By Emmanuel Kwada
The Bank of Industry (BOI) has launched a ₦10 billion intervention programme dubbed Project Guaranteed Loans for Women (GLOW).
The initiative, unveiled on Thursday in Lagos by BOI’s Managing Director, Dr. Olasupo Olusi, targets female entrepreneurs who form a cornerstone of the nation’s economic fabric but face persistent barriers to accessing capital.
The announcement, reported by the News Agency of Nigeria (NAN), underscores BOI’s commitment to empowering women, who account for 41% of Nigeria’s micro-businesses.
With an estimated 23 million female entrepreneurs, Nigeria boasts the highest rate of women’s entrepreneurial activity globally. Yet, many of these business owners struggle to secure the funding necessary to scale their ventures, a challenge the GLOW Fund aims to tackle head-on.
Women entrepreneurs drive innovation, create jobs, and strengthen communities
Speaking at the launch event, Dr. Olusi emphasized the pivotal role women play in driving economic growth. “Women entrepreneurs drive innovation, create jobs, and strengthen communities. However, financing remains one of their biggest challenges,” he said.
The GLOW Fund, he explained, is a key pillar of BOI’s 2025-2027 strategy, which prioritizes gender-focused financial inclusion as a catalyst for sustainable development.
The ₦10 billion fund, established in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), offers a multifaceted support system. Beyond providing low-interest loans, the initiative includes capacity-building programs and mentorship opportunities designed to equip women-led businesses with the tools to thrive in a competitive market.
Our goal today is to listen, simplify financing processes, and build a strong network that fosters sustainable growth
Dr. Olusi also highlighted complementary BOI initiatives aimed at bolstering female entrepreneurship. These include a $2 million investment in AruwaCapital, a female-led investment firm, through the BOI Impact Fund, and a 50 million partial risk guarantee partnership with the African Guarantee Fund.
Together, these efforts signal a robust commitment to fostering gender equality and economic empowerment across Nigeria.
Addressing a $42 Billion Financing Gap
The launch event also featured remarks from Dr. Weyinmi Eribo, Director General of WCCIMA, who hailed the GLOW Fund as a vital step toward unlocking the potential of women-led businesses.
She noted that women-owned enterprises constitute over 40% of Nigeria’s small and medium-sized enterprises (SMEs), yet they remain underserved by the financial sector due to systemic barriers.
Dr. Eribo painted a stark picture of the financing landscape, revealing that the funding gap for women-owned businesses in Nigeria exceeds $42 billion.
She described this shortfall as a “missed opportunity” for national economic growth, job creation, and poverty alleviation. “Without intentional, tailored financing, women-led businesses will struggle to scale and compete effectively,” she warned.
In her address, Dr. Eribo called for sector-specific financing solutions that recognize women entrepreneurs as a critical market segment. She praised BOI’s gender desk team for their contributions to the GLOW Fund and pledged WCCIMA’s support in ensuring the initiative delivers tangible results.
The partnership between BOI and WCCIMA is poised to leverage the chamber’s extensive network of women entrepreneurs across diverse industries, from agriculture to manufacturing and services. Dr. Olusi stressed that the GLOW Fund is not just about providing capital but also about simplifying financing processes and building a robust ecosystem to support sustainable growth.
“Our goal today is to listen, simplify financing processes, and build a strong network that fosters sustainable growth,” he said. The initiative’s emphasis on mentorship and capacity building aims to address not only financial constraints but also the knowledge and resource gaps that often hinder women entrepreneurs.
The launch of the GLOW Fund marks a significant milestone in Nigeria’s efforts to harness the economic potential of its female entrepreneurs.
As the country grapples with the dual challenges of economic diversification and poverty reduction, empowering women—who disproportionately operate in the informal sector—could prove transformative.
As the programme rolls out, all eyes will be on BOI and WCCIMA to deliver on their promise of measurable impact. For the 23 million women driving Nigeria’s entrepreneurial spirit, this ₦10 billion lifeline may well be the key to turning potential into prosperity.
