The Bank of Industry (BOI) has introduced a ₦10 billion initiative named Project Guaranteed Loans for Women (GLOW) to bolster female entrepreneurs in Nigeria. The programme, launched in Lagos, aims to tackle the financial inclusion gap that hampers women-led businesses, which are crucial for the nation’s economic advancement.
This fund is part of BOI’s strategic agenda for 2025-2027 to prioritize gender-focused financial inclusion. Despite Nigeria being a global leader in women entrepreneurship, with 23 million female entrepreneurs making up 41% of micro-businesses, access to financing remains a major hurdle. The GLOW Fund, in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), will offer low-interest loans, capacity-building, and mentorship to female entrepreneurs.
Additional Financial Interventions
Additionally, BOI is implementing other financial interventions such as the BOI Impact Fund and partnerships aimed at providing financial guarantees to further support women entrepreneurs. These efforts are designed to increase economic empowerment and foster gender equality. The gap in financing for women-owned businesses in Nigeria is over $42 billion, highlighting the critical need for such targeted financial support.
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