General News
83% Nigerian Women Consider themselves an Entrepreneur
Nigerian women are embracing entrepreneurship at an extraordinary rate, with eight in ten (83%) women consider themselves an entrepreneur—far higher than the regional average of 51% across Eastern Europe, Middle East, and Africa (EEMEA). Among them, millennial women (86%) lead the way, outpacing their male counterparts (79%).
New research from Mastercard titled ‘Empowerment for All,’ released ahead of International Women’s Day 2025, highlights the driving forces behind this wave of entrepreneurship: financial independence, personal ambition, and the ability to turn brilliant ideas into reality. Among women business owners in Nigeria, 49% started their business to pursue a dream, while 45% wanted to bring a great idea to life—underscoring a strong sense of purpose among female entrepreneurs.
“The entrepreneurial spirit among women is strong and growing, with younger generations leading the way. With access to the right financial tools, mentorship, and digital resources, women entrepreneurs can unlock new business opportunities, drive innovation, and contribute significantly to economic development.
At Mastercard, we are committed to navigating barriers and fostering an ecosystem where women-led businesses can thrive,” said Selin Bahadirli, executive vice president, Services, Eastern Europe, Middle East and Africa, Mastercard.
Nigerian women are not only aspiring to start businesses but are also actively participating in side-hustles, with 87% engaged in income-generating activities outside their main job, highlighting their strong entrepreneurial drive and determination to achieve financial security and independence.
High entrepreneurial spirit across generations
- Millennial women (86%) are the most likely to consider themselves entrepreneurs, followed by Gen Z (81%) and Gen X (73%).
- 90% of Nigerian women want to start their own business and are highly motivated to build multiple income streams. Their top reasons for being:
- Earning more money (83%)
- Gaining financial independence (67%)
- Creating a financial safety net (52%)
- The outlook for business growth in Nigeria is overwhelmingly positive, with 93% of business owners (men and women) expecting revenue to increase over the next five years.
Top sectors for Nigerian women entrepreneurs
Nigerian women are pursuing business opportunities across diverse industries, with the most popular being:
- Agriculture (36%)
- Food and drink (22%)
- Education, including tutoring (20%)
Barriers facing women entrepreneurs
Despite this entrepreneurial drive, confidence is a major issue among Nigerian women, with 15%—more than twice the proportion of men (7%)—feeling they lack the confidence to start a business. Nigerian women also to face significant barriers to starting and sustaining their businesses, citing lack of funding (57%), lack of financial resources (56%) and the difficulty in securing startup capital (40%) as the biggest challenges.
Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa shared, “Nigerian women entrepreneurs are redefining business success with their ambition, creativity, and resilience. With 83% of women considering entrepreneurship, the opportunity to drive inclusive economic growth is immense. However, key barriers such as access to finance, digital infrastructure, and business skills must be addressed to ensure that their potential is fully realized. By working with partners in Nigeria, we are committed to equipping women entrepreneurs with the tools, networks, and capital they need to thrive in an increasingly digital economy.”
Women entrepreneurs in Nigeria are nearly four times more likely than men to struggle with childcare responsibilities when starting a business (14% vs. 4%), while 16% feel that starting a business is simply not an option for someone like them and 35% saying they need to stay in a job to maintain financial stability, highlighting the need for greater support and inclusion. Women also believe they lack the necessary knowledge to start a business (10%), compared to just 4% of men. Access to critical digital infrastructure is another key barrier affecting 35% of women entrepreneurs in Nigeria.
Support needed
To overcome these barriers, Nigerian women identified key enablers that would help them thrive, including:
- More available funding options (65%) to ease financial constraints
- Better training in business skills (55%) to build expertise
- Greater access to grants and public funding schemes (47%) to accelerate growth
Women business owners in Nigeria are also more likely than men to recognize the importance of guidance in choosing the right technology (37% women vs. 29% men) and sustainable practices (35% women vs. 25% men) for their business as key factors for long-term success.
