The Federal Government has revealed that more than 80 per cent of women-owned businesses in Nigeria operate without access to formal credit, a gap seen as a major barrier to economic growth and business expansion.
The disclosure was made by the Minister of Women Affairs and Social Development, Imaan Sulaiman-Ibrahim, at the grand finale of the International Women’s Month “Give-to-Gain” Summit held in Abuja.
According to the minister, despite women making up over half of Nigeria’s population and contributing more than 40 per cent of the agricultural workforce, they remain significantly excluded from access to finance, land ownership, and structured economic opportunities.
She noted that many women-led businesses are concentrated in the informal sector, limiting their ability to scale and fully participate in the economy.
Also speaking at the event, the Director-General of the Securities and Exchange Commission, Emomotimi Agama—represented by Executive Commissioner Bola Ajomale—highlighted the need to integrate women more effectively into Nigeria’s capital market.
He explained that while Nigerian women are highly active economically—owning about 41 per cent of micro-businesses and numbering an estimated 23 million entrepreneurs—they are still largely excluded from financial instruments that enable wealth creation.
“The capital market provides the bridge between income and wealth,” he said, stressing that access to investment opportunities is key to long-term financial stability.
Agama further noted that although financial inclusion among women rose to about 70 per cent in 2023, the gender gap remains significant, with women’s progress lagging behind overall national gains.
He also pointed to regional disparities, particularly in northern Nigeria, where women, farmers, and dependents face higher levels of financial exclusion.
Stakeholders at the summit called for targeted interventions, including improved access to credit, gender-focused financial products, stronger investor protection, and increased representation of women in leadership roles within the financial sector.
With only about seven per cent of CEOs of listed Nigerian companies being women, experts say closing the gender gap is critical to achieving Nigeria’s broader economic ambitions.
“The full participation of Nigerian women… is not just a social goal—it is essential for national economic growth,” Agama emphasised.