Women Own 40% of Nigerian Businesses, Lack Credit Access

A report launched by the Impact Investor Foundation in Lagos reveals that women own nearly 40% of businesses in Nigeria but receive a disproportionately small share of formal credit. The report highlights that only 23% of Nigerian women currently hold formal bank accounts, compared to 77% of men.

The findings underscore a critical gap in capital mobilization and access to financial resources for women entrepreneurs. The report's launch event featured Etomor Glover, CEO of the Impact Investor Foundation, who emphasized the need for structural changes in the financial system to empower women.

The report also noted that only 22% of women hold leadership positions in organizations. Khalifa Sanusi II, former Governor of the Central Bank of Nigeria, pointed out the lack of political will to institutionalize gender equity, stating that women's issues are often sidelined in political campaigns.

The report calls for a strong push for institutional accountability and aims to mobilize $8 billion in inclusive capital by 2035.