Dr. Olasupo Olusi, Managing Director of BOI, emphasized the critical role women play in Nigeria’s economy, noting that the country leads the world in women’s entrepreneurial activity. With 23 million female entrepreneurs accounting for 41% of Nigeria’s micro-businesses, women are a driving force behind innovation, job creation, and community development. However, access to finance remains a significant barrier for many.
“Women entrepreneurs drive innovation, create jobs, and strengthen communities. Yet, financing remains one of their biggest challenges. Our goal today is to listen, simplify financing processes, and build a strong network that fosters sustainable growth,” Dr. Olusi stated.
Addressing the Financing Gap
The GLOW Fund, established in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), is designed to enhance access to capital for female entrepreneurs. The fund will provide low-interest loans, capacity-building programs, and mentorship opportunities to help women-led businesses thrive.
Dr. Olusi highlighted that the GLOW Fund is part of BOI’s broader 2025-2027 strategy, which prioritizes gender-focused financial inclusion. He also outlined other financial interventions aimed at supporting women entrepreneurs, including:
- The BOI Impact Fund, a $2 million investment in Aruwa Capital, a female-led investment firm.
- A $50 million partial risk guarantee partnership with the African Guarantee Fund.
These initiatives reflect BOI’s commitment to fostering gender equality and economic empowerment.
The Role of Partnerships
The partnership with WCCIMA is particularly significant, as the chamber represents a vast network of women entrepreneurs across various sectors. Dr. Weyinmi Eribo, Director General of WCCIMA, emphasized the need for sector-specific financing tailored to women-led businesses.
“Women-owned businesses are among the fastest-growing in Nigeria, yet the financial sector has yet to fully recognize them as a critical market segment,” Dr. Eribo stated. She revealed that the financing gap for women-owned businesses in Nigeria exceeds $42 billion, describing this as a missed opportunity for national economic growth, job creation, and poverty reduction.
Dr. Eribo warned that without intentional, tailored financing, women-led businesses would struggle to scale and compete effectively. “Women entrepreneurs account for over 40% of Nigeria’s small and medium-sized enterprises (SMEs), yet many remain excluded from mainstream financing due to systemic barriers,” she added.
A Call for Measurable Impact
Dr. Eribo commended BOI for launching the GLOW Fund and acknowledged the contributions of the bank’s gender desk team. She pledged that WCCIMA, in partnership with BOI, would ensure that these funding initiatives translate into measurable impacts for female entrepreneurs.
The GLOW Fund represents a significant step toward closing the financing gap for women in Nigeria and unlocking their potential to drive economic growth. By providing access to capital, training, and mentorship, BOI and its partners aim to empower women entrepreneurs to scale their businesses, create jobs, and contribute to the nation’s development.