The Bank of Industry (BOI) is set to deploy up to ₦10 billion in guaranteed financing to women-owned enterprises under the Bank’s Guaranteed Loans for Women (GLOW) Programme. This follows the execution of a Memorandum of Understanding (MoU) with the National Credit Guarantee Company (NCGC), aimed at expanding access to credit for women-led Micro, Small and Medium Enterprises (MSMEs).
The agreement was signed in Abuja and establishes a structured credit-guarantee framework designed to improve financing opportunities for women-owned businesses, while also strengthening BOI’s risk-sharing and portfolio-management capabilities. Under the arrangement, NCGC will provide a 25 percent credit guarantee cover on eligible BOI loans issued under the GLOW Programme.
The guarantee mechanism is expected to reduce lender exposure, improve credit risk distribution, and enable BOI to extend financing to commercially viable women-owned enterprises that have historically faced collateral-related constraints within the formal financial system.
The GLOW Programme targets high-impact sectors aligned with Nigeria’s industrialisation and productivity objectives. These sectors include manufacturing, ICT and digital services, e-commerce, creative industries, healthcare, education, renewable energy, and waste management.
Speaking at the signing ceremony, BOI Managing Director, Dr Olusi, said the programme reflects the Bank’s strategic focus on inclusive financing and portfolio diversification. “This partnership represents a deliberate effort to expand access to finance for women-owned MSMEs while strengthening risk-management outcomes through structured credit-guarantee support,” he stated.
Dr Olusi explained that the GLOW Programme was structured to deliver concessionary financing products tailored specifically to the needs of women entrepreneurs. “With a ₦10 billion fund size, single-digit pricing at seven percent, flexible collateral arrangements, and embedded capacity-building support, GLOW addresses long-standing gender-financing gaps while maintaining prudent credit standards,” he said.
He disclosed that demand for the programme has been significant, noting that more than 33,000 loan applications are currently in progress. According to him, these applications represent an estimated financing value exceeding ₦65 billion. “The level of demand highlights both the scale of women’s participation in enterprise activity and the importance of scalable risk-mitigation frameworks such as this partnership with NCGC,” he added.
Dr Olusi further noted that NCGC’s initial ₦5 billion guarantee envelope enhances BOI’s capacity to grow its MSME loan portfolio, manage risk, and increase outreach to underserved but bankable women-owned enterprises.
Beyond credit provision, the GLOW Programme incorporates non-financial support, including business advisory services, mentorship, and capacity-building initiatives aimed at improving enterprise resilience, governance, and performance. He said the initiative aligns with national priorities on financial inclusion, MSME development, job creation, and the Federal Government’s credit-reform agenda, while acknowledging the role of BOI’s MSME Directorate and Gender Business Group in operationalising the programme.
In his remarks, NCGC Managing Director, Mr Okhaimo, said the company’s guarantee interventions are designed to support responsible credit expansion and strengthen Nigeria’s credit ecosystem. By reducing lender risk and improving credit confidence, he said the framework enables women-owned enterprises to access financing at lower cost and with approval timelines, supporting transformation across key sectors.
