The Bank of Industry (BOI) has executed a Memorandum of Understanding (MoU) with the National Credit Guarantee Company (NCGC) to deploy up to ₦10 billion in guaranteed financing to women-owned enterprises under the Bank’s Guaranteed Loans for Women (GLOW) Programme.
The agreement, signed in Abuja, establishes a structured credit-guarantee framework aimed at improving access to finance for women-led Micro, Small and Medium Enterprises (MSMEs), while 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. The guarantee mechanism reduces lender exposure, improves credit risk distribution, and enables BOI to extend financing to commercially viable women-owned businesses that have historically faced collateral-related constraints.
The GLOW Programme targets high-impact sectors aligned with Nigeria’s industrialisation and productivity objectives, including manufacturing and processing, ICT and digital services, e-commerce, creative and entertainment industries, healthcare, education, renewable energy, and waste management.
Speaking at the signing, Dr Olusi noted that the programme reflects BOI’s strategic approach to 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 said.
He explained that the GLOW Programme was designed to deliver concessionary and well-structured financing tailored to 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 stated.
Dr Olusi disclosed that market demand for the programme has been strong, with over 33,000 loan applications currently in progress, representing 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.
He further noted that NCGC’s initial ₦5 billion guarantee envelope enhances BOI’s capacity to responsibly grow its MSME loan book, manage portfolio 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 long-term performance.
Dr Olusi emphasized that the initiative aligns with national priorities on financial inclusion, MSME development, job creation, and the Federal Government’s broader credit-reform agenda. He also acknowledged the contributions of BOI’s MSME Directorate and Gender Business Group in operationalising the programme.
Reaffirming BOI’s long-term commitment, he stated that the Bank remains focused on deploying catalytic capital that delivers measurable economic impact while supporting sustainable portfolio growth.
In his remarks, Mr Okhaimo noted that NCGC’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 guarantee framework enables women-owned enterprises to access financing at lower cost, with improved approval timelines, supporting business growth and broader economic transformation.
