The Emir of Kano, Muhammad Sanusi II, has called on financial regulators to require banks to disclose the volume of loans extended to women-led businesses as a measure to strengthen inclusive financing in Nigeria.
Sanusi made the call during a goodwill message at the third Gender Impact Investment Summit and the launch of the Gender Equity and Social Inclusion (GESI) Roadmap 2025–2035, held in Lagos on Thursday.
“We just heard about the need for gender-disaggregated data. But it’s not just about data. By regulation, banks and funds should be compelled to publish how many female-led businesses they have lent to. Nobody is forcing you to lend to women, but publish the numbers. If you have lent to 10,000 companies and only five are women-led while your competitor lent to 200, the discipline of disclosure itself will drive competition,” Sanusi said.
The former Central Bank governor also highlighted the need for political reforms to improve women’s representation in governance. He asked, “Why is diversity in Nigeria only a matter of states? Why can’t the constitution require that 30 to 40 per cent of cabinet positions go to women? Why can’t at least one senatorial district in every state be reserved for women on a rotational basis? Out of 109 senators, only four are women. How can laws favourable to women be passed under such conditions?”
Despite progress in financial inclusion rising from 56 per cent in 2020 to 64 per cent in 2023 only six per cent of Nigerian women have access to formal credit, according to Women’s World Banking. Similarly, the International Labour Organisation estimates that women-led MSMEs account for between 32.9 and 40 per cent of businesses in Nigeria.
At the summit themed “Investing in Equity: Advancing Gender-Led Solutions for Inclusive Development,” CEO of 2xGlobal, Jessica Espinosa, noted that closing the gender finance gap could unlock a $6 trillion global economic opportunity. “Investing in women as entrepreneurs, owners, and leaders consistently boosts financial performance. Closing the gender finance gap is both a moral imperative and a huge market opportunity,” she said.
The Impact Investors Foundation, in collaboration with PwC Nigeria, unveiled the GESI Roadmap 2025–2035, which sets targets to mobilise $8 billion in gender-inclusive capital, launch 40 inclusive financial products, integrate GESI principles into 90 per cent of investment partners, and enact 20 new policy and regulatory instruments. Chairman of the foundation, Frank Aigbogun, said the framework aims to transform Nigeria’s investment landscape. “This framework is our commitment to ensure capital is not exclusive but truly inclusive,” he noted.
Former FirstBank Chairperson Ibukun Awosika emphasised the importance of empowering women and marginalised groups, saying, “We only gain when we use the best of our people, male or female. A nation that creates opportunities for women and people with disabilities strengthens its social and economic fabric.”
Impact Investors Foundation CEO Etemore Glover added that the roadmap could serve as a model for Africa. “We want to close the $42 billion financing gap for women on the continent and ensure that capital serves everyone, leaving no one behind,” she said.
