Good news for women in Nigeria who run their own businesses! The Bank of Industry (BOI) has just started a big fund. It’s called Project Guaranteed Loans for Women (GLOW). This fund has N10 billion. That’s a lot of money! It’s all for helping women grow their businesses.
Many women in Nigeria are very good at starting and running businesses. In fact, Nigeria has a lot of women entrepreneurs. About 23 million women own small businesses. This makes up 41% of all small businesses in the country. But, these women often find it hard to get money to grow their businesses.
Dr. Olasupo Olusi, who leads BOI, said they want to help close this money gap. He said BOI is serious about helping women get the money they need. That’s why they created the GLOW Fund. This fund is part of BOI’s plan to help more women by 2025-2027.
This GLOW Fund is a team effort. BOI is working with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA). Together, they will give women business owners low-interest loans. They will also teach women how to run their businesses better. And they will pair them with mentors who can help them.
Dr. Weyinmi Eribo from WCCIMA said it’s important to give money to women in specific business areas. She said even though women’s businesses are growing fast, many banks don’t give them enough attention. She also mentioned that women in Nigeria need more than $42 billion to grow their businesses. This lack of money stops the country from growing, creating jobs, and fighting poverty.
Dr. Eribo thanked BOI for helping women. She said WCCIMA will work closely with BOI to make sure this money really helps women entrepreneurs.
BOI is doing more than just the GLOW Fund. They have also put $2 million into AruwaCapital. This is a company run by women that invests in other businesses. BOI has also partnered with the African Guarantee Fund. They will share the risk of giving out loans, with a N50 million partial risk guarantee. These actions show BOI’s strong commitment to helping women and making the economy fair for everyone.
This N10 billion fund, the Project Guaranteed Loans for Women (GLOW), is a big step. It will help many women entrepreneurs in Nigeria. It will give them the money and support they need to succeed. This will help their businesses grow and also help Nigeria’s economy. The BOI is working hard to ensure that women entrepreneurs across Nigeria have the financial support they need.