Stakeholders have recently validated a significant document that aims to promote gender equality and formalization through women’s entrepreneurship development in Nigeria. This project, initiated by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has received support from the International Labour Organisation (ILO).
Recognizing the Power of Entrepreneurship
During a workshop held in Abuja, the Country Director of ILO in Nigeria, Ms. Vanessa Phala, highlighted the vital role of entrepreneurship as a driver of economic dynamics. She emphasized that entrepreneurs not only create jobs but also bring new technologies and innovations to the market.
However, Ms. Phala pointed out that women entrepreneurs face unique challenges that limit their access to resources and opportunities. She stressed that women’s businesses tend to be smaller in scale and highly concentrated in the informal economy, with 41% of micro-businesses in Nigeria being owned by women. These numbers indicate that women entrepreneurs are major contributors to the country’s socio-economic growth.
Paving the Way for Women Entrepreneurship
Ms. Phala acknowledged the efforts of the Nigerian government and private sector in creating opportunities and programs to support and empower women entrepreneurs. She mentioned the recently developed Women Economic Empowerment Policy, with Women Entrepreneurship Development as a key pillar.
The ILO has also been actively involved in promoting small enterprise development in Nigeria. Through initiatives such as the “Promoting Gender Equality and Formalisation through Women’s Entrepreneurship Development” project, the ILO has collaborated with the government, SMEDAN, social partners, and other stakeholders to develop a comprehensive 3-year roadmap and monitoring framework for women’s entrepreneurship development and enterprise formalization in Nigeria.
Overcoming Challenges and Facilitating Growth
Mrs. Juliana Adebambo, the Acting Permanent Secretary of the Federal Ministry of Labour and Employment, emphasized the importance of formalizing the informal economy, which predominantly consists of women. She stressed that formalization is crucial for business expansion and success.
While the proportion of women involved in entrepreneurship exceeds that of men in Nigeria, structural inequalities hinder women’s success in this aspect. However, there have been interventions, female-focused policies, and initiatives by the government, social partners, and private organizations to support women entrepreneurship development. The challenge lies in effectively supporting informal businesses, as the majority of women-owned businesses in Nigeria operate in the informal sector.
Empowering Women for Global Opportunities
Mr. Wale Fasanya, the Director General of SMEDAN, highlighted the challenges faced by women entrepreneurs, including limited awareness of existing opportunities, especially in terms of finance. He emphasized that the validated document, supported by SMEDAN, other stakeholders, and the ILO, will enable women entrepreneurs to position themselves to take advantage of the vast global market and access funding and capital for their businesses.
Mrs. Mabel Ade, Executive Director of Adinya Arise Foundation and a Development Consultant, participated in the workshop and called for an enabling environment that maximizes women’s potential. She advocated for policies specifically targeting the advancement of women entrepreneurs to elevate them from their current low level.
Roadmap Towards Women Entrepreneurship
The validated document, known as the roadmap, addresses existing constraints and anticipates emerging obstacles that women entrepreneurs may encounter in Nigeria’s constantly evolving economic landscape. It was developed through a multi-faceted and collaborative approach involving government agencies, the private sector, civil society organizations, and international agencies.
With the validation of this document, there is hope that women entrepreneurs in Nigeria will receive the necessary support and opportunities to thrive, contributing significantly to the country’s economic growth and development.
