BOI Launches N10bn GLOW Fund for Women Entrepreneurs

The Bank of Industry (BOI) has introduced a N10 billion initiative called Project Guaranteed Loans for Women (GLOW) to support female entrepreneurs across Nigeria, aiming to close the financial inclusion gap and empower women in business.

Announcing the project on Thursday in Lagos, BOI’s Managing Director, Dr. Olasupo Olusi, highlighted the crucial role women play in Nigeria’s economic development, noting that despite Nigeria having about 23 million female entrepreneurs, many face difficulties in accessing financial support to scale their ventures.

The GLOW Fund, created in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), will offer low-interest loans, training, and mentorship to help women-led businesses thrive. This initiative is part of BOI’s 2025-2027 strategy focused on enhancing gender-based financial inclusion.

Additionally, BOI has implemented other measures to support women entrepreneurs, such as investing $2 million into Aruwa Capital, a female-led investment firm, and forming a N50 million partial risk guarantee partnership with the African Guarantee Fund.

Dr. Weyinmi Eribo, WCCIMA’s Director General, praised the initiative, underscoring that the financing gap for women-owned businesses in Nigeria exceeds $42 billion — a missed opportunity for economic growth and poverty reduction. She reaffirmed WCCIMA’s commitment to ensuring these funding programs translate into tangible benefits for female entrepreneurs.