Bank of Industry launches N10 billion fund to empower female entrepreneurs in Nigeria
The Bank of Industry (BOI) has launched a special intervention programme, Project Guaranteed Loans for Women (GLOW), valued at N10 billion, to support female entrepreneurs across Nigeria, the News Agency of Nigeria reports.
The initiative aims to address the persistent financial inclusion gap faced by women in the country, providing them with the necessary capital to scale their businesses and contribute to economic development.
The bank’s Managing Director, Dr. Olasupo Olusi, announced the initiative on Thursday in Lagos, emphasizing that the funding is designed to empower women who are pivotal to Nigeria’s economic growth.
According to him, 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.
Dr. Olusi highlighted that despite the impressive number of women entrepreneurs in Nigeria, many struggle to access the funding needed to grow their businesses. He noted that BOI is committed to addressing this challenge through strategic initiatives like the GLOW Fund, which is part of the bank’s broader 2025-2027 strategy to prioritize gender-focused financial inclusion.
“Women entrepreneurs drive innovation, create jobs, and strengthen communities. However, financing remains one of their biggest challenges. Our goal today is to listen, simplify financing processes, and build a strong network that fosters sustainable growth,” Olusi stated.
The GLOW Fund, established in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), is designed to enhance access to capital for female entrepreneurs. The fund will provide low-interest loans, capacity-building programs, and mentorship opportunities to help women-led businesses thrive.
Partnerships and Additional Financial Interventions
Dr. Olusi also outlined other BOI financial interventions aimed at supporting women entrepreneurs. These include the BOI Impact Fund, a $2 million investment in AruwaCapital, a female−led investment firm, and a 50 million partial risk guarantee partnership with the African Guarantee Fund. These initiatives are part of BOI’s broader commitment to fostering gender equality and economic empowerment.
The partnership with WCCIMA is particularly significant, as the chamber represents a vast network of women entrepreneurs across various sectors. WCCIMA’s Director General, Dr. Weyinmi Eribo, 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.
The Financing Gap and Its Implications on Women
Dr. Eribo revealed that the financing gap for women-owned businesses in Nigeria exceeds $42 billion, describing 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.
“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 stated.
Dr. Eribo commended BOI for launching the GLOW Fund and acknowledged the contributions of the bank’s gender desk team. She pledged that WCCIMA, in partnership with BOI, would ensure that these funding initiatives translate into measurable impacts for female entrepreneurs.
