The Bank of Industry (BOI) has launched a significant initiative, the Project Guaranteed Loans for Women (GLOW), committing ₦10 billion to support female entrepreneurs across Nigeria. This initiative was announced in Lagos by BOI’s Managing Director, Dr. Olasupo Olusi, who emphasized the critical role of women in Nigeria’s economic advancement. The GLOW Fund is strategically designed to tackle the persistent financial inclusion gap that disproportionately affects women, providing them with essential capital to expand their businesses and contribute more effectively to the nation’s economic development.

Dr. Olusi highlighted Nigeria’s leading position in women’s entrepreneurial activity, noting that 23 million female entrepreneurs constitute 41% of the country’s micro-businesses. Despite this impressive figure, access to adequate financing remains a major impediment for many. The GLOW Fund is part of BOI's broader strategy for 2025-2027, which prioritizes gender-focused financial inclusion, aiming to bridge financing gaps and develop actionable solutions for women-led enterprises.

"Women entrepreneurs drive innovation, create jobs, and strengthen communities; however, financing remains one of their biggest challenges," Dr. Olusi stated. He outlined BOI's commitment to simplifying financing processes and fostering a robust network to support sustainable growth for these businesses.

The GLOW Fund is a collaborative effort with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA). It aims to improve capital access for female entrepreneurs through low-interest loans, capacity-building programs, and mentorship opportunities. In addition to the GLOW Fund, BOI has introduced other financial interventions, including 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. These initiatives underscore BOI’s commitment to gender equality and economic empowerment.

Dr. Weyinmi Eribo, Director General of WCCIMA, emphasized the necessity for sector-specific financing tailored to women-led businesses. While women-owned businesses are among the fastest-growing in Nigeria, the financial sector has yet to fully recognize their significance. Dr. Eribo pointed out that the financing gap for these businesses exceeds $42 billion, representing a significant missed opportunity for national economic growth, job creation, and poverty reduction. She warned that without intentional, tailored financing, women-led businesses would struggle to scale and remain competitive.

"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," Dr. Eribo noted. She commended BOI for launching the GLOW Fund and pledged that WCCIMA, in partnership with BOI, would work to ensure the funding initiatives translate into measurable impacts for female entrepreneurs.