Nigerian women are embracing entrepreneurship at an extraordinary rate, with a significant number of them starting and running businesses at a higher rate.
Research by Mastercard titled “Empowerment for All”, reveals that 83% of women in Nigeria identify as entrepreneurs, significantly higher than the regional average of 51% across Eastern Europe, the Middle East, and Africa (EEMEA). Millennial women are at the forefront, with 86% considering themselves entrepreneurs, surpassing their male counterparts at 79%.
Key motivations fueling this surge include; financial independence, personal ambition, and the desire to turn innovative ideas into reality. Among Nigerian business owners, 49% started their business to pursue a dream, while 45% aimed to bring a great idea to life, underscoring their strong sense of purpose.
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“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 opportunities, drive innovation, and significantly contribute to economic development”, said Selin Bahadirli, Executive Vice President, of Services, EEMEA, Mastercard.
Nigerian women are not just starting businesses, they are actively engaged in side hustles, with 87% participating in income-generating activities outside their primary jobs. This highlights their determination to achieve financial security and independence.
The research reveals that Millennial women (86%) are the most likely to consider themsleves entrepreneurs, followed by Gen Z (81%) and Gen X (73%).
90% of Nigerian women aspire to start their businesses driven by;
- Increasing earnings (83%)
- Achieving financial independence (67%)
- Creating a financial safety net (52%)
Also, 93% of Nigerian business owners (both men and women) anticipate revenue growth over the next five years.
Top sectors for women Entrepreneurs in Nigeria include; Agriculture (36%), Food and Beverage (22%), and Education and Tutoring (20%). However, Despite their entrepreneurial drive, Nigerian women encounter significant barriers, with confidence being a major concern. 15% of women more than twice the proportion of men (7%), feel they lack the confidence to start a business.
Other major challenges include:
- Lack of funding (57%)
- Limited financial resources (56%)
- Difficulty securing startup capital (40%)
“Nigerian women entrepreneurs are redefining business success with their ambition, creativity, and resilience. With 83% of women considering entrepreneurship, the potential for inclusive economic growth is immense. However, barriers like access to finance, digital infrastructure, and business skills must be addressed to unlock their full potential,” said Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa, Mastercard.
To overcome these barriers, Nigerian women identified key areas of support that would enable them to thrive:
- More accessible funding options (65%)
- Better business skills training (55%)
- Greater access to grants and public funding (47%)
Women entrepreneurs are also more likely than men to see technology guidance (37% vs. 29%) and sustainable business practices (35% vs. 25%) as criteria for long-term success. Also, it is interesting to note that women lead in Al Adoption, as Nigerian women entrepreneurs are at the forefront of Al adoption, with:
- 80% regularly use Al in their business-—nearly twice the rate of men (45%).
- 82% reporting significant. Cost and time savings from Al, compared to 63% of men.
Looking Ahead
As Nigerian women continue to lead the entrepreneurial revolution, addressing their key challenges, funding, digital access, and business skills will be crucial in ensuring their long-term success and economic impact.