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Nigerian Women Hold Key To Unlocking N19.7bn Economy – Study

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Leadership Nigeria News Today

Women who want to start their own businesses have the potential to boost the Nigerian economy by N19.7 billion, according to a new study conducted by Development Economics on behalf of Facebook. The study reveals that if the number of women who said they were ‘very likely’ to start a business did so (44 per cent), this would create over seven million new businesses within four years and over 8.9 million jobs within five years.

Compared to men, women are more likely to be interested in setting up businesses in Food & Drink (30 per cent), Tourism & Leisure (13 per cent), Lifestyle (10 per cent) and Business Services (10 per cent). The motivations for women wanting to set-up a business also varies, with financial gains amongst the highest (56 per cent), followed by wanting to create job opportunities for family or other people (45 per cent), those wanting to work around family commitments (40 per cent) and those wanting to be their own boss (39 per cent).

Lack of access to finance (36 per cent) is cited as the main barrier to women setting up independently. Facebook’s research also shows that among those likely to start a business, not sure of how to get started (32 per cent), not feeling prepared or ready (30 per cent) and lack of access to premises or equipment (26 per cent), are the key reasons holding them back from taking this step.

These impact women at every stage of their life – with women 55+ being less likely to start a business followed by those from 35-44. Facebook’s SMB sales manager, Europe, Middle East and Africa (EMEA). Abi Williams said, “Facebook recognises how important women are in building stable economies, and the potential impact of this in Nigeria is encouraging to see.

“We know that when women do better, economies do better, and with the right support, tools and trainings in place Nigerian women entrepreneurs can, and will be able to compete on a global level.”

The study also revealed that in terms of the use of online tools to facilitate the sale of products or services to potential customers, the proportion of female managers in Nigeria reporting the use of such tools was 83 percent compared to 74 percent for males. A slightly higher proportion of female business managers reported the use of online tools to enable customers to pay for products or services (39 percent for females compared to 37 percent for males). Overall, of those women who are very interested in setting up a business, over 4.1 million appear to want to set up their business within one year. A further 2.5 million anticipate establishing their business within two or three years, and 378,000 say they expect it would be more than four years in the future.

Women who want to start their own businesses have the potential to boost the Nigerian economy by N19.7 billion, according to a new study conducted by Development Economics on behalf of Facebook. The study reveals that if the number of women who said they were ‘very likely’ to start a business did so (44 per cent), this would create over seven million new businesses within four years and over 8.9 million jobs within five years.

Compared to men, women are more likely to be interested in setting up businesses in Food & Drink (30 per cent), Tourism & Leisure (13 per cent), Lifestyle (10 per cent) and Business Services (10 per cent). The motivations for women wanting to set-up a business also varies, with financial gains amongst the highest (56 per cent), followed by wanting to create job opportunities for family or other people (45 per cent), those wanting to work around family commitments (40 per cent) and those wanting to be their own boss (39 per cent).

Lack of access to finance (36 per cent) is cited as the main barrier to women setting up independently. Facebook’s research also shows that among those likely to start a business, not sure of how to get started (32 per cent), not feeling prepared or ready (30 per cent) and lack of access to premises or equipment (26 per cent), are the key reasons holding them back from taking this step.

These impact women at every stage of their life – with women 55+ being less likely to start a business followed by those from 35-44. Facebook’s SMB sales manager, Europe, Middle East and Africa (EMEA). Abi Williams said, “Facebook recognises how important women are in building stable economies, and the potential impact of this in Nigeria is encouraging to see.

“We know that when women do better, economies do better, and with the right support, tools and trainings in place Nigerian women entrepreneurs can, and will be able to compete on a global level.”

The study also revealed that in terms of the use of online tools to facilitate the sale of products or services to potential customers, the proportion of female managers in Nigeria reporting the use of such tools was 83 percent compared to 74 percent for males. A slightly higher proportion of female business managers reported the use of online tools to enable customers to pay for products or services (39 percent for females compared to 37 percent for males). Overall, of those women who are very interested in setting up a business, over 4.1 million appear to want to set up their business within one year. A further 2.5 million anticipate establishing their business within two or three years, and 378,000 say they expect it would be more than four years in the future.



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