BOI Unveils ₦10bn Fund to Empower Female Businesses
The Bank of Industry (BOI) has unveiled a ₦10bn special intervention programme, Project Guaranteed Loans for Women (GLOW), aimed at empowering female entrepreneurs across Nigeria.
The initiative, launched in collaboration with the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), seeks to bridge the financial inclusion gap for women-led businesses.
BOI’s Managing Director, Dr. Olasupo Olusi, announced the programme on Thursday in Lagos, highlighting its strategic goal of providing much-needed capital to female entrepreneurs.
According to him, Nigeria leads globally in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41 per cent of micro-businesses.
However, access to financing remains a significant hurdle for women looking to scale their ventures.
“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.
As part of its 2025-2027 strategy, BOI is prioritizing gender-focused financial inclusion by targeting key financing gaps and developing tailored solutions for female-led enterprises. The newly launched GLOW Fund aligns with this vision by enhancing women’s access to capital and driving economic growth.
Additionally, Olusi highlighted other BOI financial interventions supporting female entrepreneurs, including the BOI Impact Fund, a $2m investment in Aruwa Capital (a female-led investment firm), and a $50m partial risk guarantee partnership with the African Guarantee Fund.
Speaking at the event, WCCIMA’s Director General, Dr. Weyinmi Eribo, underscored the need for sector-specific financing solutions for women-led businesses.
She emphasized that while women-owned enterprises represent a significant portion of Nigeria’s small and medium-sized enterprises (SMEs), they continue to face systemic financial barriers.
“The financing gap for women-owned businesses exceeds $42bn, which represents a missed opportunity for national economic growth, job creation, and poverty reduction. Without intentional, tailored financing, women-led businesses will struggle to scale and compete effectively,” Eribo noted.
She commended BOI for its commitment to women’s financial inclusion and lauded the role of the bank’s gender desk team in facilitating the GLOW Fund.
Eribo assured that WCCIMA, in partnership with BOI, would work to ensure that the funding initiative translates into measurable impact for female entrepreneurs.
BOI Unveils ₦10bn Fund to Empower Female Businesses is first published on The Whistler Newspaper
