In a significant step toward advancing women’s participation in Nigeria’s business sector, the Bank of Industry (BOI) has unveiled the Guaranteed Loans for Women (GLOW) fund, a dedicated N10 billion financing program. The fund is set to provide targeted support for women-owned and women-led enterprises throughout Nigeria—a milestone many have described as long overdue in the struggle for greater financial inclusion and gender parity in entrepreneurship.
With this intervention, female entrepreneurs now have access to guaranteed loans aimed at helping them scale their businesses, reduce barriers to finance, and position themselves as key drivers of economic growth. Beyond just bankrolling expansion, the GLOW fund seeks to foster job creation and bolster women’s active participation in the wider Nigerian and West African economy.
Recognizing that women often face higher hurdles when seeking capital, the initiative is designed to lower these obstacles and create sustained pathways for growth.
FG expands access with new loan scheme for women entrepreneurs
Speaking at the launch, BOI Managing Director Olasupo Olusi emphasized the critical role that access to finance plays in empowering women. He observed that bridging the financial inclusion gap is essential not only for gender equity but also for Nigeria’s economic future.
“As a country,” Olusi noted, “Nigeria leads the world in women’s entrepreneurial activity, with roughly 23 million women participating as entrepreneurs—an impressive 41% of our micro-businesses.” These statistics, highlighted by BOI in its 2024 business outlook, reflect the vibrant spirit of Nigerian women in enterprise but also point to the pressing need for institutional support.
Olusi further explained:
“Women entrepreneurs drive innovation, create jobs, and strengthen communities. However, 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.”
According to BOI, the GLOW Fund aligns with its 2025–2027 strategy, which prioritizes gender-inclusive support systems. The program is part of a broader set of interventions meant to strategically finance women-led businesses and close the gender financing gap, especially in underserved regions.
How does the GLOW initiative operate?
GLOW is structured to offer business loans with favorable conditions to women with registered businesses in Nigeria. Applicants can look forward to:
- Low-interest rates that reduce the total cost of capital
- Flexible loan amounts and repayment terms tailored to different business needs
- Minimized collateral requirements, helping those who may lack substantial assets
- Access to mentorship, business advisory support, and enhanced visibility within the Nigerian entrepreneurial ecosystem
These features are designed to encourage sustainable growth while reducing common challenges associated with traditional lending, especially among women who are often the primary breadwinners or innovators in their communities.
Source: TikTok
Business experts have praised the combination of financial support with capacity-building measures, describing this dual approach as critical to fostering long-term resilience among women-owned businesses in Nigeria and across West Africa. As noted by Lagos-based economist Dr. Adaeze Okafor, “Giving access alone isn’t enough—mentoring, networks, and business skills are what make such funds transformative.”
Application process for the GLOW fund: who can benefit?
To tap into the GLOW funding opportunity, interested women entrepreneurs are encouraged to apply via the BOI’s official online portal. Applicants will need to:
- Show proof of business registration and legitimate operational status
- Provide verifiable documentation including business plans, tax compliance, and identity information
- Demonstrate the sustainability and potential for growth in their business model
- Commit to using funds strictly for expanding or strengthening their businesses
After successful vetting, funds are delivered directly to approved business accounts, ensuring quick turnaround and transparency. This direct disbursement aims to bypass some traditional banking delays or hurdles.
Additional benefits to recipients include ecosystem support—such as networking events, knowledge sharing, and visibility in new markets—that are often out of reach for early-stage or informal businesses.
Those interested in applying should fill out the dedicated form to submit your application.
More details, including eligibility guidelines and frequently asked questions, can be found by visiting BOI’s official info page.
The UBA angle: boosting women-owned MSMEs with BOI’s support
Complementing the GLOW fund, recent reports indicate that the BOI has also approved a N5 billion facility for United Bank for Africa (UBA) Plc. This collaboration is part of the Federal Government’s MSME Fund and is intended to spur growth in critical economic sectors.
The facility specifically targets micro, small, and medium-sized enterprises (MSMEs), with a focus on women-led businesses, renewable energy, education, and healthcare. Industry insiders, like Abuja business consultant Bamidele Fashola, argue that these targeted funds are likely to encourage more women to formalize their businesses and pursue bigger, bolder ideas.
According to BOI’s official statement, loan proceeds will flow primarily to sectors considered strategic for Nigeria’s future competitiveness and sustainable development.
Challenges and perspectives – Will the GLOW fund move the needle?
While these new financing windows are being celebrated, some observers have raised concerns about possible administrative bottlenecks, awareness among eligible women, or barriers created by complex application processes. Others urge BOI and partner banks to adopt active outreach—especially in rural or underserved communities where access to internet and information remains a challenge.
A comparative view shows similar initiatives across Africa—like Ghana’s Women’s Fund and Rwanda’s Business Development Fund—facing early obstacles but eventually making tangible impacts as they evolved. Analysts stress the importance of regular tracking, transparent reporting, and adaptive support mechanisms to ensure genuine progress and learning.
Despite the hurdles, many local entrepreneurs, advocacy groups, and business leaders remain optimistic that with sound oversight and active engagement, the GLOW fund could become a catalyst for significant economic and social change—not just for Nigerian women, but as a regional example.
Looking ahead: what GLOW could mean for Nigeria and Africa
The launch of the GLOW fund symbolizes a growing recognition of the central role women play in Africa’s entrepreneurial ecosystem. As Nigeria continues to strive for diversified, inclusive growth, programs like GLOW and the BOI-UBA collaboration represent practical commitments rather than rhetoric.
For Nigeria and West Africa to move closer to gender parity in business, experts stress that such financial products must be backed with education, mentorship, and accountability. As regional momentum grows, other African nations may look to Nigeria as a model for large-scale women’s economic empowerment initiatives.
How do you see initiatives like the GLOW fund reshaping opportunities for women in Nigeria and beyond? What obstacles remain for women entrepreneurs in your area? Drop a comment below and follow us for continuing updates on women’s business, finance, and empowerment across Africa!
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