BOI, NCGC Push Inclusive Growth With New ₦10bn For Women Entrepreneurs

Nigeria’s drive to boost women’s economic participation gained major momentum on Wednesday as the Bank of Industry (BOI) and the National Credit Guarantee Company (NCGC) sealed a landmark partnership to unlock ₦10bn in guaranteed loans for women entrepreneurs.

At the centre of the initiative is the BOI Managing Director/CEO, Dr Olasupo Olusi, whose push for gender-inclusive financing continues to shape national MSME development policy.

The MoU, signed in Abuja, creates a credit-guarantee framework that will make financing more accessible and affordable for thousands of women-owned businesses nationwide.

The Managing Director of BOI, Dr Olasupo Olusi signed on behalf of the bank while the Managing Director of NCGC, Mr Bonaventure Okhaimo signed the MOU on behalf of the NCGC.

Under the arrangement, NCGC will provide a 25 percent credit guarantee cover on BOI loans, significantly reducing lender risk and enabling BOI to fund more women-led enterprises.

The initiative targets high-impact sectors including manufacturing, processing, ICT, digital marketing, e-commerce, the creative and entertainment industries, healthcare, education, renewable energy, and waste management.

Speaking at the ceremony, Olusi said the GLOW (Guaranteed Loans for Women) programme is a deliberate national intervention to remove long-standing barriers that prevent women from scaling their businesses.

“Today’s event represents more than a procedural milestone, it signals our collective commitment to expanding access to finance for the Nigerian entrepreneurs who power our economy, particularly women and MSMEs,” he said.

He explained that GLOW was crafted to deliver affordable, flexible, and well-structured financing to women, noting that BOI designed it from the ground up to close systemic gender-financing gaps.

“With a ₦10bn fund, concessionary pricing at seven percent, flexible collateral arrangements, and embedded capacity building, GLOW reflects our intentional drive to close gender-financing gaps and stimulate inclusive growth,” he stated.

One of the clearest signs of its necessity, he said, is the overwhelming market response.

“We have recorded over 33,000 applications in progress, with an estimated value exceeding ₦65bn,” Olusi revealed.

He added, “This level of demand clearly demonstrates the depth of entrepreneurial activity among Nigerian women and the urgent need to scale programmes such as GLOW to meet real market demand.”

He described NCGC’s role as essential to expanding the Bank’s reach.

“NCGC’s guarantee support, starting with a ₦5bn guarantee envelope enhances our ability to responsibly extend credit, manage portfolio risk, and reach women and MSMEs who are viable but previously underserved due to collateral constraints,” he said.

According to NCGC, the guarantee cover will allow women-owned businesses to access loans at lower interest rates and with faster approval timelines.

GLOW will also offer mentorship, advisory services, and capacity-building programmes to strengthen beneficiaries’ business operations.

Olusi emphasized that the programme aligns with national priorities in financial inclusion, MSME development, job creation, and the Federal Government’s broader credit-reform agenda.

“This partnership strongly aligns with national priorities on financial inclusion, youth and MSME development, and productivity expansion,” he said.

He commended NCGC’s leadership for its commitment to building a more resilient credit ecosystem and acknowledged the BOI teams whose groundwork made GLOW operational.

“I commend the MSME Directorate and the Gender Business Group for the design and operational groundwork that has brought the GLOW Programme to this stage of national relevance,” he added.

Reaffirming BOI’s long-term commitment, Olusi said the goal remains clear, “Our shared objective is to empower women, strengthen MSMEs, create jobs, and unlock the productive potential of our economy,” he said.

He added that BOI remains committed to working closely with NCGC to deepen this partnership, expand its reach, and support the scaling of initiatives that deliver measurable impact for Nigerians.”

The Managing Director of NCGC, Mr Bonaventure Okhaimo said the NCGC continues to play a pivotal role in enabling responsible credit expansion and advancing national priorities for inclusive economic development.

By offering guarantees that reduce risks and build lender assurance, he added that the NCGC ensures that more women entrepreneurs gain the capital, skills, and resources needed to innovate, compete, and drive Nigeria’s economic transformation.

He added that the NCGC remains steadfast in its commitment to fostering a stronger, more inclusive financial ecosystem, where women-led businesses are empowered with the opportunities and support to thrive.

ENDS