Funding Major Hurdle For Nigerian Women In Business—Mastercard

Ahead of the 2025 International Women’s Day, Mastercard has revealed that Nigerian women are embracing entrepreneurship at a remarkable rate, with 83 per cent identifying as entrepreneurs. This is significantly higher than the regional average of 51 per cent across Eastern Europe, the Middle East, and Africa.

The “Empowerment for All” report shows that millennial women are leading this movement, with 86 per cent considering themselves entrepreneurs, outpacing men at 79 per cent. The study attributes this trend to financial independence, personal ambition, and the drive to turn innovative ideas into reality.

Among women business owners, 49 per cent started their business to pursue a dream, while 45 per cent sought to bring a great idea to life, emphasizing a strong sense of purpose.

The study further found that 90 per cent of Nigerian women aspire to start a business, with many motivated by the need to earn more (83 per cent), gain financial independence (67 per cent), and create a financial safety net (52 per cent).

While the outlook for business growth in Nigeria is positive—93 per cent of business owners expect increased revenue in the next five years—women still face key barriers. The study reveals that 15 per cent of women lack confidence to start a business, compared to just seven per cent of men.

Additionally, funding remains a major challenge, with 57 per cent of women citing a lack of funds, 56 per cent pointing to limited financial resources, and 40 per cent struggling to secure startup capital.

The Country Manager and Area Business Head for West Africa at Mastercard, Folasade Femi-Lawal, emphasized the importance of addressing these challenges.

She said, “Nigerian women entrepreneurs are redefining business success with their ambition, creativity, and resilience. With 83 per cent 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.”

The study also highlighted the unique struggles faced by women entrepreneurs, noting that they are nearly four times more likely than men to struggle with childcare responsibilities when starting a business (14 per cent vs. 4 per cent).

Funding Major Hurdle For Nigerian Women In Business—Mastercard is first published on The Whistler Newspaper