The Bank of Industry (BOI) has launched a special intervention program called Project Guaranteed Loans for Women (GLOW). The program is valued at ₦10 billion and aims to support female entrepreneurs across Nigeria. Dr. Olasupo Olusi, the Managing Director of BOI, announced the initiative on Thursday in Lagos.
Dr. Olusi emphasized that women are pivotal to Nigeria’s economic growth. He noted that Nigeria leads the world in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41% of the country’s micro-businesses.
However, access to finance remains a significant barrier for many of these women. The GLOW Fund is part of BOI’s broader 2025-2027 strategy to prioritize gender-focused financial inclusion. The fund will provide low-interest loans, capacity-building programs, and mentorship opportunities to help women-led businesses thrive.
It was established in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA). Dr.
Glow Fund for women entrepreneurs
Olusi also outlined other BOI financial interventions aimed at supporting women entrepreneurs. These include 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. Dr.
Weyinmi Eribo, the Director General of WCCIMA, emphasized the need for sector-specific financing tailored to women-led businesses. She pointed out that while women-owned businesses are among the fastest-growing in Nigeria, the financial sector has yet to fully recognize them as a critical market segment. Dr.
Eribo revealed that the financing gap for women-owned businesses in Nigeria exceeds $42 billion. She described 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.
Dr. Eribo commended BOI for launching the GLOW Fund and pledged that WCCIMA, in partnership with BOI, would ensure that these funding initiatives translate into measurable impacts for female entrepreneurs.
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