By Daniel Oluwatobiloba Popoola
Nigeria’s Minister of Women Affairs and Social Development, Imaan Sulaiman-Ibrahim, has raised fresh concerns over the limited access to credit for women-owned businesses, revealing that more than 80 per cent operate without formal financing, a gap she warned continues to constrain inclusive economic growth.
She made this known recently while addressing stakeholders, highlighting how systemic barriers have kept a significant portion of Nigeria’s productive population outside formal financial systems.
Consequently, she noted that despite women accounting for about 50 per cent of the population and contributing over 40 per cent of the agricultural labour force, many remain excluded from credit, land ownership, and structured economic opportunities.
Sulaiman-Ibrahim explained that the concentration of women-led enterprises in the informal sector further limits their scalability and access to institutional support.
To address this, she said the Federal Government had approved an Affirmative Procurement Policy aimed at expanding opportunities for women-owned businesses.
“This intervention ensures structured and equitable access for women-owned enterprises to participate in public procurement processes, thereby opening government contracting systems as engines of inclusion and shared prosperity,” she said.
However, analysts note that while the policy signals progress, its effectiveness will depend largely on transparent implementation and sustained political will.
Public procurement, they argue, can drive inclusion only if processes remain accessible and free from bureaucratic constraints that have historically sidelined small businesses.
Meanwhile, concerns over women’s limited participation in capital markets were also highlighted by the Director-General of the Securities and Exchange Commission, Emomotimi Agama, who was represented by Executive Commissioner (Operations), Bola Ajomale.
He noted that although Nigerian women own about 41 per cent of micro-businesses and number an estimated 23 million entrepreneurs, they remain largely excluded from investment instruments that enable wealth creation.
According to him, the challenge extends beyond income generation to the ability to build sustainable wealth through asset ownership and long-term investment. This distinction, he stressed, remains critical to achieving financial security and intergenerational prosperity.
Further data indicates that although financial inclusion among women rose to 70 per cent in 2023, the gender gap has widened, suggesting slower progress compared to the general population.
In addition, regional disparities persist, particularly in northern Nigeria, where women, farmers, and dependents face higher levels of financial exclusion.
Statistics from the National Bureau of Statistics show that small and medium enterprises account for about 96 per cent of businesses in the country, with women making up roughly 40 per cent of that segment. This, stakeholders say, reinforces the need to prioritise women’s economic empowerment as a strategic driver of national growth.
Globally, similar disparities persist. The World Bank notes that in South Africa, only 38 per cent of black women are formally banked compared to 44 per cent of black men, highlighting broader structural inequalities.
Nevertheless, experts warn that expanding access to credit alone will not resolve the challenge.
Many women, they note, lack the financial literacy and collateral required to access loans, limiting their ability to benefit from available funding opportunities.
Consequently, they emphasise that financial inclusion efforts must be complemented by targeted education programmes to equip women with the knowledge to navigate financial systems, manage credit, and leverage investment opportunities effectively.
Stakeholders agree that Nigeria’s ambitions for economic diversification, job creation, and inclusive growth will remain constrained unless deliberate, measurable steps are taken to dismantle the structural barriers limiting women’s full participation in the financial ecosystem.
