For small and medium-sized enterprises (SMEs) operating in the Nigerian ecosystem, access to cheap fund remains a challenge for many start-ups and entrepreneurs shriving to stay afloat in business and be sustainable. However, for women in management and business, efforts must be made to turn their ideas into a bankable business plan to attract more investment and capital to the business.
This position was started at the 15th annual lecture of Women in Management, Business and Public Service (WIMBIZ), with the theme Balance for Better: ‘Who said so? Changing the status quo’ held recently in Lagos.
Bolanle Austen-Peters, the founder and chief executive officer of Terrakulture and keynote speaker at the lecture, said funding is still the biggest challenge facing women in business in Nigeria.
According to Austen-Peters, many women settle for small businesses instead of pursuing big ventures because tough route to access funding. She however opined that, although more could be done for women, they still owed it to themselves to do what was good for themselves regardless of what life or society threw at them.
“Women are more averse to borrowing; we are more careful and that poses a challenge in some cases because men go for the bigger pile. So, a lot of women end up doing petty businesses as opposed to big businesses. I think we need to break out of our shell. I think we are fearful by nature and we need to overcome that.
“It is tough to raise funds but institutions like the Bank of Industry (BoI) are supportive and I advocate that women approach the likes of the BoI and other development institutions for funding. Women should be bolder,” said Austen-Peters.
Olubunmi Aboderin-Talabi, the chairperson of the executive council of WIMBIZ said, the theme for this year was designed to encourage women to overcome doubts. “Last year, the committee had a political flavour and they wanted women in politics. This year they chose ‘Balance for Better’ as the theme. The idea is overcoming the voice that says you can’t do it because you are too young, too old, because you are male or female or because you have a disability,” she said.
As part of efforts in advocating for a gender balanced society, the WIMBIZ 15th annual lecture addresses gender balance issues in Nigeria and the limitations that currently exist towards achieving it with solutions on how to overcome the challenge. It was also a good time to equip delegates with insight into the advantages of a balanced society, outlining its necessity and the role individual plays towards a brighter and better future.
SEYI JOHN SALAU
