BoI launches N10 billion GLOW fund to support female entrepreneurs

• The Bank of Industry has launched a N10 billion Guaranteed Loans for Women fund to support female entrepreneurs
• The GLOW Fund was established in collaboration with some partners including the Women’s Chamber of Commerce, Industry, Mines, and Agriculture
• WCCIMA said the financial sector is yet to recognise women as a critical market segment

The Bank of Industry (BoI) has launched a N10 billion Project Guaranteed Loans for Women (GLOW) to support female entrepreneurs across Nigeria.

The initiative aims to address the challenge of financial exclusion women face in Nigeria by providing them with the necessary capital to scale their businesses and contribute to economic development.

The Managing Director of BoI, Dr Olasupo Olusi, at the launch of the initiative in Lagos, on Thursday, March 20, said the funding is designed to empower women who are pivotal to Nigeria’s economic growth.

Olusi said despite Nigeria leading the world in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41 per cent of the country’s micro-businesses, access to finance remains a barrier for many of these women.

He noted that many of the women entrepreneurs in Nigeria struggle to access the funding needed to grow their businesses.

The BoI helmsman added that the bank is committed to addressing this challenge through initiatives like the GLOW Fund, which is part of the bank’s broader 2025-2027 strategy to prioritise 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.

BoI’s partners on GLOW Fund

Olusi further stated that the GLOW Fund was established in collaboration with some partners including the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA).

He noted that the initiative reaffirms BoI’s commitment to providing financial solutions for women-led businesses by providing low-interest loans, capacity-building programmes, and mentorship opportunities to help women-led businesses thrive.

Olusi outlined other BOI financial interventions aimed at supporting women entrepreneurs including 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.

‘Financial sector yet to recognise women as critical market segment’

WCCIMA’s Director-General, Dr Weyinmi Eribo, stressed the need for sector-specific financing tailored to women-led businesses.

Eribo noted that though women-owned businesses are among the fastest-growing in Nigeria, the financial sector has yet to fully recognise them as a critical market segment.

She estimated that the financing gap for women-owned businesses in Nigeria exceeds $42 billion, saying this is a missed opportunity for national economic growth, job creation, and poverty reduction.

The WCCIMA’s DG noted 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.

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 the funding initiatives translate into measurable impacts for female entrepreneurs.

BoI targets 2 million MSMEs in N120 billion disbursements by year-end

Meanwhile, TheRadar earlier reported that the Bank of Industry (BoI) said it planned to disburse N120 billion to two million micro, small, and medium enterprises (MSMEs) across Nigeria by the end of 2024.

BoI said the initiative aligns with its strategy to support economic growth and development through the provision of affordable capital for businesses.