According to Intelpoint, in 2024, female-led small businesses in Nigeria are earning ₦1.1 million ($820) more in monthly revenue than men, despite being systematically locked out of the formal financial system.

Why it Matters

Women are building high-revenue ventures primarily through personal savings and family support. Their ability to outperform male counterparts with less capital suggests that current lending models are overlooking the market’s most efficient players who could boost the economy.

The State of Play

  • 40.2% of women rely on personal funds and savings to start or sustain their businesses, while 59.8% rely on loans or cash gifts from family and friends.
  • Women own 41% of SMEs and 23 million women are entrepreneurs, but most are trapped in micro-businesses.
  • 62% of women highlighted that lack of start-up capital or equipment as their major barrier in economic participation.

The Bottom Line

Nigeria is stifling its own growth. If women are already outperforming men while self-funding, a systemic shift in lending would likely lead to a massive increase in national GDP. Scaling these ventures is not just a matter of equity, it is a high-yield economic imperative.

Author, Anuoluwa Bukola