BOI Launches N10bn Intervention Fund, Commits to Bridging Funding Gap for Women Entrepreneurs

Festus Akanbi

The Managing Director of Bank of Industry (BOI), Dr Olasupo Olusi,  has expressed the bank’s commitment to providing financial assistance to female entrepreneurs in Nigeria.

He made the commitment in Lagos during the launch of a N10 billion special intervention for female entrepreneurs tagged, “Project Guaranteed Loans for Women (GLOW)”
According to a statement by the bank, Olusi said the N10 billion GLOW Fund was established in collaboration with the Women’s Chamber of Commerce, Industry, Manufacture and Agriculture (WCCIMA) to enhance women entrepreneurs’ access to capital.

He said the bank’s 2025-2027 strategy prioritised gender-focused financial inclusion, adding that BOI was committed to supporting female entrepreneurs with strategic funding initiatives to drive economic growth and innovation.
The BOI boss said Nigeria was leading globally in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41 per cent of the country’s micro-businesses, but access to finance remained a major challenge to scale up their businesses.

“Women entrepreneurs drive innovation, create jobs, and strengthen communities, however, financing remains one of their biggest challenges. Our goal today is to listen, demystify financing processes, and build a strong network that fosters sustainable growth,” he said.
Olusi said the bank had also introduced the “BOI Impact Fund” to provide both equity and debt financing for entrepreneurs in general but with a special interest in women-owned enterprises.

He said the bank had also invested $2m in Aruwa Capital, a female-led investment firm.
Olusi also highlighted the bank’s $50million partial risk guarantee partnership with the African Guarantee Fund offering a 75 per cent loan guarantee and prioritises funding for women-owned micro, small, and medium enterprises.
The Director-General of WCCIMA, Dr Weyinmi Eribo, stressed the need for sector-focused financing for women in Nigeria.
She said women-owned businesses were among the fastest-growing businesses in Nigeria, but the financing had remained a critical problem.

“Women entrepreneurs account for over 40 per cent of Nigeria’s small and medium-sized enterprises, yet many remain excluded from mainstream financing due to systemic barriers,” she said.

Eribo commended BOI for launching the GLOW Fund and acknowledged the contributions of the bank’s Gender Desk team, whose efforts, she said, are bridging long-standing financial gaps and creating opportunities for women to thrive.
Eribo promised that WCCIMA, in partnership with BOI, will ensure that the funding initiatives translate into measurable impacts for female entrepreneurs.