The Federal Government has disclosed that women-owned businesses across Africa face a financing gap estimated at more than $49 billion, a shortfall that continues to limit their ability to grow, expand across borders and compete in international markets. The disclosure comes as Nigeria pursues an ambitious goal of building a $1 trillion economy by the year 2030, a target that government officials say will be difficult to achieve without significantly improving access to capital for women entrepreneurs.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, made this known during a high-level policy dialogue held in Abuja to commemorate International Women’s Day. According to the minister, the issue of financing for women-led businesses has become one of the most important economic conversations in Africa because women already play a major role in several sectors but still struggle to obtain the funding needed to scale their operations.
Oduwole explained that across Africa, women are actively engaged in agriculture, trade, manufacturing, logistics, services and other critical sectors that drive economic growth. However, despite their participation and contributions, most women entrepreneurs remain locked out of the capital markets that could help them expand their businesses beyond local and national boundaries.
She noted that the financing gap of more than $49 billion represents a huge missed opportunity for African economies, particularly for Nigeria which is currently working to strengthen industrial capacity, increase exports and deepen its participation in continental and global trade.
According to the minister, closing this gap will not only support women-owned enterprises but will also strengthen the broader economic structure of the country.
“This year’s International Women’s Day theme, Give to Gain, reflects a fundamental principle that underpins economic growth,” Oduwole said.
“Nigeria is building a $1 trillion economy by 2030, anchored on stronger industrial capacity, expanded exports and deeper integration into regional and global markets. No country can realistically reach that level of economic scale while leaving half its entrepreneurial talent and productive capacity undercapitalised.”
She emphasised that women are already heavily involved in economic activities across Africa but remain disadvantaged when it comes to accessing venture capital, growth financing and other investment opportunities that help businesses scale.
According to Oduwole, the issue is not a lack of participation by women entrepreneurs but a structural challenge related to how capital is distributed within African economies.
“So this is a conversation about money,” she stated.
“Ensuring that women-led firms can access the capital required to grow strengthens the very foundations of Nigeria’s economic expansion.”
The minister revealed that data across Africa shows that female-founded companies receive less than ten per cent of venture and growth capital deployed across the continent, even though women operate a significant share of small and medium-sized enterprises.
She explained that this imbalance has created a situation where many women-owned businesses remain trapped in small-scale operations despite having the potential to grow into large companies capable of competing globally.
Across the African continent, the scale of business growth remains limited when compared with the number of enterprises operating within the region.
According to Oduwole, the continent currently has more than 200 million businesses, yet only a very small fraction have reached global competitive levels.
“Across the entire African continent, there are only about 345 companies generating more than $1 billion in annual revenue,” she said.
“Roughly 20 of those companies are in Nigeria.”
She noted that these figures highlight the enormous growth potential that still exists within African markets, particularly if governments and financial institutions can improve access to capital for businesses that are capable of expanding across borders.
The minister stressed that the African Continental Free Trade Area provides a major opportunity for businesses across the continent to grow into larger regional and international players.
According to her, the AfCFTA agreement links more than 1.4 billion people into a single market with a combined Gross Domestic Product estimated at approximately $3.4 trillion.
However, she warned that the full benefits of this large market will only be realised if businesses are able to access the capital required to expand their production capacity, develop supply chains and reach new customers across the continent.
“The AfCFTA links over 1.4 billion people into a single market valued at approximately $3.4 trillion,” Oduwole explained.
“But the scale of its economic impact will ultimately depend on businesses and on those who must operationalise these opportunities and move confidently into those markets.”
She added that access to financing will determine which companies are able to expand beyond their domestic markets and take advantage of the opportunities created by the continental trade agreement.
“That gap matters greatly in the era of AfCFTA,” the minister said.
“Because access to capital will determine which firms expand across borders, which value chains deepen and ultimately which economies capture the benefits of continental trade.”
According to the minister, African governments have already begun to introduce policy frameworks designed to address the imbalance in access to capital for women entrepreneurs.
Among the most important of these initiatives are new trade protocols developed under the AfCFTA framework to support women and youth participation in cross-border trade.
Oduwole highlighted the Protocol on Women and Youth in Trade as one of the most significant instruments designed to strengthen inclusion in Africa’s emerging trade architecture.
“These are forward-looking and truly revolutionary protocols,” she said.
