Minister, Awosika seek removal of barriers to women’s financing

The Minister of Women Affairs, Uju Kennedy-Ohanenye, the Chairperson of the Nigerian National Advisory Board for Impact Investing, Ibukun Awosika, and other stakeholders have called for the dismantling of the barriers that stop women-led businesses from accessing the needed capital.

They made this call at the second Gender Impact Investment Summit organised by Impact Investors Foundation on Wednesday in Lagos.

Kennedy-Ohanenye, who was represented by her Special Adviser, Fatima Abdullah, said, “Improving access to capital and finance for women-led businesses has been made a high-impact deliverable for our ministry. This is not just another directive, it is a transformative step that underscores this administration’s commitment to level the playing field for women entrepreneurs.

“We are working hard for women to access capital, which will in turn drive economic growth. I urge all of you to seize this moment to work together to dismantle barriers that limit women’s access to finance and investment.”

 In her opening comments, Awosika, who is also the Vice Chair of Global Starting Group for Impact Investment, emphasised that women’s ability to contribute to the nation’s economic development on a sustainable basis had been improved through impact investing.

 The Chairman of Impact Investors Foundation, Engr. Afolabi Oladele, called on investors to bridge the financing gap, fuel inclusive enterprises, and support entrepreneurs to create thriving businesses that could contribute to economic development.

 “Let us transform our promise into progress, and our aspirations into tangible outcomes. Together, let us bridge the financing gap, fuel inclusive enterprises, and create a Nigeria where entrepreneurs can flourish and contribute meaningfully to our nation’s economic development,” he said.

Some of the key proposed actions were to simplify application processes by reducing excessive documentation and using digital platforms, provision of mobile banking solutions, and automated systems to facilitate quicker approvals and disbursements of funds for women-led enterprises.

Participants also agreed on enhancing capacity building, overcoming legislative hurdles, and adopting gender-responsive investment practices as part of key strategies to address those challenges.

While delivering a call to action to key decision makers in the country, the Chief Executive Director of Impact Investors Foundation, Ms Etemore Glover, said the solutions proffered by speakers at the summit would open up greater opportunities for women entrepreneurs.

Glover said, “This summit has been a significant step towards breaking down the barriers that limit access to capital for women-led businesses. The solutions discussed are critical to ensuring that women entrepreneurs thrive in Nigeria’s business landscape.”

The Gender Impact Investment Summit seeks to close the gender financing gap, create a roadmap for mainstreaming gender investment policy in Nigeria, and build a more inclusive investment ecosystem where women-led enterprises can thrive and significantly contribute to Nigeria’s economic growth.

Other speakers at the summit included the Executive Director of Lagos Directorate, Wema Bank, Oluwole Ajimisinmi; Executive Secretary of Lagos State Employment Trust Fund, Feyisayo Alayande; and co-founder of Rising Tide Africa, Yemi Keri, among others.