Women Own 40% Of SMEs Yet Face Funding Gaps, FG, Access Bank Raise Concerns

The federal government and financial sector stakeholders have called for urgent policy and financial reforms to address structural barriers limiting women’s participation in Nigeria’s economy, warning that despite owning about 40 per cent of small and medium enterprises (SMEs), women continue to face significant funding gaps.

Minister of Arts, Culture and Creative Economy, Hannatu Musawa, former minister of Education, Oby Ezekwesili, and officials of Access Bank Plc raised the concerns at the 2026 International Women’s Day conference hosted by the bank in Lagos.

The speakers highlighted persistent gaps in access to finance, markets and institutional support that continue to limit the ability of women entrepreneurs to scale their businesses, improve productivity and contribute optimally to national economic growth.

Musawa noted that women remain central to Nigeria’s economic and cultural development but continue to encounter structural constraints, particularly in accessing capital and markets.

She said although women own about 40 per cent of SMEs in the country, a significant financing gap still exists that prevents many of them from expanding their enterprises.

“Empowerment without capital is deprivation, and what we need is transformation. Although women own about 40 per cent of small and medium enterprises, a significant financial gap still exists,” Musawa said.

The minister explained that the federal government is working on initiatives aimed at unlocking targeted funding for women in the creative and cultural sectors, strengthening market access and supporting women-led enterprises to transition from informal activities into sustainable businesses.

She also stressed the need to include more women in policy formulation and decision-making processes, describing their underrepresentation in governance and economic leadership as a constraint on national development.

Speaking at the event, Ezekwesili said removing structural barriers facing women entrepreneurs is critical to boosting productivity across sectors of the economy.

She cited global evidence showing that equal access to finance, markets and resources for women could significantly increase economic output and improve development outcomes.

According to her, addressing the funding and policy gaps affecting women-owned businesses would not only empower women economically but also strengthen Nigeria’s broader economic growth and competitiveness.

“You remove the barriers that stand in the way of women, and then they take off. In agriculture for instance, we have seen that about 30 per cent improvement in output is possible if women have equal inputs as men,” she said.

She described the financing gap as a major factor keeping women in low-productivity ventures, warning that such limitations could undermine broader economic progress.

Ezekwesili also urged stronger collaboration between the private sector and policymakers to prioritise women inclusion, noting that progress depends on making the issue central to national discourse.

She commended Access Bank for its role in bridging funding gaps for women through targeted initiatives and for organising the conference to foster idea sharing, networking and partnerships.

Board chairman of Access Bank, Ifeyinwa Osime, said excluding women from economic opportunities amounts to an ‘economic inefficiency’, stressing that no economy can optimise growth while underinvesting in half of its population.

According to her, women-owned businesses contribute significantly to Nigeria’s economy, with small and medium enterprises accounting for about 48 per cent of GDP and over 80 per cent of employment.

She added that the focus should shift from support to structured investment in women, driven by measurable outcomes, explaining that “what is required is intentional, measurable and scalable investment.”

The conference was complemented by grassroots engagement, as Access Bank extended its Women’s Month activities to Oyingbo Market in Lagos. The bank’s Women’s Initiative, W, brought International Women’s Day activities directly to market women, offering free health screenings including blood pressure, blood sugar and malaria tests, alongside medications where needed.

Financial literacy sessions were also held to help women structure and scale their businesses sustainably, with participants benefiting from wellness activities aimed at promoting both economic empowerment and overall well-being.