BoI launches N10bn fund to empower female entrepreneurs in Nigeria
The Bank of Industry (BOI) has introduced a specialised intervention programme, Project Guaranteed Loans for Women (GLOW), valued at N10 billion, to support female entrepreneurs across Nigeria.
The initiative seeks to tackle the ongoing financial inclusion gap faced by women in the country, providing them with essential capital to expand their businesses and contribute to economic development.
The bank’s Managing Director, Dr Olasupo Olusi, announced the initiative on Thursday in Lagos, stressing that the funding is specifically designed to empower women, who play a crucial role in Nigeria’s economic progress.
According to him, Nigeria leads globally in women’s entrepreneurial activity, with 23 million female entrepreneurs making up 41 per cent of the country’s micro-businesses. However, access to finance remains a major obstacle for many of these women.
Dr Olusi drew attention to the fact that despite the significant number of female entrepreneurs in Nigeria, many struggle to obtain the funding necessary for business growth.
He stated that BOI is dedicated to tackling this challenge through strategic programmes such as the GLOW Fund, which forms part of the bank’s broader 2025-2027 strategy to advance 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 said.
The GLOW Fund, developed in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), is designed to improve access to capital for female entrepreneurs.
The fund will offer low-interest loans, capacity-building programmes, and mentorship opportunities to help women-led businesses flourish.
Dr Olusi also outlined other BOI financial interventions aimed at supporting female entrepreneurs. These include the BOI Impact Fund, a $2 million investment in Aruwa Capital, a female-led investment firm, and a 50-million-naira partial risk guarantee partnership with the African Guarantee Fund.
These initiatives form part of BOI’s broader commitment to promoting gender equality and economic empowerment.
The partnership with WCCIMA is particularly significant, as the chamber represents an extensive network of women entrepreneurs across various industries.
WCCIMA’s Director-General, Dr Weyinmi Eribo, underscored the necessity of 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 acknowledge them as a key market segment.
Dr Eribo disclosed 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 cautioned that without deliberate and tailored financial solutions, women-led businesses would struggle to expand 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 said.
Dr Eribo praised BOI for launching the GLOW Fund and acknowledged the contributions of the bank’s gender desk team.
She assured that WCCIMA, in partnership with BOI, would work to ensure that these funding initiatives deliver measurable benefits for female entrepreneurs.
