The Bank of Industry (BOI) has launched a N10 billion special intervention initiative known as the Project Guaranteed Loans for Women (GLOW), designed to empower female entrepreneurs across Nigeria. This programme aims to bridge the financial inclusion gap that has historically restricted women’s access to capital, enabling them to scale their businesses and drive economic development.
During the official announcement in Lagos, BOI’s Managing Director, Dr. Olasupo Olusi, underscored Nigeria’s leading position in global female entrepreneurship. With 23 million women entrepreneurs accounting for 41% of the nation’s micro-businesses, he noted that inadequate access to funding remains a significant obstacle. Dr. Olusi reaffirmed BOI’s dedication to gender-focused financial inclusion through targeted initiatives such as the GLOW Fund, which aligns with the bank’s strategic roadmap for 2025-2027.
The GLOW Fund was introduced in partnership with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA) to provide women-led businesses with low-interest loans, skill development programmes, and mentorship opportunities. WCCIMA’s Director General, Dr. Weyinmi Eribo, highlighted the importance of sector-specific financial solutions, emphasizing that despite their rapid expansion, businesses owned by women continue to be underserved by traditional financial institutions.
Dr. Eribo further revealed that the funding shortfall for women-owned enterprises in Nigeria exceeds $42 billion, a challenge that hampers economic progress, job creation, and poverty alleviation. She applauded BOI’s commitment to addressing this issue and pledged WCCIMA’s collaboration to ensure the initiative translates into real economic benefits for female entrepreneurs.
Beyond the GLOW Fund, BOI has introduced additional financial interventions to support women’s economic empowerment. These include a $2 million investment in Aruwa Capital, a female-led investment firm, and a N50 million partial risk guarantee partnership with the African Guarantee Fund. These efforts reinforce the bank’s overarching mission of promoting gender equality and fostering inclusive economic growth.
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