In a significant move to bolster female entrepreneurship in Nigeria, the Bank of Industry (BOI) has unveiled a ₦10 billion special intervention program titled Project Guaranteed Loans for Women (GLOW). This initiative aims to address the financial challenges faced by women entrepreneurs, enhancing their access to capital and fostering economic growth.
Announced in Lagos, BOI’s Managing Director, Dr. Olasupo Olusi, highlighted Nigeria’s leading position in women’s entrepreneurial activity, with approximately 23 million female entrepreneurs constituting 41% of the country’s micro-businesses. Despite this impressive statistic, many women-led businesses continue to struggle with securing necessary funding. Dr. Olusi emphasized BOI’s dedication to promoting gender-focused financial inclusion through strategic interventions like the GLOW Fund, aligning with the bank’s 2025-2027 strategy.
The GLOW Fund, launched in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), offers low-interest loans, capacity-building programs, and mentorship opportunities for women-led businesses. Dr. Weyinmi Eribo, WCCIMA’s Director General, underscored the necessity for sector-specific financing, noting that despite their rapid growth, women-owned businesses often remain overlooked by mainstream financial institutions.
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Dr. Eribo also revealed that the financing gap for women-owned businesses in Nigeria exceeds $42 billion, cautioning that this limitation hampers national economic growth, job creation, and poverty reduction. She lauded BOI for its gender-focused efforts and pledged that WCCIMA would collaborate closely with the bank to ensure the funds yield tangible benefits for female entrepreneurs.
This initiative builds upon BOI’s ongoing commitment to supporting women in business. Recently, the bank disbursed ₦108 billion in loans to 921 women-owned businesses, demonstrating its dedication to bridging the gender gap and accelerating economic opportunities for women entrepreneurs in Nigeria.
Through the GLOW Fund and other strategic interventions, the Bank of Industry continues to play a pivotal role in empowering Nigerian women entrepreneurs, fostering economic development, and promoting gender equality in the business landscape.
