The Federal Government has revealed a startling reality where over 80 per cent of women-owned businesses in Nigeria operate without access to formal credit. This financial exclusion significantly limits their ability to scale operations and contribute to the nation’s economic growth.
The Minister of Women Affairs and Social Development, Hajiya Imaan Sulaiman-Ibrahim, made this disclosure during the “Give-to-Gain” Summit in Abuja. She noted that while women make up half of the population, they remain largely excluded from structured economic opportunities.
Gender gap widens despite economic activity
Nigerian women are remarkably industrious, currently owning about 41 per cent of the country’s micro-businesses. Statistics show that approximately 23 million women entrepreneurs drive local commerce, yet they struggle to transition from earning income to building lasting wealth.
The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, emphasized the need to integrate women into the capital market. He argued that asset ownership and investment are the necessary bridges to move women-led enterprises out of the informal sector.
Regional disparities and the trillion-dollar ambition
Financial exclusion remains particularly high in northern Nigeria, affecting female farmers and dependents more severely than other groups. Although overall financial inclusion for women reached 70 per cent in 2023, the gap between genders has actually widened compared to previous years.
Currently, only seven per cent of CEOs in listed Nigerian companies are women, highlighting a massive leadership deficit. Achieving Nigeria’s goal of a one-trillion-dollar economy will require deliberate steps to improve female representation and provide targeted financial instruments for women-led businesses.
