Women-led SMEs Vital for Nigeria's $1 Trillion Economy

Gloria Onosod, a director at Fairmoney, stated on Tuesday that women-led small and medium enterprises (SMEs) are crucial to Nigeria's ambition of reaching a $1 trillion economy by 2030. She noted that achieving this milestone requires a fundamental shift in business operations, with women transitioning from passive observers to primary growth drivers in the economy.

Onosod highlighted that women-led businesses must scale beyond subsistence trade and integrate into the digital value chain to improve record-keeping and data-driven decision-making. She pointed out that prioritizing women-led businesses is not merely about fulfilling gender quotas but unlocking economic potential across various sectors.

Recent data from the MSME Development Agency of Nigeria indicates that women lead approximately 72% of the country's 39.6 million MSMEs. Despite this, women entrepreneurs face significant challenges, including a staggering credit gap estimated at ₦2.9 trillion, according to the World Bank and IFC.

Onosod concluded that supporting female-led enterprises is essential for Nigeria's economic resilience and future growth.