Women Power Nigeria’s Economy — UN Women Urges Inclusive Reforms For SMEs
By OBIOMA TORI
NIGERIA’S economy is being sustained by the strength and resilience of women entrepreneurs and Small and Medium Enterprises (SMEs), the United Nations Women has said, describing them as the backbone of innovation, job creation, and national development.
Speaking at the 5th Conference of the Women Enterprise Alliance (WenA) in Abuja, themed “Policy Reforms and Resilience Strategies for SMEs in a New Economy” and supported by the Federal Inland Revenue Service (FIRS), UN Women Country Representative Ms. Beatrice Eyong, represented by Mrs. Patience Ekechukwu, said women-led enterprises were driving growth and lifting communities out of poverty despite systemic barriers.
“Nigeria’s economy rests firmly on the shoulders of small and medium enterprises,” Eyong noted, citing a 2023 SMEDAN/NBS survey showing that MSMEs account for 96.7% of all businesses, contribute 49% of GDP, and employ over 84% of the labour force.
“Yet, women—who own 43% of these enterprises—remain undercapitalised, under-protected, and largely excluded from formal policy and financing systems,” she added.
Eyong identified limited access to finance, poor infrastructure, and regulatory hurdles as major obstacles. Only 23% of women-owned businesses in Nigeria have access to formal credit, compared to 34% of men-owned enterprises, she revealed.
Calling for gender-responsive policy reforms, she urged the government to bridge the gap between policy design and implementation, ensuring that women are visible and involved at every stage of decision-making. She also praised Nigeria’s National Gender Policy (2021–2026) and National Development Plan (2021–2025) for recognising women’s empowerment as a key growth driver.
Representing President Bola Tinubu, his Senior Special Assistant on Entrepreneurship Development, Chalya Shagaya, reaffirmed the administration’s commitment to empowering SMEs under the Renewed Hope Agenda. Tinubu’s message highlighted ongoing reforms through the Presidential Enabling Business Environment Council (PEBEC), the Presidential Power Initiative, and Rural Electrification Agency projects to cut operational costs and expand access to affordable energy.
“Enterprise development is central to Nigeria’s economic transformation strategy,” Tinubu stated. “We are creating an environment where SMEs can thrive and scale sustainably.”
Founder of WenA, Aisha Babangida, stressed that removing barriers to women’s participation in economic activities was crucial for inclusive growth. She applauded the UN Women Affirmative Action Procurement Reform in Kaduna State, which reserves a portion of public contracts for women-led businesses, describing it as a model for national replication.
“Inclusive procurement policies unlock economic growth and equality,” Babangida said. “They give women access to markets, finance, and sustainable opportunities.”
She announced that WenA would soon begin certifying and training women-owned businesses to ensure they meet compliance standards needed to benefit from inclusive procurement systems.
The conference concluded with empowerment initiatives, including ₦5 million, ₦3 million, and ₦2 million scale-up grants to three women-led SMEs and free business registration for 50 female entrepreneurs—a gesture symbolising the growing recognition that empowering women means strengthening Nigeria’s economic foundation.
