Nigeria’s drive for inclusive economic growth received a major lift yesterday as the Bank of Industry (BOI) and the National Credit Guarantee Company (NCGC) signed a landmark agreement to unlock ₦10 billion in guaranteed loans for women entrepreneurs.

The Memorandum of Understanding (MoU), sealed in Abuja, was signed by BOI Managing Director/Chief Executive Officer, Dr. Olasupo Olusi, and NCGC Managing Director, Mr. Bonaventure Okhaimo.

Under the pact, NCGC will provide a 25 per cent credit guarantee on BOI loans, reducing lender risk and enabling more women-led businesses to access funding at affordable rates.

Dr. Olusi said the initiative—branded Guaranteed Loans for Women (GLOW)—was designed to dismantle long-standing financing barriers faced by women in the MSME space.

“Today’s event is more than a procedural milestone; it reaffirms our commitment to expanding access to finance for the entrepreneurs who power our economy, particularly women,” he said.

He explained that the GLOW programme will operate with concessionary pricing at seven per cent, flexible collateral requirements, and embedded capacity-building support.

According to him, the market response has already validated the need for the intervention.

“We have recorded over 33,000 applications in progress, with an estimated value exceeding ₦65 billion. This level of demand underscores the vibrancy of women-led enterprises and the urgency of scaling programmes such as GLOW,” Olusi added.

The BOI chief noted that NCGC’s involvement—beginning with a ₦5 billion guarantee envelope—will significantly strengthen the bank’s ability to extend responsible credit and manage portfolio risk.

The scheme targets high-impact sectors including manufacturing, agro-processing, ICT, digital marketing, e-commerce, creative industries, healthcare, education, renewable energy, and waste management.

NCGC MD Okhaimo said the company remains committed to enabling responsible credit expansion and building a more inclusive financial ecosystem.

He noted that reducing lender risk through credit guarantees will help more women entrepreneurs access capital, training, and advisory support needed to scale sustainably.

Olusi stressed that the partnership aligns with national priorities on financial inclusion, MSME growth, job creation, and the Federal Government’s broader credit reform agenda.

“Our objective is clear—to empower women, strengthen MSMEs, create jobs, and unlock the productive capacity of our economy,” he said.

He commended BOI’s MSME Directorate and Gender Business Group for developing the GLOW programme, describing it as a strategic intervention with nationwide relevance.