Entrepreneurs and industry leaders have urged governments and investors to strengthen policies, boost investment and provide focused support to drive women’s economic empowerment across West Africa.
They made the call at the Zoho Women in Business Summit West Africa 2026, which convened corporate executives and development partners to explore practical ways of scaling women-led businesses in the region.
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Speaking at the event, Praise Olusegun of Zoho Middle East and Africa (MEA) described women-led businesses as a significant economic force in Nigeria.
She noted that the country ranks among the highest globally in female entrepreneurship.
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According to her, the studies indicate that over 80 per cent of Nigerian women engage in entrepreneurial activities in one form or another.
“If women-owned businesses in Nigeria were a country, they would be one of the most powerful economic forces in Africa,” said Ms Olusegun.
Digital tools
Furthermore, she noted that women own more than half of Nigeria’s over 40 million small and medium-sized enterprises.
Highlighting the growing role of women in the country’s economy, Ms Olusegun maintained that many of these businesses still grapple with structural challenges.
According to her, digital tools offer entrepreneurs a better pathway to manage their operations and scale beyond local markets.
Data presented at the summit also revealed that more than 40 per cent of women-owned businesses in Nigeria generate less than N10,000 in daily profit.
The findings underscored persistent barriers, including limited access to finance, technology and international markets.
Legal structures
International arbitration consultant and Head of Africa Practice at Gately, Perenami Momodu, who spoke on “Resilience in Action: Legal Empowerment as a Catalyst for Women’s Economic Growth”, stressed that strong legal frameworks are vital for building resilient businesses.
She explained that resilience means creating enterprises capable of withstanding economic shocks, regulatory shifts and global crises.
While noting that Africa has one of the highest rates of female entrepreneurship, nearly one in four women runs a business, she said women-led ventures remain significantly underfunded.
Of the $289 billion in global venture capital recorded in 2024, only 2.3 per cent went to all-female founding teams, and less than 7 per cent went to female-led startups in Africa.
“If female-owned businesses had the same access to capital and legal infrastructure as male-owned ones, their contribution to Africa’s GDP could be significantly higher,” she said.
Ms Momodu urged entrepreneurs to build solid corporate structures, put robust contracts in place, protect their intellectual property, and adhere to regulations to ensure long-term business sustainability.
Panel discussion
During the panel session, speakers urged a shift towards a broader understanding of business success beyond financial gains.
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Uloma Amodu of Truecaller said success should also reflect the impact leaders make and the lives they influence.
Also, Chinazom Arinze, founder of AutoGirl, noted that financial growth enables women entrepreneurs to expand their reach and drive meaningful change.
Moreover, Datari Ladejo of Fernhill Digital Group added that while many women start businesses to address social challenges, they often overlook the need for robust financial systems.
Additionally, Judith Didi Ebirim of Impressum Africa emphasised that profit and purpose can successfully go hand in hand.
