Women Entrepreneurs Essential for Nigeria's $1 Trillion Goal

Gloria Onosod, Director of Enterprise Sales at FairMoney, highlighted the importance of women-led businesses in Nigeria's ambition to reach a $1 trillion economy by 2030. She pointed out that women own approximately 72% of Nigeria's nearly 39.6 million micro, small, and medium enterprises (MSMEs), significantly contributing to job creation and economic growth.

However, a substantial financial gap persists, with women entrepreneurs facing a credit gap exceeding ₦2.9 trillion, limiting their ability to scale operations. Onosod noted that digital transformation could help bridge this gap by enabling better financial record-keeping and wider market access.

She provided examples of local entrepreneurs who have successfully expanded their businesses through digital platforms. The article emphasizes that integrating women-led businesses into the formal digital economy will not only enhance productivity but also positively impact Nigeria's overall economic development, particularly in light of the country's growing youth population.