BOI Rolls Out GLOW Fund to Foster Female Entrepreneurship in Nigeria

• Bank of Industry launches ₦10 Billion Guaranteed Loans for Women to enhance financial inclusion of women in Nigeria
• The initiative aims to remove financial barriers, helping women-led enterprises to drive economic progress

Bank of Industry (BOI) has launched ₦10 billion Project Guaranteed Loans for Women (GLOW) to foster financial inclusion and economic growth. This targeted funding initiative seeks to address financial barriers faced by female-led businesses by offering accessible funding solutions. Dr. Olasupo Olusi, Managing Director of the Bank of Industry, announced and introduced the GLOW programme on Thursday in Lagos. He emphasized that the initiative seeks to remove financial constraints that women-owned businesses from expanding, ultimately enhancing their contributions to Nigeria’s economic prosperity.

As a global frontrunner in female entrepreneurship, Nigeria is home to 23 million women business owners, representing 41% of its micro-business sector. Yet, financial constraints remain a critical challenge for many women-led enterprises. Dr. Olasupo, reiterated institution’s commitment to empowering women in business through initiatives like GLOW, which is an integral part of the bank’s strategic roadmap for 2025-2027.

“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,” Dr. Olasupo stated.

The Glow fund has some key benefits which include: Affordable financing; low-interest loans to facilitate business growth and expansion, Entrepreneurial Development; tailored capacity-building programs to enhance business skills and management capabilities, Expert Mentorship; access to guidance from industry leaders to drive business success.

The GLOW Fund is being executed in partnership with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA). This collaboration is aimed to bridge the funding gap and equip women-led businesses with essential resources for long-term success.

Dr. Weyinmi Eribo, Director General of WCCIMA, highlighted the rapid growth of women-led businesses in Nigeria but stressed the financial institutions fail to recognize them as a key market. She warned that the $42 billion funding gap could hinder their scalability and competitiveness without targeted interventions. “Women entrepreneurs account for over 40% of Nigeria’s small and medium-sized enterprises (SMEs), yet many remain excluded from mainstream financing due to systemic barriers,” Dr. Weyinmi stated.