“The Protocol on Women and Youth in Trade is specifically designed to expand access to markets, improve financing opportunities and support the growth of women-owned businesses across the continent.”
She explained that Nigeria has already begun taking steps to domesticate and implement the protocol through programmes designed to prepare women-owned enterprises for investment and international trade.
According to her, these initiatives aim to ensure that Nigerian women entrepreneurs can benefit directly from the new opportunities created by the continental trade agreement.
The programme unveiled during the policy dialogue is expected to focus on helping women-owned businesses access capital, develop export capacity and connect with regional markets.
Oduwole revealed that the initiative was partly inspired by discussions with the Minister of Women Affairs, who had earlier raised concerns about the difficulties women entrepreneurs face when trying to secure financing.
“The Minister of Women Affairs approached me and asked how we could support women in accessing finance,” she said.
“I promised that we would take it up and design a programme that speaks directly to preparing businesses for capital access, because ultimately that is the end goal.”
The government believes that improving financial access for women-owned enterprises will generate widespread economic benefits, including job creation, higher productivity and stronger export performance.
Oduwole also pointed to recent economic indicators suggesting that Nigeria’s ongoing reforms are beginning to attract increased investment into the country.
According to her, Nigeria recorded capital importation worth about $21 billion within the first ten months of 2025.
During the same period, non-oil exports exceeded $6.1 billion, reflecting growing efforts to diversify the country’s economy away from oil dependence.
She explained that the government is currently pursuing several international trade and investment partnerships aimed at expanding Nigeria’s economic opportunities in global markets.
Among these initiatives are the United States–Nigeria Commercial and Investment Partnership, the United Kingdom–Nigeria Enhanced Trade and Investment Partnership and the Comprehensive Economic Partnership Agreement with the United Arab Emirates.
“These reforms are laying the foundation for capital to flow and for trade to thrive,” Oduwole said.
“At the Ministry of Industry, Trade and Investment, we are complementing continental integration with deliberate bilateral and global economic partnerships.”
“Our priority this year is very clear. We want to connect global and regional demand with Nigeria’s supply capacity and the capital required to scale it.”
She explained that achieving this objective will require significant investment in long-term industrial financing, value chain development, export readiness and production capacity.
By strengthening these areas, the government hopes to position Nigerian businesses to compete effectively within the rapidly expanding African market.
The Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, also emphasised the importance of integrating gender-responsive policies into Nigeria’s trade framework in order to fully harness the opportunities presented by AfCFTA.
According to her, many women entrepreneurs continue to face structural barriers that limit their ability to formalise and scale their businesses.
She highlighted issues such as complex business registration processes, limited documentation systems and restrictive trade procedures as some of the challenges preventing women from participating fully in international trade.
“We must remove the barriers that limit women’s participation in trade and enterprise,” she said.
“Empowering women economically is not only a question of fairness; it is a strategic investment in Nigeria’s prosperity.”
Sulaiman-Ibrahim also announced the signing of a Memorandum of Understanding between the Federal Ministry of Women Affairs and the Federal Ministry of Industry, Trade and Investment aimed at improving access to finance for export-ready women entrepreneurs.
The partnership will focus on supporting initiatives such as export readiness training, improved digital trade capacity and the development of a national database of women-owned enterprises.
Government officials say these initiatives will help identify and support women entrepreneurs who are capable of expanding their businesses into regional and global markets.
Also speaking at the event, the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, highlighted the significant role women continue to play in economic development across the African continent.
According to her, women are central to entrepreneurship, innovation and enterprise development in many African economies.
“Across the continent, women continue to drive innovation, entrepreneurship and enterprise development,” she said.
“Their full participation will be critical to the success of AfCFTA and to Nigeria’s broader economic transformation.”
Earlier, in a welcome address delivered on behalf of the Permanent Secretary of the Ministry, Ambassador Nura Abba Rimi, the Director of Investment Promotion, Mrs. Gertrude Orji, described the policy dialogue as an important platform for strengthening collaboration between government institutions, investors and private sector stakeholders.
She explained that innovative financing mechanisms and strategic partnerships will play a key role in supporting women-led enterprises and strengthening Nigeria’s competitiveness in Africa’s integrated market.
“Our objective is clear,” she said.
“By supporting women entrepreneurs with access to finance, markets and policy support, Nigeria can unlock new levels of economic growth while building stronger value chains across the continent.”
