The African Development Bank (AfDB) has praised the comprehensive survey conducted by HEIR Women Hub (HWH), which shed light on the challenges faced by female entrepreneurs in Nigeria when seeking loans and investments.
In response to the staggering $42 billion financing gap for African women-owned small and medium-sized enterprises (SMEs), the AfDB is intensifying efforts to promote gender equality in accessing financial resources. Dr. Maria José Moreno Ruiz, the Chief Gender Officer of the Nigeria Country Department at AfDB, commended the survey during a virtual validation meeting organized by the hub to present the research findings publicly.
Funded with support from the African Women Development Fund (AWDF), the project received high praise from Ruiz for its thoroughness, with expressed interest in collaborating further with HEIR Women Hub for advocacy purposes. She highlighted the importance of assessing the impact and visibility of loans on women’s businesses to ensure they contribute significantly to their enterprises.
Ruiz expressed interest in engaging in further discussions, particularly regarding interest rates on loans for women. She emphasized the need to compare global interest rates to local rates to identify disparities and align where possible.
Anuli Aniebo, Executive Director of HEIR Women Hub, underscored the importance of addressing factors that limit women’s access to economic equality in Nigeria. While acknowledging existing initiatives by prominent figures and organizations, Aniebo emphasized the necessity for more comprehensive interventions to address the existing disparities.
Despite commendable efforts by various entities, Aniebo emphasized that more interventions are needed to create a more inclusive and sustainable business environment in Nigeria. She emphasized the significance of addressing these disparities for fostering business scalability and ensuring the evaluation of loans and funding for women-led businesses in consideration of factors such as bills, taxes, resources, infrastructure, and security.
