Nigeria’s push to expand women’s economic participation received a major boost on Wednesday as the Bank of Industry BOI and the National Credit Guarantee Company NCGC finalized a landmark agreement to unlock 10bn naira in guaranteed loans for women entrepreneurs. The partnership, signed in Abuja, establishes a new credit-guarantee framework expected to make financing easier and more affordable for thousands of women-owned businesses across the country.
At the centre of the effort is the BOI Managing Director and CEO, Dr Olasupo Olusi, whose focus on gender-inclusive financing continues to influence national MSME development policy. The MoU was signed by Dr Olasupo Olusi on behalf of BOI, while the Managing Director of NCGC, Mr Bonaventure Okhaimo, signed on behalf of the NCGC.
Under the new arrangement, NCGC will provide a 25 percent credit guarantee cover on BOI loans. This structure reduces lender risk and allows BOI to fund more women-led enterprises at scale. The initiative targets high-impact sectors such as manufacturing, processing, ICT, digital marketing, e-commerce, creative and entertainment industries, healthcare, education, renewable energy, and waste management.
Speaking during the signing ceremony, Olusi described the GLOW Guaranteed Loans for Women programme as a national intervention created to remove long-standing challenges that stop women from growing their businesses. He said, “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.”
Olusi explained that GLOW was intentionally designed to deliver affordable, flexible, and well-structured financing to women, noting that the programme was built to close systemic gender-financing gaps. He stated, “With a 10bn naira 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.”
One of the strongest signs of the programme’s importance, he said, is the level of interest it has already attracted from the market. “We have recorded over 33,000 applications in progress, with an estimated value exceeding 65bn naira,” 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.”
Olusi also highlighted the significance of NCGC’s role in the partnership. “NCGC’s guarantee support, starting with a 5bn naira 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 enable women-owned businesses to access loans at lower interest rates and with quicker approval timelines.
GLOW will also provide mentorship, advisory services, and capacity-building opportunities to strengthen the operations of beneficiaries. Olusi emphasized that the programme aligns closely with national goals for financial inclusion, MSME development, job creation, and the Federal Government’s ongoing credit-reform agenda. “This partnership strongly aligns with national priorities on financial inclusion, youth and MSME development, and productivity expansion,” he said.
He also commended NCGC’s leadership and the BOI teams for their contributions. “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 said.
Reaffirming BOI’s long-term focus, Olusi added, “Our shared objective is to empower women, strengthen MSMEs, create jobs, and unlock the productive potential of our economy.” He noted that BOI will continue to work with NCGC to deepen the partnership and expand its reach.
NCGC Managing Director, Mr Bonaventure Okhaimo, said the company remains committed to supporting responsible credit expansion and advancing national goals for inclusive economic growth.
He explained that by offering guarantees that reduce lending risks, NCGC ensures that more women entrepreneurs can access the capital, skills, and resources needed to innovate and compete. He added that the NCGC remains dedicated to fostering a stronger and more inclusive financial ecosystem where women-led businesses receive the support required to thrive.
