FG Urged to Boost Women-led Businesses for $1 Trillion Economy

Emma Okonji, Director of Enterprise Sales at FairMoney, and Gloria Onosod have called on the Federal Government of Nigeria to support women-led businesses as a means to achieve the ambitious target of a $1 trillion economy by 2030. They highlighted that women represent a significant ownership rate in micro, small, and medium enterprises (MSMEs), contributing to economic growth and job creation.

Onosod pointed out the need for women-led businesses to move beyond subsistence trade and engage in the digital value chain, citing examples like fashion design in Aba, which can enhance access to broader markets and commercial networks. She stressed the importance of improving financial record-keeping and credit assessment by financial institutions.

According to Onosod, the contribution of FairMoney, a microfinance bank, is crucial in facilitating the digital transition for small businesses in Nigeria. The Small Medium Enterprises Development Agency of Nigeria (SMEDAN) reports approximately 39.6 million MSMEs in Nigeria, with a notable increase in nano and micro home-based businesses.