The Bank of Industry (BOI) has introduced a N10 billion special intervention programme, Project Guaranteed Loans for Women (GLOW), to support female entrepreneurs across Nigeria.
The initiative aims to bridge the financial inclusion gap that limits women’s access to capital, helping them expand their businesses and contribute to economic development.
According to BOI’s Managing Director, Dr. Olasupo Olusi, 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, established in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), will provide low-interest loans, capacity-building programs, and mentorship opportunities to help women-led businesses thrive.
BOI has also outlined other financial interventions aimed at supporting women entrepreneurs, including the BOI Impact Fund, a $2 million investment in AruwaCapital, and a 50 million partial risk guarantee partnership with the African Guarantee Fund.
Dr. Weyinmi Eribo, Director General of WCCIMA, emphasized the need for sector-specific financing tailored to women-led businesses, revealing that the financing gap for women-owned businesses in Nigeria exceeds $42 billion.