By Emmanuel Nduka
The Bank of Industry (BOI) has launched a new initiative- the Project Guaranteed Loans for Women (GLOW), with a massive ₦10 billion fund aimed at empowering female entrepreneurs across Nigeria.
The announcement, made on Thursday in Lagos by BOI’s Managing Director, Dr. Olasupo Olusi, underscores the bank’s commitment to supporting women who play a pivotal role in driving Nigeria’s economic growth.
Despite Nigeria leading the world with 23 million female entrepreneurs, accounting for 41% of the country’s micro-businesses, many women still face significant challenges in accessing financing.
Dr. Olusi highlighted this issue, stating, “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.”
Heritage Times HT reports that the GLOW Fund seeks to address this gap by providing essential capital to help women scale their businesses and contribute even more to economic development.
Dr. Olusi also pointed out that, despite the impressive number of women entrepreneurs in Nigeria, many still struggle to secure the funding needed to grow their businesses. He reaffirmed BOI’s commitment, saying, “BOI is committed to addressing this challenge through strategic initiatives like the GLOW Fund, which is part of the bank’s broader 2025-2027 strategy to prioritize gender-focused financial inclusion.”
In collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), the fund will offer low-interest loans, capacity-building programs, and ongoing support to ensure that women-led businesses thrive.
Dr. Olusi also highlighted other BOI initiatives, such as the BOI Impact Fund and partnerships with the African Guarantee Fund, aimed at bolstering financial inclusion for women in business.
WCCIMA’s Director General, Dr. Weyinmi Eribo, stressed the urgent need for tailored financing solutions for women-led businesses, which are among the fastest-growing in Nigeria but face an overwhelming financial gap of over $42 billion.
“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 also warned, “Without intentional, tailored financing, women-led businesses will struggle to scale and compete effectively,” she stated.
Dr. Eribo further emphasized the missed opportunity for national economic growth and job creation, noting that the financing gap for women-owned businesses exceeds $42 billion. She praised BOI for launching the GLOW Fund. “WCCIMA will ensure that these funding initiatives translate into measurable impacts for female entrepreneurs,” she assured.
With this groundbreaking initiative, BOI aims to close the financing gap, boost job creation, and reduce poverty, ensuring that female entrepreneurs have the tools they need to thrive. The collaboration between BOI and WCCIMA is set to make a tangible impact on women’s economic empowerment in Nigeria, turning challenges into opportunities for growth and success.
The BOI is set to be prestigiously honoured in Marrakesh, Morocco, as ‘Africa’s Most Innovative National Bank’ at the 3rd Edition of the AfriHeritage Concert and Awards.
The event is slated for April 12.
