The Bank of Industry (BoI) has assured the Women Chamber of Commerce, Industry, Mines and Agriculture (WCCIMA) of its commitment to unlocking financial solutions for female entrepreneurs with strategic funding initiatives aimed at driving economic growth and innovation among women-led businesses.
This commitment was highlighted during the commemoration of International Women’s Day, jointly organised by BoI and WCCIMA in Lagos.
The event, themed ‘Empowering Women Entrepreneurs: Unlocking Sector-Focused Financing Solutions’, brought together over 80 women-led businesses to address critical financing gaps and explore actionable solutions for female entrepreneurs.
In his address, the Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, emphasised the bank’s 2025-2027 strategy, which prioritises gender-focused financial inclusion.
Citing a 2020 PricewaterhouseCoopers study, Olusi noted that Nigeria leads globally in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41 per cent of the country’s micro-businesses.
He said despite this progress, access to finance remains a major challenge for scaling their businesses.
“Women entrepreneurs drive innovation, create jobs, and strengthen communities. However, financing remains one of their biggest challenges. Our goal today is to listen, demystify financing processes, and build a strong network that fosters sustainable growth,” he stated.
To bridge this gap, Olusi announced the launch of a special intervention program called Project Guaranteed Loans for Women (GLOW), a N10 billion fund in partnership with WCCIMA aimed at supporting female entrepreneurs.
Additionally, BOI introduced the BOI Impact Fund, which will provide both equity and debt financing for entrepreneurs in general but with special interest in women-owned enterprises.
As part of its gender-focused financing drive, Olusi revealed that BOI has invested $2 million in Aruwa Capital, a female-led investment firm.
Olusi further highlighted BOI’s $50 million partial risk guarantee partnership with African Guarantee Fund, introduced last year, which prioritises funding for women-owned micro, small, and medium enterprises (MSMEs), offering a 75 per cent loan guarantee.
Also speaking at the event, the Director General of WCCIMA, Dr. Weyinmi Eribo, stressed the urgent need for sector-focused financing for women.
She underscored that while women-owned businesses are among the fastest-growing in Nigeria, the financial sector has yet to fully recognise them as a critical market segment.
Citing a 2020 International Finance Corporation (IFC) report, Eribo noted that the financing gap for women-owned businesses stands at over $42 billion, describing it as a missed opportunity for national economic growth, job creation, and poverty reduction.
“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.
She warned that without intentional, tailored financing, women-led businesses would struggle to scale and compete.
Eribo commended BOI for launching the GLOW Fund and acknowledged the contributions of the bank’s Gender Desk team, whose efforts, she said, are bridging long-standing financial gaps and creating opportunities for women to thrive.
Eribo also pledged that WCCIMA in partnership with BOI will ensure that the funding initiatives translate into measurable impacts for female entrepreneurs.
