Lagos: Nigeria boasts an estimated 40 million Micro, Small, and Medium Enterprises (MSMEs), with women owning 57.5 percent of these businesses, according to the National Bureau of Statistics (NBS). However, the profitability of these women-owned businesses, particularly in a challenging economic environment, remains a key concern.
According to News Agency of Nigeria, numerous Nigerian women have proven their leadership capabilities, driving significant progress in various sectors despite obstacles. Notable figures include Ngozi Okonjo-Iweala, President of the World Trade Organisation; Mosunmola Abudu, Chief Executive Officer (CEO) of EbonyLife Group; and Ibukun Awosika, a prominent business leader and philanthropist. During March, designated as Women’s Month, events like International Women’s Day and Mothering Sunday highlight the importance of empowering women across cultural, emotional, physical, and financial spheres.
Mrs. Funlayo Bakare-Okeowo, CEO of FAE Envelopes, in an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos, said women make enormous contributions to economies. These include businesses, on farms, as entrepreneurs, or by doing unpaid care work at home. She said that closing the gender gap could give the global economy a seven trillion-dollar boost, hence the need to increase women’s empowerment. The industrialist said that her organisation, which grew from a small business to a billion naira worth, has over 70 percent of its staff strength as women.
Bakare-Okeowo stated that women across all fields need access to finance, continuous development, and professional growth opportunities to thrive. To support women in manufacturing, Director-General of the Manufacturers Association of Nigeria, Mr. Segun Ajayi-Kadir, noted the role women play not just in the manufacturing sector but in the broader economy of Nigeria. He said women are not just contributors; they are leaders, innovators, and change-makers.
Ajayi-Kadir, however, said that despite these contributions, challenges hindering women’s full participation in the workforce remain. ‘It is important to reaffirm manufacturers’ commitment to promoting gender equality within the manufacturing sector. We are dedicated to creating an environment where women can excel, where their voices are heard, and where their contributions are valued. This includes implementing policies that support work-life balance, providing mentorship and training programs and actively promoting women into leadership positions,’ he said.
Mr. Gbemi Adelekan, President of the Money Lenders Association, said many Nano, Micro, Small, and Medium Enterprises (NMSMEs) are women-led and owned. He stressed that providing them with better financial options would help improve women’s livelihoods and incomes. Adelekan, however, noted that although the number of women-owned businesses is on the rise, access to credit from traditional banks remains tiresome.
He said that to cut through the disappointments, women could turn to mobile loan apps by licensed money lenders to get the required cash to meet emergency needs. ‘The informal sector is a critical backbone of the economy of Nigeria, as it contributes to about 58.2 percent of GDP, with women playing a major role in the economy through their activities in the informal sector. We need to stress the important contribution of the services of money lenders as an important tool for driving financial inclusivity and growth in Nigeria,’ he said.
Meanwhile, the Federal Government, through the Bank of Industry (BOI), continues to assure women in commerce and business of its commitment to providing increasing access to finance to support their growth and development. The bank, through several financial initiatives such as Project Guaranteed Loans for Women (GLOW), a N10 billion fund, the Impact Fund, and other funding mechanisms, continues to provide targeted interventions for women-owned businesses.