Bank of Industry (BOI)
The Bank of Industry (BOI) has launched the N10 billion Project Guaranteed Loans for Women (GLOW) Fund, a special intervention program aimed at providing accessible financing, mentorship, and capacity-building opportunities for women-led businesses in Nigeria. This strategic initiative, unveiled by BOI Managing Director, Dr. Olasupo Olusi, on March 20, 2025, in Lagos, seeks to promote gender-focused financial inclusion and drive sustainable economic growth.
Nigeria ranks among the top countries globally for women’s entrepreneurial activity, with over 23 million female entrepreneurs accounting for 41% of micro-businesses. However, limited access to capital remains a significant barrier to their success. The GLOW Fund is designed to bridge this gap by offering low-interest loans and simplifying financing processes for female entrepreneurs.
“Women entrepreneurs drive innovation, create jobs, and strengthen communities. However, financing remains one of their biggest challenges. Our goal is to simplify access to funding and build a strong network that fosters sustainable growth,” said Dr. Olusi.
Read also: BOI Grants N108 Billion to Women Entrepreneurs, Promotes Gender-Inclusion
The initiative is being implemented in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), which represents women entrepreneurs across diverse sectors.
WCCIMA Director General, Dr. Weyinmi Eribo, emphasized the urgent need for gender-focused financing, revealing that the funding gap for female entrepreneurs in Nigeria exceeds $42 billion. “Women-led businesses account for over 40% of Nigeria’s SMEs, yet many remain excluded from mainstream financing due to systemic barriers,” she noted.
BOI – Commitment to Women’s Economic Empowerment
Beyond the GLOW Fund, BOI has initiated other programs to support women entrepreneurs, including:
- BOI Impact Fund: A $2 million investment in Aruwa Capital, a female-led investment firm.
- N50 million Partial Risk Guarantee Partnership with the African Guarantee Fund, aimed at mitigating financial risks for women-led businesses.
These efforts underscore BOI’s commitment to fostering gender equality, inclusive economic development, and financial empowerment for women entrepreneurs in Nigeria.
BOI Driving Inclusive Economic Growth
With the launch of the N10 billion GLOW Fund, female entrepreneurs across Nigeria now have a renewed opportunity to scale their businesses, access critical funding, and contribute significantly to the nation’s economic development.
CSR Reporters will continue tracking the impact of this initiative to ensure it delivers sustainable benefits for women entrepreneurs and Nigeria’s broader economic landscape.
