Over 80% of Women-Owned Businesses in Nigeria Lack Credit Access, FG Discloses Reasons
- The Federal Government says over 80% of women-owned businesses lack access to formal credit
- Women contribute significantly to agriculture and entrepreneurship, but face structural barriers
- Stakeholders have been urged to take deliberate steps to improve women’s access to capital
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The federal government has said that more than 80 per cent of women-owned businesses in Nigeria operate without access to formal credit, a gap it says is limiting their growth and contribution to the economy.
The Minister of Women Affairs and Social Development, Imaan Sulaiman-Ibrahim, disclosed this on Monday in Abuja during the grand finale of the “Give-to-Gain” Summit held to mark the 2026 International Women’s Month, Vanguard reported.
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Women face barriers to finance and opportunities
According to the minister, women make up over half of Nigeria’s population and contribute more than 40 per cent of the agricultural labour force, yet they face limited access to finance, land, and structured economic opportunities.
She noted that a large number of women-led businesses operate within the informal sector, which further restricts their ability to access credit facilities and expand operations.
SEC highlights role of capital market
Also speaking, the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, represented by Executive Commissioner, Operations, Bola Ajomale, stressed the importance of integrating women into Nigeria’s capital market.
He explained that although women own about 41 per cent of micro-businesses and account for an estimated 23 million entrepreneurs, many remain excluded from capital market instruments that support wealth creation and business growth.
Agama said the key issue is not women’s participation in economic activities, but their ability to transition from earning income to building sustainable wealth through investments and asset ownership.
Financial inclusion gap persists
The SEC boss noted that while financial inclusion among women rose to about 70 per cent in 2023, the gender gap has widened, suggesting that progress for women is slower compared to the broader population.
He also pointed to regional disparities, particularly in northern Nigeria, where financial exclusion remains higher among women, farmers, and dependents.
Calls for targeted interventions
Agama outlined ongoing efforts to address the gap, including integrating gender considerations into sustainable finance frameworks, supporting women-led enterprises with targeted financial instruments, and strengthening investor protection.
He urged listed companies, institutional investors, market operators, and policymakers to take deliberate steps to improve women’s representation and access to capital, noting that only about seven per cent of CEOs of listed Nigerian firms are women.
The SEC director-general added that achieving Nigeria’s ambition of a $1 trillion economy would require the active participation of women, especially through improved access to capital markets.
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Survey shows millions of Nigerians have no savings
Legit.ng earlier reported that a new report disclosed that over half of Nigerians have no form of savings, raising concerns about financial resilience in the country amid rising living costs.
The finding is contained in the PiggyVest Savings Report 2025, released in the first quarter of 2026, which examined the financial habits of Nigerians across the six geopolitical zones.
Experts explain the challenges and advise both high- and low-income earners. Financial institutions are also promoting structured savings plans as a solution for Nigerians.
Source: Legit.ng
