A coalition of Nigerian women, including media personalities, development professionals, and entrepreneurs, has launched a campaign to demand reforms in how financial institutions fund women-owned businesses in the country.
The campaign titled “WEEwa₦tMore” was unveiled in Abuja on Monday.
It calls for immediate structural change in Nigeria’s lending systems, which the coalition said continues to marginalise women despite their massive contribution to the economy.
Citing a Gates Foundation survey, the coalition said 62 percent of Nigerian women lack the capital to start or grow a business.
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They also noted that economists estimate that Nigeria’s GDP could grow by $229 billion if women are fully supported to participate in the economy.
Chioma Omeruah, one of the campaign’s key voices, added that although women repay 95 percent of the loans they receive, they currently access less than 10 percent of SME financing in the country.
“Half of our economy is driven by Nigerian women, yet they lack access to capital and loans, making it difficult to expand their businesses,” she said.
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“The most important thing to note is that Nigerian women are reliable as 95% of loans gotten by women are repaid, yet less than 10% of SME loans go to women. It’s time to step up and fund women’s ambitions.”
Jemima Osunde said addressing the funding gap is crucial for women’s economic empowerment and national development.
“34 percent of Nigerian women dream of expanding their businesses, but the walls are up against them due to systemic barriers and lack of access to loans or credit,” she said.
The coalition is calling on the country’s top financial decision-makers — including Olayemi Cardoso, central bank governor; Wale Edun finance minister; Jumoke Oduwole, minister of industry, trade and investment and the CEOs of the Bank of Industry (BOI), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and commercial banks — to dismantle the structural barriers limiting women’s access to credit.
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As part of their demands, the coalition is asking financial decision-makers to publicly commit to key shifts, which include the creation and expansion of dedicated funds for women entrepreneurs, and reserving 40 percent of MSME loan portfolios for women while simplifying collateral requirements.
They are also calling for the institution of a 30 percent gender-based lending target for commercial banks, and the allocation of 50 percent of government-supported MSME intervention funds to women-led businesses.
The group has also launched a petition on www.weewantmore.ng and is urging the public to sign in solidarity.
Other voices in the movement include Folu Storms, Abosede George-Ogan, Tosin Olaseinde, Habibah Waziri, Lehle Balde, Sa’adatu Hamu-Aliyu, Ekemini Akpakan, Fola Ibowu, Mojisola Humponu-Wosu, and Omowunmi Akingbohungbe.
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