Females are grossly under-represented in the MSME sub-sector in Nigeria. Women are more active in the nano and micro subsector than the SME sector accounting for 32.9 percent of businesses in the former. On the other hand, only 20 per cent of SMEs are owned by women. Generally, limited access to finance constitutes a major headwind to MSME business growth. The situation is, however, much more endemic among women-led businesses, further tightening the grip of societal constraints against women.

Survey findings from the collaborative research of the Nigerian Economic Summit Group (NESG) and the National Advisory Board for Impact Investing (NABII) in Nigeria on “Investing for Impact in Nigeria: A Deep Dive into Agriculture, Education and Health Sectors” revealed that only 3 percent of female-led firms are aware of Impact investing products and much less probably benefited from it compared with 21 percent of their male counterparts. The impact investing market in Nigeria is still at the nascent stage.

In order to achieve the anticipated social impact, its evolution must prioritise women-led businesses to promote inclusive development in Nigeria