The federal government has said women now control about 40 per cent of small and medium-sized enterprises (SMEs) in Nigeria amid the financing gap, which limits their growth and economic impact.
Speaking at the International Women’s Day conference hosted by Access Bank PLC, the Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, said the government is repositioning culture as a key economic driver while expanding opportunities for women.
Musawa, represented by Aisha Adaugo Augie, Director-General of the Centre for Black and African Arts and Civilisation, noted that women’s participation in business is substantial, but access to capital remains a major constraint.
“Women own around 40 per cent of SMEs in Nigeria, yet too many brilliant ideas remain small, not because they lack potential, but because they lack access,” she said.
She highlighted that the ministry is investing in creative hubs, training programmes, and partnerships to equip women with skills across sectors such as film, fashion, digital media, and design.
According to her, these efforts are aimed at transitioning women-led ventures from informal operations into sustainable enterprises.
“Empowerment without capital is deprivation,” she added.
The Board Chair of Access Bank Plc, Ifeyinwa Osime highlighted the broader economic case for investing in women.
She said SMEs contribute about 48 per cent of Nigeria’s GDP and over 80 per cent of employment, with women playing a central role.
“When we give with intention, what we gain is far greater — enhanced productivity, innovation and long-term economic value,” she said.
She described access to finance, markets, and knowledge as essential tools for scaling women-owned businesses.
“To give is to expand access; access to finance, to markets, to knowledge, and to platforms that enable scale, ownership, and the building of businesses that endure through economic cycles and generations.
“And when we give with intention, what we gain is far greater: enhanced productivity, innovation, resilience and long-term economic value,” she added.