The United Nations Women has highlighted the crucial role of women entrepreneurs and Small and Medium Enterprises (SMEs) in sustaining Nigeria’s economy. According to Beatrice Eyong, UN Women Country Representative to Nigeria, women-led enterprises are driving growth, creating jobs, and reducing poverty across communities despite persistent challenges.
Nigeria’s economy is heavily reliant on SMEs, with 96.7 percent of all businesses being micro, small, and medium enterprises, contributing 49 percent of the national GDP and employing over 84 percent of the labor force. Women own about 43 percent of micro and small enterprises, but most of these businesses are in the informal economy, undercapitalized, and often overlooked in formal policy and financial systems.
Eyong noted that women entrepreneurs face significant obstacles, including poor infrastructure, limited internet access, and regulatory bottlenecks. She emphasized the need to promote inclusion for women and strengthen the link between policy formulation, implementation, and accountability. This includes involving women in every stage of policy-making to ensure gender-responsive financial mechanisms.
President Bola Tinubu, represented by his Senior Special Assistant on Entrepreneurship Development, commended the organizers of the Women Enterprise Alliance conference for choosing a theme that reflected current national and economic realities. He acknowledged the challenges faced by entrepreneurs, including rising operational costs, and highlighted the government’s efforts to reduce the costs of doing business and create an environment where SMEs can thrive.
The government has initiated various programs, including the Presidential Power Initiative and Rural Electrification Agency’s renewable programs, to expand affordable and reliable electricity access. Additionally, the Presidential Enabling Business Environment Council is working to ease regulatory and tax burdens, simplify compliance, and eliminate multiple levies affecting SMEs.
The Women Enterprise Alliance founder, Aisha Babangida, stressed the importance of dismantling barriers to women’s participation in economic activities for national growth. She praised initiatives such as the UN Women-led Affirmative Action Procurement Reform in Kaduna State, which reserves a share of public contracts for women-owned and women-led businesses.
The conference culminated in the awarding of scale-up grants to three women-owned SMEs, alongside free business registrations for 50 women-owned businesses and other empowerment opportunities. This move is expected to build capacity, create awareness, and unlock greater opportunities for women-led businesses to contribute to economic growth and foster sustainable development in Nigeria.