A new national study has uncovered a significant mismatch between female business ownership and access to institutional finance in Nigeria, highlighting persistent barriers that prevent women entrepreneurs from accessing formal credit and financial opportunities.
The findings were presented in the Gender Equity and Social Inclusion (GESI) Baseline Report, launched by the Impact Investors Foundation during a summit held in Lagos. According to the report, although women own nearly 40 per cent of businesses in Nigeria, they continue to receive a disproportionately small share of formal financing.
Report Highlights Financial Exclusion
Speaking at the event, Chief Executive Officer of the Impact Investors Foundation, Etemore Glover, described the report as a data-driven tool designed to address structural barriers within Nigeria’s financial system. “This report is more than a document; it is the data-driven foundation required to fix structural barriers in our financial system. While women own nearly 40 per cent of Nigerian businesses, they receive a disproportionately small share of formal credit,” Glover stated.
The report exposed a major gap in financial inclusion, revealing that only 23 per cent of Nigerian women currently own formal bank accounts compared to 77 per cent of men. It disclosed that while impact investors have set a target to mobilise $8 billion in inclusive capital by 2035, only $1.25 billion has been mobilised as of May 2026, leaving a funding deficit of approximately $6.75 billion.
Broader Inclusion Challenges
Beyond financing, the report highlighted broader inclusion challenges across institutions and organisations. Findings showed that only 22 per cent of women occupy leadership positions in surveyed organisations, while the representation of Persons Living with Disabilities stands at just five per cent.
Speakers stressed that gender inclusion should no longer be treated as a social welfare discussion but as a critical economic growth strategy. Chair of GSG Nigeria Partner, Ibukun Awosika, said discussions around women’s economic participation must move beyond charity and become part of deliberate national economic planning.
Keynote Address Calls for Structural Reforms
The keynote address, titled ‘Turning Gender Equity into Economic Advantage’, was delivered by Muhammadu Sanusi II, who criticised the lack of political and institutional commitment towards advancing women-focused policies in Nigeria. Sanusi noted that gender issues are often reduced to token empowerment initiatives during political campaigns instead of being integrated into long-term national development policies, adding that political promises to women are often limited to temporary handouts rather than structural reforms.
He also challenged female leaders in the banking sector to actively promote gender inclusion policies and support other women rising through leadership ranks.
New Initiatives to Bridge the Gap
As part of efforts to address the financing gap, the Impact Investors Foundation introduced enhanced physical and virtual deal rooms aimed at connecting institutional investors directly with women-led businesses ready for growth and expansion. According to the foundation, the initiative has already attracted initial soft investment commitments worth approximately $250,000.
