By Aymide Otitoju
The Bank of Industry (BOI) has reaffirmed its commitment to providing financial solutions for female entrepreneurs, pledging sector-focused support for women-led businesses.
In a statement issued on Friday, BOI disclosed that the commitment was made during an International Women’s Day event jointly organized with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA) in Lagos.
The event, themed ‘Empowering Women Entrepreneurs: Unlocking Sector-Focused Financing Solutions,’ convened over 80 women-led businesses to address financing gaps and introduce solutions tailored for female entrepreneurs.
During the event, BOI launched the Project Guaranteed Loans for Women (GLOW Fund), a N10 billion initiative in partnership with WCCIMA aimed at supporting female entrepreneurs.
BOI’s Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, underscored the bank’s 2025-2027 strategy, which prioritizes gender-focused financial inclusion.
Citing a 2020 study by PricewaterhouseCoopers, Olusi highlighted Nigeria’s leading position in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41% of the country’s micro-businesses. However, he noted that access to finance remains a significant barrier to scaling their businesses.
“Women entrepreneurs drive innovation, create jobs, and strengthen communities. However, financing remains one of their biggest challenges. Our goal is to listen, demystify financing processes, and build a strong network that fosters sustainable growth,” Olusi stated.
Additionally, BOI introduced the BOI Impact Fund, offering both equity and debt financing, with a special focus on women-owned enterprises. The bank has also invested $2 million in Aruwa Capital, a female-led investment firm.
Olusi further highlighted BOI’s $50 million partial risk guarantee partnership with the African Guarantee Fund, introduced last year, which prioritizes funding for women-owned micro, small, and medium enterprises, offering a 75% loan guarantee.
WCCIMA Director-General, Dr. Weyinmi Eribo, emphasized the need for sector-focused financing for women, noting that despite women owning over 40% of Nigeria’s SMEs, many remain excluded from mainstream financing due to systemic barriers.
“Without intentional, tailored financing, women-led businesses will struggle to scale and compete,” Eribo warned.
She commended BOI for launching the GLOW Fund and acknowledged the bank’s Gender Desk team for bridging financial gaps and creating opportunities for women to thrive.
Eribo further pledged that WCCIMA, in collaboration with BOI, would ensure that these funding initiatives translate into measurable impacts for female entrepreneurs.
