Nigeria Targets $1 Trillion Economy by Funding Women Entrepreneurs

The Federal Government of Nigeria is planning to unlock a $1 trillion economy by improving access to capital for women-led businesses. This initiative was announced by Minister of Industry, Trade and Investment, Jumoke Oduwol, during a high-level policy dialogue in Abuja on International Women's Day.

Oduwol emphasized that women-owned businesses across Africa currently face a financial gap estimated at $49 billion, which significantly constrains their ability to expand and compete in the continental market. She noted that achieving the $1 trillion economy target by 2030 is unrealistic without fully unlocking the productive capacity of women-led enterprises.

Oduwol pointed out that women already play a major role in various sectors, including agriculture, trade, and manufacturing, but their participation is hindered by limited access to capital. Last year, female-founded companies received less than 10% of venture growth capital deployed across Africa.

The African Continental Free Trade Area (AfCFTA) connects 1.4 billion people and has a combined GDP of $3.4 trillion, making it crucial for Nigeria's economic expansion.