The Bank of Industry (BOI), in partnership with the National Credit Guarantee Company (NCGC), has signed a memorandum of understanding (MOU) to unlock ₦10 billion in guaranteed loans for women entrepreneurs, marking a significant step in boosting women’s economic participation.
The initiative, championed by BOI Managing Director Dr. Olasupo Olusi, aims to create a gender-inclusive credit-guarantee framework that makes financing more accessible and affordable for thousands of women-led businesses nationwide.
Olusi revealed this during the signing ceremony in Abuja with NCGC Managing Director Mr. Bonaventure Okhaimo.
Under the agreement, NCGC will provide a 25 percent credit guarantee cover on BOI loans, reducing lender risk and enabling the bank to fund more women-owned enterprises.
“The initiative targets high-impact sectors including manufacturing, processing, ICT, digital marketing, e-commerce, creative and entertainment industries, healthcare, education, renewable energy, and waste management,” Olusi said.
He described the GLOW (Guaranteed Loans for Women) programme as a deliberate national intervention designed to remove long-standing barriers preventing women from scaling their businesses.
Olusi added, “This event represents more than a procedural milestone; it signals our collective commitment to expanding access to finance for Nigerian entrepreneurs, particularly women and MSMEs. GLOW delivers affordable, flexible, and well-structured financing to women, designed from the ground up to close systemic gender-financing gaps.”
The programme offers ₦10 billion in funds, concessionary interest at seven percent, flexible collateral arrangements, and embedded capacity-building support.
The overwhelming market response underscores its importance, with over 33,000 applications in progress, valued at more than ₦65 billion.
NCGC’s MD, Bonaventure Okhaimo, stated that the organisation will start with ₦5 billion to manage portfolio risk while reaching viable women-owned businesses previously underserved due to collateral constraints.
He added that this arrangement will allow women entrepreneurs to access loans at lower interest rates and with faster approval timelines.