Nigerian Women Embrace Entrepreneurship at Extraordinary Rate, Outpacing Regional Average – Mastercard Research Reveals
Nigerian women adopt entrepreneurship at an extraordinary rate, with a significant number of them that start and run businesses at a higher rate.
Search for MasterCard title “Empowment for all”reveals that 83% of women in Nigeria identify themselves as entrepreneurs, significantly higher than the regional average of 51% in Eastern Europe, in the Middle East and Africa (EEMEA). Women of the millennium are at the forefront, 86% considering themselves as entrepreneurs, exceeding their male counterparts at 79%.
The main motivations fueling this thrust include; Financial independence, personal ambition and the desire to transform innovative ideas into reality. Among the owners of Nigerian companies, 49% launched their business to continue a dream, while 45% aimed to give life to an excellent idea, stressing their strong sense of objective.
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“The entrepreneurial spirit in women is strong and growing, with younger generations opening the way. With access to good financial tools, mentoring and digital resources, women entrepreneurs can unlock new opportunities, stimulate innovation and contribute considerably to economic development ”, said Selin Bahadirli, executive vice-president, services, Eemea, Mastercard.
Nigerian women are not content to start companies, they are actively engaged in jostles, 87% participating in income -generating activities outside their main jobs. This highlights their determination to achieve financial security and independence.
Research reveals that women of the millennium (86%) are the most likely to consider entrepreneurs of themes, followed by generation Z (81%) and generation X (73%).
90% of Nigerian women aspire to start their activities conducted at;
- Profits increase (83%)
- Carry out financial independence (67%)
- Creation of a financial security net (52%)
In addition, 93% of owners of Nigerian companies (men and women) provide for income growth over the next five years.
The main sectors of women entrepreneurs in Nigeria understand; Agriculture (36%), food and drinks (22%) and education and tutoring (20%). However, despite their entrepreneurial dynamism, Nigerian women encounter significant obstacles, confidence being a major concern. 15% of women more than twice the proportion of men (7%), believe that they do not trust to start a business.
Other major challenges include:
- Lack of funding (57%)
- Limited financial resources (56%)
- Difficulty securing start -up capital (40%)
“Nigerian entrepreneurs redefine commercial success with their ambition, their creativity and their resilience. With 83% of women who envisage entrepreneurship, the inclusive economic growth potential is immense. However, obstacles such as access to finance, digital infrastructure and commercial skills must be discussed to unlock their full potential, “ said Folasade Femi-Lawal, director of the country and head of the region’s affairs for West Africa, Mastercard.
To overcome these obstacles, Nigerian women have identified key support areas that would allow them to prosper:
- More accessible financing options (65%)
- Better training on commercial skills (55%)
- Best access to grants and public financing (47%)
Women entrepreneurs are also more likely than men to see technological advice (37% against 29%) and sustainable commercial practices (35% against 25%) as long -term success criteria. In addition, it is interesting to note that women lead to the adoption of the AL, because the women of Nigerian entrepreneurs are at the forefront of the adoption of the AL, with: with: with: with: with: with: with: with: with: with: with: with: with: with: with: with: with: with: with: with: with: with:
- 80% regularly use the AL in their company – – clearly twice the rate of men (45%).
- 82% declaring significant. Cost and time of savings of AL, compared to 63% of men.
Ahead
While Nigerian women continue to direct the entrepreneurial revolution, take up their main challenges, financing, digital access and commercial skills will be crucial to ensure their long -term success and their economic impact.
