Women account for nearly 40 percent of business ownership in Nigeria but continue to face significant barriers in accessing formal credit, highlighting a persistent gender gap in the country’s financial system, according to a new national report.
The findings were published in the Gender Equity and Social Inclusion (GESI) Baseline Report, launched by the Impact Investors Foundation in Lagos, and presented as a data-driven assessment of structural inequalities in access to finance, leadership and economic opportunity.
The report shows that despite their strong presence in entrepreneurship, Nigerian women receive a disproportionately small share of formal banking credit, reflecting long-standing constraints in financial inclusion and institutional support.
According to the study, only 23 percent of Nigerian women currently hold formal bank accounts, compared with 77 percent of men, underscoring a significant gap in access to the formal financial system.
The report also highlights broader inequalities in economic participation, noting that women are underrepresented in leadership roles, accounting for just 22 percent of positions in surveyed organisations.
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In addition, persons living with disabilities remain largely excluded from formal economic structures, representing only 5 percent of leadership roles in the sample studied.
The launch event brought together policymakers, private sector leaders and development stakeholders under the theme “From Commitment to Action: Strengthening Inclusive Gender Lens Investment for Nigeria’s Growth.”
Speakers at the summit said gender inclusion should be treated as an economic imperative rather than a social welfare issue, arguing that closing financing gaps could significantly boost national productivity.
Business leader Ibukun Awosika stressed the need for deliberate policy interventions to ensure women’s economic participation translates into measurable growth outcomes.
She said gender equity must move beyond philanthropy and be embedded in national development strategy, noting that women represent half of Nigeria’s population and therefore a critical driver of economic expansion.
In a keynote address, former central bank governor and Emir of Kano Muhammadu Sanusi II criticised what he described as weak institutional commitment to gender inclusion in political and economic planning.
He argued that women’s empowerment is often reduced to symbolic gestures rather than sustained policy action, calling for stronger accountability mechanisms across both public and private institutions.
Sanusi also questioned whether female leaders in senior positions were doing enough to promote broader inclusion, urging structural reforms rather than isolated success stories.
The report further reveals a major financing shortfall in gender-focused investment initiatives. While stakeholders have set a target of mobilising $8 billion in inclusive capital by 2035, only $1.25 billion has been raised so far, leaving a funding gap of $6.75 billion.
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Analysts say the gap reflects broader challenges in channeling investment toward women-led enterprises, despite evidence that such businesses contribute significantly to employment and economic growth.
To address the financing shortfall, the Impact Investors Foundation introduced “deal rooms” designed to connect investors with women-led enterprises seeking expansion capital, an initiative that has already attracted early commitments of about $250,000.
Stakeholders at the summit called for stronger integration of gender equity metrics into financial institutions’ lending frameworks, arguing that better data and accountability could improve credit access for women entrepreneurs.
Experts say improving women’s access to finance could have a multiplier effect on Nigeria’s economy, particularly in sectors dominated by small and medium-sized enterprises.
However, they caution that progress will depend on sustained policy reform, improved financial literacy, and targeted interventions by both government and private sector actors.
For now, the report concludes that while Nigerian women remain a powerful force in entrepreneurship, structural barriers in banking and credit allocation continue to limit their full economic potential.
