By Nnasom David

A new report by the Gates Foundation has shed light on the economic ambitions of Nigerian women and the financial hurdles they face.

The survey, which assessed 100,000 Nigerian women, underscored the persistent funding challenges that hinder female entrepreneurs from starting or expanding businesses.

According to the report, 34% of Nigerian women aspire to own or grow a business, yet many struggle due to inadequate access to funding.

A staggering 62% cite a lack of start-up capital as the primary obstacle preventing them from achieving their business goals.

The challenge is particularly evident in the agricultural sector, where women play a crucial role.

Despite producing 70% of Nigeria’s food, female farmers receive less than 10% of small and medium enterprise (SME) loans, significantly limiting their ability to scale operations and improve productivity.

Yet, despite these barriers, Nigerian women exhibit remarkable entrepreneurial resilience.

“They are more likely than women anywhere in the world to start a small business and demonstrate financial discipline, with a loan repayment rate of about 95%,” the report says.

Stakeholders are, however, calling for urgent financial reforms to support female entrepreneurs.

Two key solutions have emerged from the discussions: Reducing collateral requirements and creating dedicated funds for women.

Women entrepreneurs across Nigeria have been advised to continue to push for greater financial inclusion.

They added that if these funding barriers are addressed, experts believe it could unlock enormous economic potential, fostering job creation and national development.

Speaking, Chief Osasu Igbinedion-Ogwuche, Founder TOS Group said: “Collateral remains one of the biggest barriers preventing women from accessing loans.

“Banks must create interventions that allow women running small and medium-scale enterprises to access funding without stringent collateral requirements.

“Nigerian women have already proven their creditworthiness-95% repay their loans on time. It’s time for policymakers and financial Institutions to recognize this and implement solutions that enable women to grow and scale their businesses.

“There have been successful local initiatives in Nigeria, such as the Dangote and BOI Fund, Access Bank’s W Power Loan Fund, FCMB’s gender loans, and Sterling Bank’s Women in Agri-Business Fund.

“However, one standout global example is Bangladesh’s Grameen Bank founded by Muhammad Yunus, which has lifted over 50 million people out of poverty through micro-lending-mast of them women.

“This model proves that access to capital is not just about financial inclusion; it is a powerful tool for social and economic transformation. When women have the resources to build and scale their businesses, they don’t just improve their own lives they uplift entire communities. This is the kind of impact we should strive for in Nigeria.”

On the part of Fifehan Osikanlu, Founder, Eden Venture Group: “Data tells its own story, and it’s critical that the media leans into the data available on what women truly need and how investing in them drives economic development.

“The conversation must shift from ‘let’s support women’ to ‘investing in women is investing in national growth.

“The media has a crucial role to play in reshaping this narrative-not just by highlighting individual success stories but by showcasing systemic change and the scale of impact.

“This also influences adoption for example, some financial institutions report low participation from women despite making funding available. If more women see real examples of success especially in regions where participation is lower, they may feel more encouraged to pursue these opportunities.

To drive meaningful change, the media must move beyond storytelling it must use data and evidence to push for investment in women as a national economic strategy.

“Storytelling and narrative shaping are crucial for driving real change. This is why media conversations like this are so important-we must consistently push the message that policies like mandatory lending quotas for women are not optional but necessary.

“The Central Bank of Nigeria (CBN) should enforce a 30-40% mandatory lending requirement for women by commercial banks and ensure 50% access to intervention funds. Too often, the dominant narrative portrays women as helpless or unserious, but the reality is different.”