‘Women-led businesses key to Nigeria’s $1 trn economy’

Women-led businesses have been identified as critical drivers in Nigeria’s ambition to achieve a $1 trillion economy by 2030.  The Director of Enterprise Sales at FairMoney Business, Gloria Onosode, stated this, stressing that female entrepreneurs must move beyond subsistence operations and become central players in the country’s economic growth. “Nigeria is targeting an ambitious $1 […]

Women-led businesses have been identified as critical drivers in Nigeria’s ambition to achieve a $1 trillion economy by 2030. 

The Director of Enterprise Sales at FairMoney Business, Gloria Onosode, stated this, stressing that female entrepreneurs must move beyond subsistence operations and become central players in the country’s economic growth.

“Nigeria is targeting an ambitious $1 trillion economy by 2030. To achieve this, women-led businesses must transition from mere passive observers to primary growth drivers at the heart of the economy,” she said.

According to the National Bureau of Statistics, women-owned micro, small and medium enterprises (MSMEs) already contribute significantly to job creation and economic expansion. 

However, Onosode noted that digital empowerment must go beyond social intervention and become a core economic strategy.

She added that positioning women-led businesses within the digital value chain would enable them to scale operations, access wider markets, and improve financial record-keeping for better credit opportunities.

“For instance, a fashion designer in Aba can, through digital tools, access broader markets and make data-driven decisions that support growth. 

“Despite this progress, access to finance remains a major challenge. Reports indicate that women entrepreneurs face a credit gap estimated at over N2.9 trillion, limiting their ability to scale and formalize operations,” she said.

She stressed her firm is committed to break the barrier of access to finance, highlighting the packages business owners can leverage on.

 

 

 

“For that business owner who requires immediate liquidity, our flexible savings feature offers interest while allowing for withdrawal access that is subject to applicable terms and conditions to cover emergency restocks. 

 

 

 

“For longer-term scaling, our fixed-term savings feature allows entrepreneurs to lock away funds for a fixed period and accrue interest based on product terms and subject to terms and conditions. By automating savings and providing interest at applicable rates, FairMoney MFB is designed to support financial planning and resilience over time for women-led SMEs,” she said.