Limited Credit Access Continues to Hinder Nigerian Women: Study

Women entrepreneurs in Nigeria face unequal access to formal credit, reveals New Gender Equity and Social Inclusion Baseline Report. The national study shows a significant disconnect between high levels of female business ownership and low access to institutional financing in the nation.

Study shows a major gap in the banking access for Nigerian women as it found out that women remain underrepresented in the formal financial ecosystems compare to their male counterparts.

New initiative by Nigeria aims to advance inclusive growth in the region. The report highlights the importance of gender lens investing and equitable access to capital. Key banking insights presented at the summit laid stress on the economic urgency of the report. It drew attention to persistent financial access gaps and their impact on nation’s economic growth.

Chief Executive Officer of the Impact Investors Foundation, Etemore Glover, outlined the report’s central insights on financial inclusion and gender-focused investment gaps in Nigeria.

KEY HIGHLIGHTS:

• Nigerian women have a share of almost 40% of businesses but still suffer from inadequate access to formal financial resources
• Less than $1.25 billion of the envisaged $8 billion inclusive investment portfolio has been mobilized in Nigeria
• Calls were made for greater accountability, and new financing platforms were developed for women-owned enterprises

Etemore exclaimed that, “The GESI Baseline Report is more than a document; it is the data-driven foundation required to fix structural barriers in our financial system. While women own nearly 40 per cent of Nigerian businesses, they receive a disproportionately small share of formal credit.” She further added “This report empowers stakeholders to identify acute gaps and benchmark progress as we move toward a truly inclusive economy.”

The survey reveals huge inclusion finance gaps in Nigeria, showing that while just 23% of women have bank accounts, 77% of men have bank accounts; and there is still an inclusion investment finance gap.

Inclusive Investment Funding Remains Far Below 2035 Target, with only $1.25 billion mobilised so far against the industry’s $8 billion goal, leaving a significant financing gap.

Challenges in workplace diversity remain relevant to Nigerian organizations. The report highlights limited leadership representation of women and low inclusion of persons living with disabilities.

“This is not a girl-child conversation; it’s a national development issue. It’s about how we strategically make the right decisions that affect 50 per cent of our population in a way that we can achieve scalable growth that impacts our economies.” the Chair of GSG Nigeria Partner, Ibukun Awosika remarked.

Industry stakeholders advocate strategic approach to gender inclusion. On the other hand, Khalifa Sanusi II, a Nigerian economist and traditional ruler delivered a keynote focused on gender equity as a driver of economic advantage.

In the end, the summit ended with a strong focus on measurable inclusion outcomes, as stakeholders called for greater institutional accountability. Impact Investors Foundation launched new deal platforms to connect investors with women-led businesses.