Female Entrepreneurs urge FG to end barriers to women’s economic empowerment

A group of female entrepreneurs has called on the government and financial institutions to eliminate obstacles that hinder women’s participation in business.

They identified gender-insensitive policies, stringent loan conditions, limited access to landed property, and lack of awareness as major challenges facing women entrepreneurs.

The entrepreneurs made their case during a virtual Women’s Economic Empowerment Media Conversation organised by Gatefield, a non-governmental organization.

The discussion centered on the findings of a recent report by the Bill & Melinda Gates Foundation, in which women shared their aspirations for financial independence and economic power.

Chichi Arinze, co-founder of Auto Girl, a mobility startup, spoke about the biases women face in male-dominated industries.

“Being a woman in the mobility sector often makes investors take me less seriously, as they associate the field with men. The funding gap is real, but some banks and organizations are making access to capital easier through women-focused programs. For example, the Bank of Industry (BOI) now allows third-party collateral, requiring female entrepreneurs to provide two references—one a civil servant and another who can offer their collateral.”

Uzoamaka Igweike, founder of Loom Craft Chocolate, a cocoa processing company, emphasised that lack of awareness remains a significant barrier.

“We have received grants from the Nigerian Export Promotion Council (NEPC) and the Brave Women Foundation. These opportunities exist, but many women are unaware of them. Women must actively seek out entrepreneurship programs tailored for them and join networks where such opportunities are shared.”

Osasu Igbinedion Ogwuche, a panelist at the discussion, agreed that collateral requirements hinder female entrepreneurs but pointed out that fintech companies are easing access to capital.

“We need the media to highlight stories of creditworthy women. Data shows that 95% of women repay their loans on time, which proves their reliability.”

Another panelist, Fifehan Osikanlu, stressed the importance of policy intervention and media advocacy.

“The media must continuously push for change until women are fully integrated into the economy. We need the Central Bank of Nigeria (CBN) to enforce mandatory lending quotas of 30-40% for women by commercial banks and ensure 50% access to intervention funds for female entrepreneurs.”

These female entrepreneurs are calling for systemic changes to level the playing field, urging financial institutions and policymakers to take concrete steps toward empowering women in business.

Women’s development in Nigeria remains a complex and deeply rooted challenge, hindered by cultural, economic, political, and institutional barriers. Despite significant progress in advocating for gender equality, millions of Nigerian women still struggle against systemic discrimination that limits their access to education, economic opportunities, healthcare, and leadership positions.

These barriers not only affect individual women but also slow down national progress by preventing half of the population from fully contributing to society.

Despite these barriers, there is hope for change. Addressing the challenges to women’s development in Nigeria requires a collective effort from the government, civil society, and communities. Education should be prioritised, ensuring that every girl has access to quality schooling without fear of cultural or financial restrictions.

Economic empowerment programs, including access to loans and business training, can help women achieve financial independence. Stronger legal protections and strict enforcement of laws against gender-based violence and discrimination are also crucial in ensuring women’s safety and rights.

Reporting by Alfred Ajayi; Editing by Oluwaseyi Ajibade