The Federal Government has unveiled plans to unlock Nigeria’s path to a $1 trillion economy by 2030, with a central focus on expanding access to capital for women-led enterprises.
At a colloquium marking International Women’s Day, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, emphasized that Nigeria’s economic ambitions cannot be realized without fully harnessing the productive capacity of female entrepreneurs.
She noted that women-owned businesses across Africa face a financing shortfall of over $49 billion, limiting their ability to scale and compete within the African Continental Free Trade Area (AfCFTA).
“No country can realistically reach that level of economic scale while leaving half its entrepreneurial talent undercapitalised,” Oduwole said.
The event, themed “Give to Gain”, brought together policymakers, investors, and private sector leaders to explore strategies for bridging the financing gap. Oduwole highlighted that women already play vital roles in agriculture, trade, manufacturing, logistics, and services, yet receive less than 10% of venture and growth capital deployed across Africa.
She stressed that unlocking this potential is critical for Nigeria’s industrial expansion and for leveraging AfCFTA’s $3.4 trillion integrated market of 1.4 billion people.
Currently, only about 345 companies across Africa generate annual revenues above $1 billion, with just 20 based in Nigeria. Oduwole argued that scaling more businesses to this level requires deliberate investment in women entrepreneurs, who dominate informal and cross-border trade.
The signing of a Memorandum of Understanding between the Federal Ministry of Industry, Trade & Investment and the Ministry of Women Affairs underscored the government’s commitment to accelerating financing access for female-led medium-sized businesses.
