BOI announces N10bn GLOW fund for female entrepreneurs

The Bank of Industry (BOI) has launched a special intervention programme, Project Guaranteed Loans for Women (GLOW), valued at ₦10 billion to support female entrepreneurs across the country.

The bank’s Managing Director, Dr Olasupo Olusi, announced the initiative on Thursday in Lagos, stating that the funding “aims to bridge the financial inclusion gap for women in Nigeria.”

According to him, Nigeria leads the world in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41 per cent of the country’s micro-businesses.

Olusi decried that access to finance remained a major challenge for women looking to scale their businesses.

He, however, noted that BOI was committed 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.

“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,” Olusi stated.

He also reaffirmed BOI’s commitment to providing financial solutions for women-led businesses in partnership with the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA).

Olusi revealed that the ₦10 billion GLOW Fund was established in collaboration with WCCIMA to enhance access to capital for female entrepreneurs.

Additionally, he outlined other BOI financial interventions, 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

WCCIMA’s Director General, Dr Weyinmi Eribo, emphasised the need for sector-specific financing tailored to women-led businesses.

She pointed out that while women-owned businesses were among the fastest-growing in Nigeria, the financial sector had yet to fully recognise them as a critical market segment.

Eribo noted that the financing gap for women-owned businesses exceeded $42 billion, describing this as a missed opportunity for national economic growth, job creation, and poverty reduction.

She warned that without intentional, tailored financing, women-led businesses would struggle to scale and compete effectively.

“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. Nigerian e-commerce platforms

Eribo commended BOI for launching the GLOW Fund and acknowledged the contributions of the bank’s gender desk team.

She pledged that WCCIMA, in partnership with BOI, would ensure that these funding initiatives translated into measurable impacts for female entrepreneurs.

(NAN)