Published on March 29, 2026
The federal government of Nigeria, alongside key stakeholders from the financial sector, has raised alarm over the persistent funding gaps that hinder women’s participation in the economy. Despite women owning approximately 40 percent of small and medium enterprises (SMEs) in the country, they continue to face significant barriers to accessing financial resources.
Hannatu Musawa, the Minister of Arts, Culture, and Creative Economy, emphasized the urgent need for comprehensive policy and financial reforms to tackle the structural obstacles that limit women’s economic contributions. During a recent event, she highlighted that empowering women entrepreneurs is essential not only for economic growth but also for achieving broader societal benefits.
The call for reforms comes in the wake of a growing recognition of the critical role that SMEs play in driving Nigeria’s economy. Women, who constitute a substantial portion of these businesses, are often confronted with challenges such as inadequate access to credit, lack of collateral, and insufficient representation in decision-making processes. These issues disproportionately affect female entrepreneurs, stifling their potential and limiting their access to crucial resources.
Financial institutions, including Access Bank, have also expressed their commitment to supporting women’s entrepreneurship. They are recognizing the need to tailor financial products and services that specifically meet the needs of female business owners. This includes offering more flexible loan terms and ensuring that funding avenues are accessible to women.
Experts have pointed out that ensuring equitable access to funding for women-owned SMEs could significantly boost the economy. Expanding financial resources for women entrepreneurs is not just a matter of fairness; it is a strategic imperative that could unlock a wealth of untapped potential within the nation’s economy.
As the federal government and financial institutions work together to address these disparities, there is a growing call for a multi-faceted approach that encompasses not only financial support but also education and mentorship opportunities for women. This holistic strategy aims to empower women, equipping them with the tools necessary to thrive in the competitive landscape of entrepreneurship.
The time for action is now, stakeholders argue, as empowering women entrepreneurs is vital for fostering inclusive economic growth and driving sustainable development in Nigeria.
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