The Bank of Industry (BOI) has launched a N10 billion intervention programme, guaranteed loans for women (GLOW), to support female entrepreneurs across Nigeria.
Announcing the initiative on Thursday in Lagos, Olasupo Olusi, BOI’s managing director (MD), said the fund aims to bridge the financial inclusion gap for women.
According to Olusi, Nigeria leads the world in women’s entrepreneurial activity, with 23 million female entrepreneurs making up 41 percent of the country’s micro-businesses.
The MD expressed concern that limited access to finance remains a significant challenge for women seeking to expand their businesses.
He, however, reaffirmed BOI’s commitment to empowering female entrepreneurs through strategic funding initiatives aimed at driving economic growth and innovation.
Olusi added that BOI’s 2025-2027 strategy prioritises gender-focused financial inclusion, targeting financing gaps and exploring actionable solutions for women-led enterprises.
“Women entrepreneurs drive innovation, create jobs, and strengthen communities. However, financing remains one of their biggest challenges,” he said.
“Our goal today is to listen, simplify financing processes, and build a strong network that fosters sustainable growth.”
Olusi reiterated BOI’s dedication to offering financial support for women-led businesses in collaboration with the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA).
The MD said the N10 billion GLOW fund was launched in partnership with WCCIMA to improve access to capital for female entrepreneurs.
He also highlighted other BOI financial initiatives, 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.
‘FINANCING GAP FOR WOMEN-LED ENTERPRISES EXCEEDS $42BN’
Speaking at the launch, Weyinmi Eribo, WCCIMA’s director-general (DG), emphasised the need for sector-specific financing tailored to women-owned businesses.
She said while women-owned businesses are among the fastest-growing in Nigeria, the financial sector has yet to fully acknowledge them as a key market segment.
Eribo noted that the financing gap for women-owned enterprises exceeds $42 billion, describing it as a missed opportunity for economic growth, job creation, and poverty alleviation.
The director-general cautioned that without targeted and tailored financial support, women-led businesses would face challenges in scaling and remaining competitive.
“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 said.
Eribo commended BOI for launching the GLOW fund and acknowledged the contributions of the bank’s gender desk team.
The DG assured that WCCIMA, in collaboration with BOI, would work to ensure the funding initiatives lead to tangible benefits for female entrepreneurs.
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