In a bold move to bridge the financial gap hindering women entrepreneurs in Nigeria, the Bank of Industry (BOI) has launched a N10 billion fund under the Project Guaranteed Loans for Women (GLOW) initiative. 

This intervention aims to provide critical funding, mentorship, and capacity-building opportunities to female business owners across the country.

Speaking at the launch event in Lagos, BOI’s Managing Director, Dr. Olasupo Olusi, emphasized that despite Nigeria having one of the highest rates of female entrepreneurial activity globally, many women still face systemic challenges in accessing finance. According to him, while 41% of the country’s micro-businesses are owned by women, their growth is often stunted due to limited financial support.

“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 said.

The initiative is being implemented in partnership with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA). The chamber’s Director General, Dr. Weyinmi Eribo, highlighted that Nigeria’s female entrepreneurs face a staggering $42 billion financing gap, which continues to limit their ability to scale and compete in key sectors.

“This fund is an essential step toward closing the gender financing gap. Women-led businesses are among the fastest-growing in Nigeria, yet the financial sector has been slow in recognizing their potential. This initiative sends a strong message that women are a priority in national economic development,” Eribo noted.

Beyond the GLOW Fund, BOI is reinforcing its commitment to gender-focused financial inclusion through other initiatives, including a $2 million investment in Aruwa Capital, a female-led investment firm, and a N50 million partial risk guarantee in collaboration with the African Guarantee Fund.

With targeted financial support, training, and mentorship, BOI and WCCIMA are optimistic that more women entrepreneurs will not only scale their businesses but also contribute significantly to job creation and economic growth in Nigeria.