Nigeria’s drive for inclusive economic growth received a boost on Wednesday as the Bank of Industry (BOI) and the National Credit Guarantee Company (NCGC) launched a ₦10 billion loan guarantee scheme targeted at women-owned businesses.
The initiative was formalised in Abuja with the signing of a Memorandum of Understanding (MoU) between BOI Managing Director, Dr Olasupo Olusi, and NCGC Managing Director, Mr Bonaventure Okhaimo, marking one of the most significant gender-focused financing interventions in recent years.
Under the scheme, known as GLOW, Guaranteed Loans for Women; NCGC will provide a 25 per cent guarantee on loans disbursed by BOI. The arrangement is designed to reduce lending risks and expand access to affordable, concessionary financing for women entrepreneurs.
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BOI said the programme will support women-led enterprises across key sectors, including manufacturing, ICT, digital marketing, e-commerce, healthcare, education, renewable energy, agro-processing, waste management and the creative industries.
Olusi explained that GLOW was created to tackle structural barriers that have historically limited women’s access to growth capital. He noted that the scheme offers loans at a concessionary interest rate of seven per cent, flexible collateral requirements and capacity-building support aimed at narrowing the gender financing gap within the MSME space.
According to him, the programme has already generated strong demand, with more than 33,000 applications valued at over ₦65 billion currently being processed.
He said the level of interest underscored the scale of unmet credit needs among women-owned businesses and reinforced the importance of targeted financial interventions. Olusi added that NCGC’s initial ₦5 billion guarantee envelope would enable BOI to extend credit to viable enterprises that may have been excluded under traditional lending conditions.
In its remarks, NCGC said the guarantee cover would help women-owned MSMEs access loans at lower interest rates and with faster processing timelines. The scheme also includes mentorship, advisory services and capacity-building support to strengthen business sustainability.
Okhaimo reaffirmed NCGC’s commitment to boosting confidence in Nigeria’s credit system, stressing that the partnership would help more women entrepreneurs secure the funding needed to grow and scale their businesses.
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