Leveraging technology for business success
Women entrepreneurs in Nigeria are leading the adoption of AI, with 80% regularly using AI in their business—nearly twice the rate of men (45%). Additionally, 82% of female entrepreneurs report significant cost and time savings from AI adoption, compared to 63% of men.
However, women are also more vulnerable to cybersecurity threats, with:
- 51% of female business owners having been targeted by fraudsters, compared to 35% of men.
- 65% of women worrying daily about cyberattacks, slightly higher than men (61%).
- More women (27%) than men (22%) having lost customers due to scams, underscoring the need for stronger cybersecurity education and protection.
Mastercard has a long-standing commitment to enabling women entrepreneurs through financial inclusion, digital solutions, and knowledge-sharing initiatives. Since 2020, Mastercard has provided over 50 million small businesses including 37 million women entrepreneurs with support and solutions that can help them grow their businesses.
In Nigeria, Mastercard has partnered with organizations like SMEDAN, LSETF, KaiOS, and Allawee to support entrepreneurs with capacity building, access to market, access to credit and relevant business digitization tools and services.
Gov. Hope Uzodimma of Imo has commended the National Agency for Science and Engineering Infrastructure (NASENI) for expanding access to technology-driven skills with the inauguration of a Skills Acquisition Centre in Owerri.
L-R: Chairman, Senate Committee on NASENI, Senator Ezenwa Onyewuchi; First Lady of Imo State, Barr. Chioma Uzodimma; Governor of Imo State, Senator Hope Uzodimma; EVC/CEO of NASENI, Mr. Khalil Suleiman Halilu and other dignitaries during the commissioning of the NASENI Skills Acquisition Centre in Owerri North LGA, Imo State yesterday.
The governor described the initiative as a strategic investment in youth empowerment, entrepreneurship and economic development.
The centre, established under the NASENI Sustainable Empowerment Programme (NSEP) in partnership with the Senator representing Imo East Senatorial District, Sen. Ezenwa Onyewuchi, is designed to equip young Nigerians with practical and industry-relevant skills.
Speaking at the inauguration, Uzodimma said technology remained central to Nigeria’s economic growth and lauded NASENI for supporting President Bola Tinubu’s Renewed Hope Agenda through initiatives that empower citizens.
He said the project would provide young people with practical skills needed to build sustainable livelihoods.
“This is not about giving people fish; it is about teaching them how to fish,” the governor said.
Uzodimma urged that beneficiaries of the programme be supported with start-up capital to enable them establish businesses and create employment opportunities for others.
He also commended NASENI for its continued developmental interventions in Imo and called on the host community and relevant stakeholders to protect the facility.
Responding, the Executive Vice Chairman and Chief Executive Officer of NASENI, Mr Khalil Suleiman Halilu, described the centre as another demonstration of the agency’s commitment to developing the human capital required to drive Nigeria’s industrialisation.
According to Halilu, the centre reflects NASENI’s conviction that industrial development begins with investing in people and equipping them with practical skills.
“The commissioning of this centre is not merely the opening of another facility. It is the opening of opportunities for young Nigerians to acquire practical skills that solve real problems, create businesses and generate employment.
“At NASENI, we believe our greatest investment is in the talent of our people,” he said.
Halilu said the centre would offer training in high-demand areas, including solar installation and maintenance, graphic design and printing, phone repair, fisheries and aquaculture, as well as other vocational and technology-based disciplines.
He explained that the project aligned with NASENI’s strategic focus on creation, collaboration and commercialisation, aimed at strengthening innovation, expanding local capacity and reducing dependence on imported technologies.
The NASENI boss commended Onyewuchi for partnering with the agency to deliver the project.
Onyewuchi said the centre was established to address youth unemployment through skills acquisition and entrepreneurship.
He disclosed that beneficiaries would receive support to establish small businesses after completing their training, enabling them to become employers of labour.
The lawmaker said the initiative would contribute to economic growth by empowering young Nigerians with skills relevant to today’s economy.
