FairMoney Executive has stated that women-led businesses is the key to Nigeria’s $1 trillion economy target.
NewsOnline Nigeria reports that women-led businesses have been identified as critical drivers of Nigeria’s ambition to achieve a $1 trillion economy by 2030, with experts calling for stronger digital inclusion and financial support to unlock their full potential.
This position was highlighted by Gloria Onosode, Director of Enterprise Sales at FairMoney Microfinance Bank, who stressed the need for female entrepreneurs to move from small-scale operations into the digital economy.
According to her, Nigeria’s large base of women-owned micro, small, and medium enterprises (MSMEs) already contributes significantly to job creation and economic growth, but scaling remains limited without access to digital tools and structured financing.
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Data from the National Bureau of Statistics shows increasing participation of women in business ownership, while the Small and Medium Enterprises Development Agency of Nigeria estimates that about 72 percent of Nigeria’s nearly 39.6 million MSMEs are now owned or led by women.
Despite this, a major financing gap persists. The International Finance Corporation estimates that women entrepreneurs in Nigeria face a credit gap exceeding ₦2.9 trillion, limiting their ability to scale operations.
Onosode noted that digital transformation can help bridge this gap by enabling better financial record-keeping, wider market access, and improved creditworthiness for small businesses. She cited examples such as local entrepreneurs expanding beyond physical markets through digital platforms and structured savings tools.
She added that fintech solutions are increasingly playing a role in supporting this transition by offering savings products, access to credit, and financial planning tools tailored to the realities of small business owners.
Experts also point to the broader economic impact of empowering women-led enterprises, noting that women tend to reinvest a significant portion of their income into education, healthcare, and community development, creating a multiplier effect across the economy.
Analysts say that integrating more women-led businesses into the formal and digital economy will not only boost productivity but also improve economic planning and national development outcomes.
With Nigeria’s youthful population and expanding digital landscape, stakeholders believe that targeted investments in women entrepreneurs could play a decisive role in achieving long-term economic growth targets.
