83% of Nigerian women consider themselves as entrepreneurs – Mastercard

• A Mastercard research revealed that 83 per cent of Nigerian women consider themselves as entrepreneurs
• The research said the wave of entrepreneurship is driven by financial independence, personal ambition, and the ability to turn brilliant ideas into reality
• It identified lack of funding, burden of childcare, among others, as barriers to Nigerian women’s entrepreneurship

A new research from Mastercard reveals that eight in 10 Nigerian women consider themselves as entrepreneurs.

The research titled, ‘Empowerment for All,’ released on Wednesday, March 5, ahead of International Women’s Day 2025, showed that 83 per cent of Nigerian women have embraced entrepreneurship, which is far higher than the regional average of 51 per cent across Eastern Europe, the Middle East, and Africa.

An analysis of the study’s findings revealed that millennial women (86 per cent) lead the way in considering themselves as entrepreneurs, outpacing their male counterparts (79 per cent). Following closely are Gen Z (81 per cent) and Gen X (73 per cent).

Reasons for venturing into entrepreneurship

The study further stated that 90 per cent of Nigerian women want to start their own business and are highly motivated to build multiple income streams.

It highlighted that the recent wave of entrepreneurship is driven by financial independence, personal ambition, and the ability to turn brilliant ideas into reality.

The research found that among women business owners in Nigeria, 49 per cent started their business to pursue a dream, while 45 per cent wanted to bring a great idea to life.

According to the study, 87 per cent of Nigerian women are engaged in income-generating activities outside their main job, as they not only aspire to start businesses but are also actively participating in side hustles.

“Their top reasons for earning more money (83 per cent), gaining financial independence (67 per cent), and creating a financial safety net (52 per cent).

“The outlook for business growth in Nigeria is overwhelmingly positive, with 93 per cent of business owners (men and women) expecting revenue to increase over the next five years.

 “Nigerian women are pursuing business opportunities across diverse industries, with the most popular being agriculture (36 per cent) food and drink (22 per cent) education, including tutoring (20 per cent),” the survey stated.

Nigerian women entrepreneurs are redefining success – Mastercard

Commenting on the findings of the report, the Country Manager and Area Business Head for West Africa, Mastercard, Folasade Femi-Lawal, said with their ambition, creativity and resilience, Nigerian women entrepreneurs are redefining success.

Femi-Lawal also stated that key barriers to women’s attainment of the entrepreneurial potential must be addressed.

“Nigerian women entrepreneurs are redefining business success with their ambition, creativity, and resilience.

“With 83 per cent of women considering entrepreneurship, the opportunity to drive inclusive economic growth is immense.

“However, key barriers such as access to finance, digital infrastructure, and business skills must be addressed to ensure that their potential is fully realised.

“By working with partners in Nigeria, we are committed to equipping women entrepreneurs with the tools, networks, and capital they need to thrive in an increasingly digital economy,” she said.

Women entrepreneurs can drive new business opportunities, economic development

The Executive Vice President, Services, Eastern Europe, Middle East, and Africa, Mastercard, Selin Bahadirli, in a statement issued on Wednesday, March 5, lauded women’s entrepreneurial spirit.

 Bahadirli said with support and access to needed financial tools, women entrepreneurs can drive new business opportunities and contribute to economic development.

“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.

“At Mastercard, we are committed to navigating barriers and fostering an ecosystem where women-led businesses can thrive,” Bahadirli said.

Barriers to Nigerian women’s entrepreneurial journey

The study also highlighted the challenges that confront women entrepreneurs in Nigeria, which include lack of funding, burden of childcare, and lack of necessary knowledge.

It revealed that despite their high entrepreneurial drive, confidence is a major issue among Nigerian women, with 15 per cent—more than twice the proportion of men (seven per cent)—feeling they lack the confidence to start a business.

Nigerian women also face significant barriers to starting and sustaining their businesses, citing lack of funding (57 per cent), lack of financial resources (56 per cent) and the difficulty in securing startup capital (40 per cent) as the biggest challenges.

The study added that women entrepreneurs in Nigeria are nearly four times more likely than men to struggle with childcare responsibilities when starting a business (14 per cent vs. four per cent).

Sixteen per cent feel that starting a business is simply not an option for someone like them and 35 per cent say they need to stay in a job to maintain financial stability.

Women also believe they lack the necessary knowledge to start a business (10 per cent), compared to just four per cent of men. On access to critical digital infrastructure, 35 per cent of women entrepreneurs in Nigeria cited it as a key barrier.

Enablers for entrepreneurial growth

Despite the barriers, the respondents identified key enablers that would help them thrive.

They said these include more available funding options (65 per cent) to ease financial constraints, better training in business skills (55 per cent) to build expertise, and greater access to grants and public funding schemes (47 per cent) to accelerate growth.

Women entrepreneurs’ disposition to emerging technologies and risks

The study also revealed that women entrepreneurs in Nigeria are leading the adoption of Artificial Intelligence (AI).

It stated that 80 per cent regularly use AI in their business—nearly twice the rate of men (45 per cent).

Additionally, 82 per cent of female entrepreneurs report significant cost and time savings from AI adoption, compared to 63 per cent of men.

However, women are also more vulnerable to cybersecurity threats, with 51 per cent of female business owners having been targeted by fraudsters, compared to 35 per cent of men.

Sixty-five per cent of women worry daily about cyberattacks, slightly higher than men (61 per cent). The study also found that more women (27 per cent) than men (22 per cent) have lost customers due to scams.

Budding entrepreneur? Here are 10 insights from Moniepoint’s Informal Economy Report

Meanwhile, TheRadar earlier reported that the Informal Economy Report 2024 published by Moniepoint, a fintech company providing banking services and loans through an online banking app, has given insights into the dynamics of informal businesses in Nigeria.

TheRadar has aggregated 10 of these insights which are crucial for aspiring entrepreneurs.