle to scale and compete effectively.
“Women entrepreneurs represent over 40% of Nigeria’s SMEs, yet they continue to face financial exclusion. The GLOW Fund is a crucial step in addressing this challenge,” she stated.
She also commended BOI’s gender-focused initiatives and pledged that WCCIMA, in collaboration with BOI, would ensure that these financial interventions translate into measurable benefits for female entrepreneurs.
This initiative marks a significant milestone in promoting financial inclusion, fostering economic resilience, and empowering women entrepreneurs across Nigeria.
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