The commissioning of the centre, according to NASENI, reinforces the agency’s commitment to equipping Nigerians with practical skills, fostering innovation and building the workforce required for Nigeria’s industrial and economic development.
Federal government has launched Credit for Laptops, Internet, Connectivity and Knowledge Digital Devices (C.L.I.C.K.D.), a new consumer credit initiative, to provide affordable financing for locally assembled laptops and other digital devices.
L-R: Mr Uzoma Nwagba, managing director and chief executive officer, CREDICORP, and Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, at the launch
The initiative by the Nigerian Consumer Credit Corporation (CREDICORP) and the Federal Ministry of Communications, Innovation and Digital Economy, is aimed at equipping Nigerians with the tools needed to participate in the country’s growing digital economy.
During the launch, Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, described access to credit as critical to improving productivity and driving economic growth.
Dr Tijani said no nation could achieve sustainable development without a strong credit system that enables individuals and businesses to access resources needed to become more productive.
He noted that in today’s digital age, technology has become indispensable for education, innovation and wealth creation.
The minister explained that many talented young Nigerians possess the skills required to succeed in the digital economy but remain constrained by their inability to own computers and other digital tools.
Drawing from his personal experience, Dr Tijani recalled how his first laptop as a student in the university opened doors to international opportunities and eventually inspired him to establish one of Nigeria’s pioneering technology hubs.
He said the new programme would ensure that more young Nigerians are not denied similar opportunities because of financial barriers.
According to him, the initiative aligns with President Bola Tinubu’s vision of building a one-trillion-dollar economy by expanding access to technology, boosting productivity and supporting local manufacturing.
Mr Uzoma Nwagba, managing director and chief executive officer, CREDICORP, described the programme as a strategic investment in Nigeria’s future workforce and digital transformation.
Mr Nwagba said that while improvements in internet connectivity and digital skills training have positioned Nigeria for the Fourth Industrial Revolution, access to devices remains a major challenge preventing many young people from fully participating in the digital economy.
He explained that C.L.I.C.K.D. would bridge that gap by providing affordable consumer credit that enables beneficiaries to acquire laptops and other internet-enabled devices while they develop in-demand digital skills
Federal Government has announced the disbursement of about N333 billion to eight electricity generation companies (GenCos) as part of measures to resolve outstanding debts in the power sector.
The government also disclosed the issuance of a second bond valued at N729 billion to settle verified legacy obligations and improve liquidity within the Nigerian Electricity Supply Industry (NESI).
The disclosures were made on Tuesday at an investors’ forum organised by the Nigerian Bulk Electricity Trading (NBET) Plc in Abuja.
Government representatives said the latest bond issuance marked the completion of the initial phase of the Presidential Power Sector Debt Reduction Programme, which was designed to address verified liabilities and attract private sector investment across the electricity value chain.
The Special Adviser to the President on Energy, Mrs Olu Verheijen, said the implementation of the first series of the programme demonstrated the administration’s commitment to meeting its financial obligations and improving investor confidence.
Verheijen disclosed that the Federal Government in February 2026 allocated about N501 billion under the first tranche of the programme, comprising N300 billion in cash and N201 billion in non-cash bond instruments to offset verified debts owed to power producers.
She said N333 billion had so far been disbursed to eight participating GenCos operating 17 power plants.
According to her, the government also paid the first coupon of about N63.5 billion on the seven-year bond in full on July 14, 2026.
She explained that the payments had enabled generation companies to meet critical obligations to gas suppliers, lenders and operations and maintenance contractors, thereby improving their operational capacity.
“Markets do not reward promises; they reward performance. Capital follows credibility,” Verheijen said.
She added that the second bond series would further strengthen liquidity in the electricity market and create a more stable financial environment capable of attracting long-term private investment.
The Presidential Power Sector Debt Reduction Programme is part of broader Federal Government efforts to address challenges affecting electricity generation, distribution and investment in Nigeria’s power sector.
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