The Bank of Industry (BoI) has reaffirmed its commitment to empowering female entrepreneurs in Nigeria through strategic funding initiatives. This pledge was made during the International Women’s Day celebration, co-hosted by BoI and the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA) in Lagos.
The event, themed “Empowering Women Entrepreneurs: Unlocking Sector-Focused Financing Solutions,” brought together over 80 women-led businesses to address financing gaps and explore solutions. BoI’s Managing Director, Dr. Olasupo Olusi, emphasised the bank’s 2025-2027 strategy, prioritising gender-focused financial inclusion.
“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,” Olusi stated.
To bridge the financing gap, Olusi announced the launch of Project Guaranteed Loans for Women (GLOW), a N10 billion fund in partnership with WCCIMA. Additionally, BoI introduced the BoI Impact Fund, providing equity and debt financing for entrepreneurs, with a special focus on women-owned enterprises.
BoI has also invested $2 million in Aruwa Capital, a female-led investment firm, and partnered with the African Guarantee Fund to provide a $50 million partial risk guarantee for women-owned MSMEs, offering a 75% loan guarantee.
Dr. Weyinmi Eribo, Director General of WCCIMA, stressed the urgent need for sector-focused financing for women. “Women entrepreneurs account for over 40% of Nigeria’s SMEs, yet many remain excluded from mainstream financing due to systemic barriers.”
Eribo commended BoI for launching the GLOW Fund and pledged that WCCIMA, in partnership with BoI, will ensure the funding initiatives translate into measurable impacts for female entrepreneurs.
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