Nigeria, like many other developing countries, has a significant gender gap in the business world. Despite their potential and capabilities, women face various obstacles that hinder their ability to start and grow successful businesses. However, there is a growing movement to empower female entrepreneurs in Nigeria, and it’s essential to explore the challenges, opportunities, and initiatives driving this trend.
Challenges Faced by Female Entrepreneurs in Nigeria
Female entrepreneurs in Nigeria encounter various challenges that their male counterparts do not face. Some of the most significant obstacles include:
– Limited access to funding and resources
– Social and cultural barriers
– Lack of mentorship and networking opportunities
– Limited access to education and training
– Gender bias and stereotypes
These challenges are deeply rooted in the country’s cultural and societal norms, making it difficult for women to break into the business world. However, despite these obstacles, many Nigerian women have successfully started and grown their businesses, inspiring others to follow in their footsteps.
Opportunities for Female Entrepreneurs in Nigeria
Nigeria offers various opportunities for female entrepreneurs, including:
– A large and growing market
– Increasing demand for goods and services
– Government initiatives and support programs
– Access to funding and resources from international organizations
– A growing network of female entrepreneurs and mentors
The country’s growing population and increasing demand for goods and services create a vast market for entrepreneurs to tap into. Additionally, the government and international organizations offer various initiatives and funding opportunities to support female entrepreneurs.
Initiatives Empowering Female Entrepreneurs in Nigeria
Several initiatives have been launched to empower female entrepreneurs in Nigeria, including:
*The Nigerian Government’s Women Empowerment Program:
The Nigerian Government’s Women Empowerment Program aims to enhance the livelihoods of women in Nigeria. In partnership with the World Bank, the program has successfully created economic opportunities for thousands of rural women. Initiatives include financial literacy training, savings mobilization, and partnerships with financial service providers to boost financial inclusion. Technical assistance and support services are also provided to women engaged in livelihood activities, promoting economic empowerment and institutionalization of women’s economic platforms.
*The African Development Bank’s Women in Business Program:
The African Development Bank’s Women in Business Program aims to empower female entrepreneurs and promote gender equality in Africa’s business sector. The program provides access to finance, mentorship, and training for women-owned businesses, enabling them to grow and become more competitive. It also supports policy reforms and advocacy initiatives to create a more conducive business environment for women. The program has already supported over 10,000 women-owned businesses, resulting in increased revenue, job creation, and improved economic empowerment for women across the continent.
*The World Bank’s Women Entrepreneurship Program:
The World Bank’s Women Entrepreneurship Program is a comprehensive initiative that empowers women entrepreneurs worldwide. The program tackles key challenges faced by women-led businesses, including:
– Building skills and capacity to run successful enterprises
– Improving access to finance and capital
– Addressing legal and policy barriers to property ownership and financial inclusion
– Supporting early-stage businesses and unlocking equity and insurance services
– Fostering innovation and innovative solutions to overcome gender-specific obstacles
*The Cherie Blair Foundation for Women:
The Cherie Blair Foundation for Women is a non-profit organization that empowers women in developing countries to become successful entrepreneurs. Founded by Cherie Blair CBE KC in 2008, the foundation has:
– Supported over 250,000 women entrepreneurs across 100 countries through training and mentoring programs
– Matched over 6,000 women entrepreneurs with mentors through its renowned mentoring program
– Developed the “HerVenture” app, recognized by Vice President Harris and USAID, to provide women entrepreneurs with business skills and support
– Collaborated with global partners to create inclusive business environments and challenge gender barriers
– Extended its impact through the work of Omnia Strategy, an international law firm founded by Cherie Blair, providing strategic counsel to governments, corporates, and private clients.
*The Tony Elumelu Foundation:
The Tony Elumelu Foundation has demonstrated a strong commitment to supporting women entrepreneurs in Nigeria and Africa as a whole. Key initiatives and achievements include:
– Empowering over 7,000 women entrepreneurs across Africa, including Nigeria, through its flagship program since 2015.
– Providing comprehensive support, including training, mentoring, resources, and networks, as well as a non-refundable seed capital of $5,000.
– Disbursing $16.8 million in non-refundable grants to 3,369 female entrepreneurs in 2021, representing 68% of the total candidates selected.
– Partnering with the European Union to empower 2,500 young African women entrepreneurs, providing €20 million in financial and technical support.
– Launching the “Women Entrepreneurship for Africa” (WE4A) program to increase access to funding, markets, knowledge, and technical training for women entrepreneurs in Africa.
Such activities demonstrate the foundation’s dedication to promoting gender equality and empowering women entrepreneurs to achieve success and drive economic growth in Nigeria and beyond.
These initiatives provide funding, mentorship, training, and networking opportunities to female entrepreneurs, helping them overcome the challenges they face. They also aim to address the gender gap in the business world and promote gender equality.
Success Stories of Female Entrepreneurs in Nigeria
Several Nigerian women have achieved significant success in business, inspiring others to follow in their footsteps. Some notable examples include:
– Mo Abudu, founder of EbonyLife TV
– Funke Opeke, founder of MainOne Cable
– Uche Pedro, founder of BellaNaija
– Tara Fela-Durotoye, founder of House of Tara
– Adesuwa Dozie, founder of Aces and Treasures
– Dr Ola Brown, founder of Flying Doctors Nigeria
– Adenike Ogunlesi founded Ruff ‘n’ Tumble
– Ngozi Opera, founder of Heat Free Hair
– Nnenna Kalu Makanjuola, founder of Radiant Health Magazine
– Bilikiss Adebiyi, founder of WeCyclers
These are only a few percentages of the women who have taken the initiative to start a business enterprise in the country. Various women have taken the bold step to go toe-to-toe with men in different industries which include fashion, agriculture, design, media, entertainment, finance, etc. These women have overcome various challenges to build successful businesses, creating jobs and contributing to the country’s economic growth.
Conclusion
Empowering female entrepreneurs in Nigeria is crucial for the country’s economic growth and development. While challenges exist, there are also opportunities and initiatives that can help female entrepreneurs succeed. By supporting and encouraging female entrepreneurs, we can create a more inclusive and prosperous business environment in Nigeria.
The government, international organizations, and the private sector must continue to support and empower female entrepreneurs through initiatives and programs. Additionally, changing societal norms and cultural beliefs that perpetuate gender inequality is essential. By working together, we can create a brighter future for female entrepreneurs in Nigeria.
