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A new Mastercard study, Empowerment for All, has revealed that Nigerian women are embracing entrepreneurship at an exceptional rate, with 83% identifying as entrepreneurs—far exceeding the regional average of 51% across Eastern Europe, the Middle East, and Africa.
Nigerian Women Leading in Entrepreneurship
Among Nigerian women, millennials (86%) are the most likely to consider themselves entrepreneurs, surpassing their male counterparts (79%). Additionally, the study found that 87% of Nigerian women engage in income-generating side hustles, demonstrating a strong entrepreneurial mindset.
The study, released ahead of International Women’s Day 2025, highlighted key motivations driving women toward entrepreneurship, including financial independence, personal ambition, and the desire to bring innovative ideas to life. Notably, 49% of women entrepreneurs started their businesses to fulfill a dream, while 45% launched ventures to execute a great idea.
Business Growth and Industry Trends
The report underscores Nigeria’s positive business outlook, with 93% of entrepreneurs (both men and women) expecting revenue growth over the next five years. Nigerian women are actively venturing into diverse sectors, with the most popular industries being agriculture (36%), food and drink (22%), and education (20%).
Despite their entrepreneurial drive, Nigerian women face significant barriers, particularly in funding and financial resources:
- 57% struggle with securing funding
- 56% cite a lack of financial resources
- 40% find it difficult to obtain startup capital
Moreover, 15% of women lack confidence in starting a business—more than twice the proportion of men (7%). Other challenges include balancing childcare responsibilities (14%), financial stability concerns (35%), and a perceived lack of knowledge (10%).
AI Adoption and Cybersecurity Concerns
Interestingly, Nigerian women entrepreneurs are early adopters of artificial intelligence (AI), with 80% regularly using AI in their businesses—nearly double the rate of men (45%). 82% of women report significant time and cost savings from AI implementation, compared to 63% of men.
However, cybersecurity remains a major concern, as 51% of female entrepreneurs have been targeted by fraudsters, compared to 35% of men. Additionally, 65% of women worry daily about cyberattacks, underscoring the need for stronger cybersecurity education and protection.
Empowering Women Entrepreneurs in Nigeria
According to Folasade Femi-Lawal, Mastercard’s Country Manager and Area Business Head for West Africa, unlocking the full potential of Nigerian women entrepreneurs requires addressing key challenges such as access to finance, digital infrastructure, and business skills development.
To overcome these barriers, women identified critical enablers for success:
- 65% seek more accessible funding options
- 55% emphasize the need for better business training
- 47% call for greater access to grants and public funding
Mastercard is actively working with partners such as SMEDAN, LSETF, KaiOS, and Allawee to provide women entrepreneurs with access to markets, credit, and digital business tools to help them scale their businesses.
With Nigerian women displaying remarkable resilience and ambition, addressing these challenges will be crucial in driving inclusive economic growth and fostering a more robust entrepreneurial ecosystem in the country.
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