In Nigeria, women play a central role in business activity, yet many still face limited access to finance, training, and structured support. The Bank of Industry (BOI) has positioned itself as a key institution addressing this gap. Through a combination of grants, loans, partnerships, and investment platforms, the bank is building a system that supports women entrepreneurs across different sectors and business stages.
Aligned with the economic direction of Bola Ahmed Tinubu’s administration, BOI’s approach recognises that empowering women is not only a social priority but also a practical strategy for economic growth, job creation, and national development.
BOI’s approach is not based on a single intervention. Instead, it operates a layered system that addresses different financial and structural needs. These include direct funding programmes, government-backed initiatives, and financial partnerships that reduce risk and expand access to capital.
Presidential Conditional Grant Scheme (PCGS)
The Presidential Conditional Grant Scheme is one of the most accessible support programmes available to small businesses. It provides grants of ₦50,000 to micro and small entrepreneurs across Nigeria. A significant number of beneficiaries are women operating in informal and semi-formal sectors.
The importance of this programme lies in its simplicity. It removes the burden of repayment and allows small-scale women entrepreneurs to stabilise or expand their businesses without financial pressure.
GLOW (Guaranteed Loans for Women)
GLOW is one of BOI’s most targeted financing initiatives for women. Structured as a ₦10 billion fund, it provides loans of up to ₦50 million to female entrepreneurs.
Beyond funding, the programme includes mentorship, business advisory services, and access to markets. This combined approach ensures that women are not only funded but also equipped to manage and grow sustainable enterprises.
Rural Area Programme on Investment for Development (RAPID)
RAPID focuses on businesses operating in rural areas, where access to finance is often more limited. The programme provides loans of up to ₦10 million and includes a conditional grant component. Once a beneficiary repays a portion of the loan, the remaining balance may be converted into a grant.
This structure is particularly beneficial for rural women, who often face higher barriers to traditional financing due to lack of collateral or formal business records.
Business Development Fund for Women (BUDFOW)
BUDFOW is a targeted fund established to support women-owned micro, small, and medium enterprises. Though smaller in scale compared to other programmes, it plays an important role in reaching women-led businesses that require modest but strategic financial support.
The fund demonstrates the value of specialised interventions that focus on specific groups within the broader MSME ecosystem.
Government Enterprise Empowerment Programme (GEEP)
GEEP is a large-scale microcredit initiative designed to support traders, artisans, and small-scale entrepreneurs. Through products such as TraderMoni and MarketMoni, it provides small loans that are particularly useful for women in informal markets.
BOI’s involvement in the disbursement process helps ensure that these funds reach a wide base of beneficiaries across the country.
N-Power Social Investment Programme
The N-Power programme focuses on skills development and job creation. While it is not strictly a financing programme, it plays a critical role in preparing women for entrepreneurship by equipping them with relevant skills and work experience.
By combining training with financial access, programmes like N-Power contribute to a more complete support system for women.
MSME Intervention Fund
The MSME Intervention Fund is another government-backed initiative implemented with the support of BOI. It provides funding to small and medium enterprises across various sectors.
Women entrepreneurs benefit from this fund as part of broader efforts to improve access to capital for businesses that drive local economic activity.
African Guarantee Fund (AGF) Facility
Access to finance is often limited by the risk perceived by lenders. The partnership with the African Guarantee Fund addresses this issue by providing up to 75 percent guarantee coverage on loans.
This reduces the risk for financial institutions and makes it easier for women-owned businesses to secure funding.
Women Entrepreneurs Finance Code
Through collaboration with the Central Bank of Nigeria and the Development Bank of Nigeria, BOI is part of a national effort to improve financing for women.
The Women Entrepreneurs Finance Code establishes a framework that encourages financial institutions to increase lending to women-led businesses.
Alitheia Fund
The Alitheia Fund represents a private equity approach to supporting women entrepreneurs. It invests in businesses that are either led by women or have a strong gender inclusion focus.
This type of investment is particularly important for scaling businesses that require more than traditional loans.
Aruwa Capital Fund II
Aruwa Capital Fund II is another investment platform focused on gender-inclusive businesses. As a female-led private equity fund, it prioritises enterprises that promote women’s participation in leadership and ownership.
Such funds expand the range of financing options available to women beyond conventional banking.
BOI Amazons
BOI’s commitment to women is not limited to external programmes. The “BOI Amazons” initiative supports female employees within the organisation through mentorship, collaboration, and leadership development.
This internal alignment strengthens the institution’s overall capacity to deliver gender-focused programmes effectively.
Building a Stronger Economic Base Through Women
Across all these programmes and initiatives, a consistent pattern emerges. Women entrepreneurs are being supported at multiple levels, from small grants and microloans to large-scale investments and institutional reforms.
This approach recognises that the challenges women face are not limited to funding alone. Issues such as lack of collateral, limited access to networks, and gaps in business knowledge require a broader response.
By addressing these challenges through a combination of direct funding, policy alignment, and strategic partnerships, BOI is contributing to a more inclusive financial system.
The range of programmes supporting women entrepreneurs in Nigeria reflects a deliberate and structured effort to close the gender gap in business financing. Through initiatives like PCGS, GLOW, RAPID, and BUDFOW, alongside broader programmes such as GEEP and N-Power, the Bank of Industry is building a comprehensive support framework.
Partnerships with institutions like the Central Bank of Nigeria and international finance organisations further strengthen this ecosystem by reducing risk and expanding access to capital.
The result is a growing environment where women entrepreneurs are not only supported but positioned to scale their businesses, create jobs, and contribute meaningfully to Nigeria’s economic development.
