WOMEN OWN 40% OF NIGERIA'S BUSINESSES BUT RECEIVE LESS THAN 5% OF FORMAL CREDIT — REPORT

$6.75 billion inclusive finance deficit exposed; Sanusi challenges female bank CEOs on inclusion

Women own nearly 40 per cent of Nigeria's businesses but receive less than five per cent of formal credit in the country, according to a new baseline report on gender and social inclusion released at a business summit this week, the starkest published measure yet of Nigeria's financing gap for women entrepreneurs.

The Gender, Equity and Social Inclusion Baseline Report, compiled by the Impact Investors Foundation, found that only 23 per cent of Nigerian women currently hold bank accounts, compared to 77 per cent of men. The report also revealed that while the impact investment community has set a target to deploy $8 billion in inclusive capital by 2035, only $1.25 billion has been mobilised as of May 2026, leaving a $6.75 billion shortfall.

Elizabeth Boggs Davidsen, Chief Executive of GSG Impact, said women own nearly 40 per cent of Nigeria's MSMEs but receive less than five per cent of formal credit, a figure she described as "a call to action." She urged pension funds, insurance pools, and sovereign wealth resources to mobilise domestic capital into women-led businesses.

Former CBN Governor Sanusi Lamido Sanusi challenged Nigeria's 10 female bank CEOs directly at the summit. "We do not want 'Queen Bees,'" he said. "We do not want women who get to the top and forget other women. I would like to know how many of them have put in place gender inclusion and equality policies."

The summit concluded with the introduction of "Deal Rooms" connecting institutional investors directly with women-led enterprises ready to scale, generating initial soft commitments of approximately $250,000.