The Bank of Industry (BOI) has launched a N10 billion special intervention programme, Project Guaranteed Loans for Women (GLOW), designed to empower female entrepreneurs across Nigeria. This initiative aims to bridge the financial inclusion gap that limits women’s access to capital, enabling them to scale their businesses and drive economic development.
During the programme’s unveiling in Lagos, BOI’s Managing Director, Dr. Olasupo Olusi, underscored Nigeria’s leading role in global women’s entrepreneurship, noting that 23 million female entrepreneurs account for 41% of the nation’s micro-businesses. However, he highlighted the persistent challenge of accessing funding, reaffirming BOI’s commitment to gender-focused financial inclusion through strategic initiatives such as the GLOW Fund, which aligns with the bank’s 2025-2027 roadmap.
Launched in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), the GLOW Fund will offer women-led businesses low-interest loans, capacity-building programmes, and mentorship opportunities. WCCIMA’s Director General, Dr. Weyinmi Eribo, emphasized the importance of sector-specific financial solutions, pointing out that despite their rapid expansion, women-owned businesses remain underserved by traditional financial institutions.
Dr. Eribo further revealed that the financing gap for female entrepreneurs in Nigeria surpasses $42 billion, warning that this constraint hampers economic growth, job creation, and poverty alleviation. She lauded BOI’s commitment to gender-focused interventions, pledging that WCCIMA would collaborate closely with the bank to ensure the programme delivers tangible outcomes for women entrepreneurs.
Beyond the GLOW Fund, BOI has introduced additional financial support measures, including a $2 million investment in AruwaCapital, a female-led investment firm, and a N50 million partial risk guarantee partnership with the African Guarantee Fund. These efforts reinforce the bank’s broader mission to promote gender equality and foster economic empowerment across Nigeria.
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