The Federal Government has announced that more than 80 percent of women-owned businesses in Nigeria operate without access to formal credit, a situation that it says is constraining their growth and economic contribution.
Minister's Disclosure at Summit
The Minister of Women Affairs and Social Development, Imaan Sulaiman-Ibrahim, made this known on Monday in Abuja during the grand finale of the 'Give-to-Gain' Summit, held to commemorate the 2026 International Women's Month, according to a report by Vanguard.
Women constitute over half of Nigeria's population and provide more than 40 percent of the agricultural labor force, yet they encounter significant barriers to finance, land, and structured economic opportunities.
The minister noted that a substantial number of women-led businesses are concentrated in the informal sector, which further limits their ability to access credit facilities and expand their operations.
SEC Highlights Capital Market Role
Also speaking at the event, the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, represented by Executive Commissioner for Operations, Bola Ajomale, emphasized the importance of integrating women into Nigeria's capital market.
He pointed out that although women own approximately 41 percent of micro-businesses and account for an estimated 23 million entrepreneurs, many remain excluded from capital market instruments that facilitate wealth creation and business growth.
Agama stated that the core issue is not women's participation in economic activities, but their ability to transition from earning income to building sustainable wealth through investments and asset ownership.
Persistent Financial Inclusion Gap
The SEC boss noted that while financial inclusion among women rose to about 70 percent in 2023, the gender gap has actually widened, indicating that progress for women is slower than for the broader population.
He also highlighted regional disparities, particularly in northern Nigeria, where financial exclusion remains higher among women, farmers, and dependents.
Calls for Targeted Interventions
Agama outlined ongoing efforts to address the gap, including integrating gender considerations into sustainable finance frameworks, supporting women-led enterprises with targeted financial instruments, and strengthening investor protection.
He urged listed companies, institutional investors, market operators, and policymakers to take deliberate steps to improve women's representation and access to capital, noting that only about seven percent of CEOs of listed Nigerian firms are women.
The SEC director-general added that achieving Nigeria's ambition of a $1 trillion economy would require the active participation of women, particularly through improved access to capital markets.
Survey Shows Millions of Nigerians Without Savings
In a related development, Legit.ng earlier reported that a new survey revealed that over half of Nigerians have no form of savings, raising concerns about financial resilience amid rising living costs.
The finding is contained in the PiggyVest Savings Report 2025, released in the first quarter of 2026, which examined the financial habits of Nigerians across the six geopolitical zones. Experts have explained the challenges and advised both high- and low-income earners. Financial institutions are also promoting structured savings plans as a solution for Nigerians.
