According to The Women Entrepreneurship Development in Nigeria: the Effect of Environmental Factors Report, women-owned businesses account for approximately 35% of all businesses in Nigeria, one of the world’s highest rates. Despite this, women entrepreneurs in Nigeria still face significant challenges in accessing funding and other resources to start and grow their businesses.
Globally, women entrepreneurs face similar challenges. According to a report from the Global Entrepreneurship Monitor, women entrepreneurs receive only 2% of venture capital funding worldwide, despite owning 38% of all businesses. Women entrepreneurs also tend to have smaller businesses with lower levels of revenue and profitability than their male counterparts.
However, there is also evidence to suggest that women-owned businesses can be highly successful. A study by the Peterson Institute for International Economics found that companies with at least 30% female leaders had net profit margins up to 6% higher than companies with no female leaders.
Celebrating Women in Business
As we celebrate Women Entrepreneurs this month, Lidya is proud to recognize the incredible contributions of women entrepreneurs in Nigeria. Women-owned businesses are a vital part of the Nigerian economy, and we are dedicated to supporting their growth and success.
Despite the challenges women entrepreneurs face in Nigeria, they have shown remarkable resilience and innovation.
However, access to funding and resources remains a major challenge for many women entrepreneurs in Nigeria. That’s why we’re excited to share some resources that can help female business owners in Nigeria get the funding they need to grow their businesses. Here are a few options:
1. Bank of Industry: The Bank of Industry offers a variety of loan programs for women-owned businesses in Nigeria. These loans can be used for various purposes, including working capital, equipment purchases, and real estate.
2. Tony Elumelu Foundation Entrepreneurship Program: This program provides funding, training, and mentorship to African entrepreneurs, including women-owned businesses in Nigeria. The program aims to support the growth and success of these businesses and promote entrepreneurship and economic development across the continent.
3. Women’s World Banking: Women’s World Banking is a global organization that provides financial products and services to women entrepreneurs in developing countries, including Nigeria. They offer a range of products and services, including savings accounts, credit, and insurance, to help women entrepreneurs build and grow their businesses.
In addition to funding, many other resources are available to women entrepreneurs in Nigeria that can help them start, grow, and scale their businesses. Networking and mentorship are two key areas where female entrepreneurs can benefit from the support of others.
Several organizations in Nigeria provide networking opportunities and support for women in business. These include the African Women Entrepreneurship Cooperative (AWEC), the Women’s Business Club, and the Association of Nigerian Women’s Business Network. These organizations offer events, training programs, and other resources that can help female entrepreneurs connect with other business owners, share best practices, and build their networks.
Mentorship is another important resource for women entrepreneurs in Nigeria. Mentorship can help women entrepreneurs learn from the experiences of others, gain new skills and knowledge, and build confidence in their abilities. Some many organizations and programs offer mentorship opportunities for women entrepreneurs in Nigeria, including the Cherie Blair Foundation for Women, the Women’s Technology Empowerment Centre (W.TEC), and the Enterprise Development Centre (EDC) of the Pan-Atlantic University.
At Lidya, we are committed to supporting women entrepreneurs in Nigeria and empowering them to achieve their business goals. We understand that access to funding and resources is critical for women-owned businesses to succeed, and we are proud to offer our fully digital platform to help businesses automate collections, simplify payments, and manage their cash flow more effectively. By providing these services, we hope to empower women entrepreneurs in Nigeria and around the world to achieve their full potential and positively impact their communities.