Nigeria’s economy may lose a major source of growth if women-led micro, small and medium enterprises do not receive the financing and market backing needed to expand, the Development Bank of Nigeria has warned. The bank issued the caution while showcasing promising female founders at the Women Investment Readiness Accelerator Demo Day held in Ilupeju, Lagos.
The event, supported by Agence Française de Développement and Sterling One Foundation, highlighted women-owned businesses as crucial to national productivity. Organisers noted that although women own nearly 60 per cent of Nigeria’s SMEs, they continue to face low access to capital, mentorship and structured markets. Participants stressed that addressing these barriers is key to unlocking economic progress.
According to the organisers, the Demo Day signalled the completion of an intensive accelerator programme funded by DBN. The training equipped female entrepreneurs with mentorship, business development knowledge and practical tools across sectors such as agriculture, food processing, waste management, retail, technology and fashion. Many participants said the experience was their closest opportunity yet to scale their businesses with credible backing.
The gathering also featured a pitch showcase where selected founders presented refined and scalable business models to investors, financial institutions and business support groups. For many attendees, the session provided their first direct access to funding prospects, partnerships and expansion discussions. Organisers said these opportunities were made possible through DBN’s continued investment in strengthening the MSME space.
Speaking at the event, DBN Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the presentations proved why women entrepreneurs must stay at the centre of economic planning. He stated that what was witnessed confirmed that investing in women yields measurable economic and social impact. He stressed that their businesses are innovative, resilient and capable of scaling. Okpanachi added that DBN will continue supporting women-led enterprises with financing, knowledge, networks and market linkages that promote long-term growth.
Chief Executive Officer of Sterling One Foundation, Olapeju Ibekwe, praised the showcased women as innovators addressing real market needs. She said potential alone is not enough and that support, connections and capital are critical. Explaining WIRA’s mission, Ibekwe said, “Through WIRA, our goal has been to close the financing and opportunity gap by providing more than training; we provided guidance, confidence, and access. Today’s pitches are proof of what happens when women are empowered to take up space and lead boldly.”
Investor partners who attended described the showcased ventures as viable and ready for investment. Several founders were said to be moving forward into follow-up funding and advisory engagements, raising hopes that more women-led MSMEs will enter the growth stage with institutional support.
