A new report has revealed that although women own nearly 40 per cent of businesses in Nigeria, they still face major barriers in accessing formal credit and financial services.
The findings were unveiled in the Gender Equity and Social Inclusion Baseline Report launched by the Impact Investors Foundation in Lagos.
Presented during a summit themed “From Commitment to Action: Strengthening Inclusive Gender Lens Investment for Nigeria’s Growth,” the report exposed significant gender gaps in financial inclusion and business funding across the country.
According to the study, only 23 per cent of Nigerian women currently operate formal bank accounts compared to 77 per cent of men, highlighting a deep imbalance in access to financial services.
Chief Executive Officer of the Impact Investors Foundation, Etemore Glover, described the report as a critical tool for addressing structural barriers limiting women’s participation in the economy.
She said despite women owning a large share of Nigerian businesses, they continue to receive only a small portion of institutional financing and formal credit support.
Glover noted that the report provides data needed by policymakers, investors and financial institutions to identify financing gaps and track progress toward a more inclusive economy.
The report also revealed a major funding shortfall within Nigeria’s inclusive investment ecosystem.
According to the findings, impact investors are targeting $8bn in inclusive capital deployment by 2035, but only about $1.25bn has been mobilised so far, leaving a funding gap of approximately $6.75bn.
Beyond access to finance, the report showed that women occupy only 22 per cent of leadership positions in organisations surveyed, while representation of Persons Living with Disabilities stands at just five per cent.
Speakers at the summit stressed that gender inclusion should no longer be treated as a social welfare issue but as a key driver of economic growth and national development.
Chair of GSG Nigeria Partner, Ibukun Awosika, said conversations around women’s inclusion must move beyond charity and become part of deliberate economic planning.
According to her, empowering women economically is essential for achieving sustainable national growth because women account for a significant portion of the population and business sector.
Former Central Bank Governor and Emir of Kano, Muhammadu Sanusi II, also criticised the lack of serious political commitment toward advancing women’s economic inclusion in Nigeria.
He lamented that gender issues are often reduced to token empowerment schemes during election periods rather than being integrated into long-term national policies.
Sanusi further challenged female leaders in the financial sector to actively support younger women and institutionalise gender inclusion policies within their organisations.
He warned against what he described as “Queen Bee” leadership, where women who attain leadership positions fail to create opportunities for others.
To address the financing gap, the Impact Investors Foundation unveiled enhanced physical and virtual “Deal Rooms” designed to connect investors directly with women-led businesses seeking growth capital.
The initiative has already attracted initial investment commitments valued at about $250,000.
The foundation and participating institutions also called on government agencies, financial institutions and development partners to integrate gender equity and social inclusion frameworks into their operations to help close the remaining funding gap over the next decade.
