The Bank of Industry (BOI) has launched a particular intervention programme, Mission Assured Loans for Ladies (GLOW), valued at N10 billion, to assist feminine entrepreneurs throughout Nigeria, the Information Company of Nigeria experiences.
The initiative goals to deal with the persistent {financial} inclusion hole confronted by ladies within the nation, offering them with the mandatory capital to scale their companies and contribute to {economic} improvement.
The {bank}’s Managing Director, Dr. Olasupo Olusi, introduced the initiative on Thursday in Lagos, emphasizing that the funding is designed to empower ladies who’re pivotal to Nigeria’s {economic} progress.
Based on him, Nigeria leads the world in ladies’s entrepreneurial exercise, with 23 million feminine entrepreneurs accounting for 41% of the nation’s micro-businesses. Nevertheless, entry to finance stays a big barrier for a lot of of those ladies.
Dr. Olusi highlighted that regardless of the spectacular variety of ladies entrepreneurs in Nigeria, many battle to entry the funding wanted to develop their companies. He famous that BOI is dedicated to addressing this problem by strategic initiatives just like the GLOW Fund, which is a part of the {bank}’s broader 2025-2027 technique to prioritize gender-focused {financial} inclusion.
“Ladies entrepreneurs drive innovation, create jobs, and strengthen communities. Nevertheless, financing stays certainly one of their largest challenges. Our aim right now is to pay attention, simplify financing processes, and construct a powerful community that fosters sustainable progress,” Olusi said.
The GLOW Fund, established in collaboration with the Ladies’s Chamber of Commerce, Trade, Mines, and Agriculture (WCCIMA), is designed to reinforce entry to capital for feminine entrepreneurs. The fund will present low-interest loans, capacity-building packages, and mentorship alternatives to assist women-led companies thrive.
Dr. Olusi additionally outlined different BOI {financial} interventions geared toward supporting ladies entrepreneurs. These embrace the BOI Influence Fund, a $2 million funding in AruwaCapital, a feminine−led funding agency, and a 50 million partial danger assure partnership with the African Assure Fund. These initiatives are a part of BOI’s broader dedication to fostering gender equality and {economic} empowerment.
The partnership with WCCIMA is especially vital, because the chamber represents an unlimited community of ladies entrepreneurs throughout numerous sectors. WCCIMA’s Director Basic, Dr. Weyinmi Eribo, emphasised the necessity for sector-specific financing tailor-made to women-led companies. She identified that whereas women-owned companies are among the many fastest-growing in Nigeria, the {financial} sector has but to completely acknowledge them as a important market section.
Dr. Eribo revealed that the financing hole for women-owned companies in Nigeria exceeds $42 billion, describing this as a missed alternative for nationwide {economic} progress, job creation, and poverty discount. She warned that with out intentional, tailor-made financing, women-led companies would battle to scale and compete successfully.
“Ladies entrepreneurs account for over 40 per cent of Nigeria’s small and medium-sized enterprises (SMEs), but many stay excluded from mainstream financing as a result of systemic obstacles,” she said.
Dr. Eribo counseled BOI for launching the GLOW Fund and acknowledged the contributions of the {bank}’s gender desk group. She pledged that WCCIMA, in partnership with BOI, would be sure that these funding initiatives translate into measurable impacts for feminine entrepreneurs.
