IWD 2025: 90% of Nigerian women consider entrepreneurship for financial stability

Over 90 percent of Nigerian women want to start their businesses and are highly motivated to build multiple income streams to gain financial stability, a new report disclosed.

According to the new research from Mastercard titled ‘Empowerment for All,’ released ahead of International Women’s Day 2025, millennial women (86 percent) are leading the drive for entrepreneurship, followed by Gen Z (81 percent) and Gen X (73 percent).

The report said their top reasons for targeting financial freedom include earning more money (83 percent), gaining financial independence (67 percent), and creating a financial safety net (52 percent).

The report further highlights the factors fuelling this wave of entrepreneurship, including financial independence, personal ambition, and the ability to turn innovative ideas into reality.

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“Among women business owners in Nigeria, 49 percent started their business to pursue a dream, while 45 percent wanted to bring a great idea to life—underscoring a strong sense of purpose among female entrepreneurs,” the report added.

Beyond aspirations, Nigerian women are actively engaging in income-generating activities outside their primary jobs. The report found that 87 percent of women are involved in side hustles, demonstrating their determination to secure financial security and independence.

“Women entrepreneurs are making strides across diverse industries, with agriculture (36 percent), food and drink (22 percent), and education (20 percent) ranking as the most popular sectors for business ventures,” Mastercard disclosed.

Despite their ambition and drive, Nigerian women continue to face several challenges in starting and sustaining their businesses. Confidence remains a key issue, with 15 percent of women—more than twice the proportion of men (7 percent)—feeling they lack the confidence to launch a business.

Others include limited access to funding, which remains the most significant barrier, as 57 percent of women cite a lack of funding, 56 percent highlight a shortage of financial resources, and 40 percent struggle to secure startup capital.

To overcome these challenges, the report said women have identified several key enablers that could help them thrive. These include increased access to funding options (65 percent), better training in business skills (55 percent), and greater availability of grants and public funding schemes (47 percent) to accelerate growth.

According to Services, Eastern Europe, Middle East, and Africa, Mastercard. “The entrepreneurial spirit among women is strong and growing, with younger generations leading the way. With access to the right financial tools, mentorship, and digital resources, women entrepreneurs can unlock new business opportunities, drive innovation, and contribute significantly to economic development.”

The report also indicates that women business owners recognise the importance of leveraging technology and sustainable business practices more than their male counterparts.

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“About 37 percent of women see guidance on selecting the right technology as essential to their business success, compared to 29 percent of men. Similarly, 35 percent of women prioritise sustainability, compared to 25 percent of men,” it said.

In line with artificial intelligence taking centre stage in the economy, the report said that women entrepreneurs in Nigeria are also leading the adoption of AI.

“80 percent regularly incorporating AI into their business operations—almost double the rate of men (45 percent). Additionally, 82 percent of female business owners reported significant cost and time savings due to AI adoption, compared to 63 percent of men,” Mastercard added.

Nigeria is home to over 36.9 million MSMEs, comprising 96.7 percent of all businesses in Nigeria. However, these businesses need relevant, affordable, and accessible digital financial solutions for them to reach their full potential and drive the country’s development.

Despite the challenges, the outlook for business growth in Nigeria remains overwhelmingly positive. The study found that 93 percent of business owners, both men and women, expect their revenues to grow over the next five years, signalling strong confidence in the country’s entrepreneurial environment.