More than 300 women-led businesses in Nigeria’s manufacturing, agribusiness and nutrition sectors have called for financing solutions tailored to their needs, amid concerns that investment-ready enterprises remain largely excluded from formal capital.

The call was made at the third edition of the W.O.M.A.N. Conference organised by Alitheia Capital in Lagos.

The two-day conference brought together entrepreneurs, investors, policymakers and development partners to examine barriers affecting women-led businesses, including access to capital, energy, technology and markets.

Held under the theme, “Scaling Women-Led Manufacturing, Agribusiness & Nutrition MSMEs: Providing Pathways to Capital, Energy, AI and Markets for Business Resilience,” the conference focused on helping women-led enterprises move from survival to sustainable growth.

Lagos Government Calls for Collective Action

Representing Lagos State Governor Babajide Sanwo-Olu, Commissioner for Agriculture and Food Systems, Abisola Olusanya, said women-led businesses continued to face significant barriers to appropriate finance and growth capital.

She said moving viable businesses from survival to sustainable scale required coordinated action from government, financial institutions, private investors, development partners and entrepreneurs.

“Many viable businesses struggle to move from the stage of survival to the stage of sustainable scale. Closing that gap must therefore be a collective responsibility,” Olusanya said.

She also urged entrepreneurs to strengthen governance, transparency, financial discipline and internal systems needed to build sustainable businesses.

Financial Discipline Linked to Access to Capital

Delivering the keynote address, titled From Survival to Scale: Building Investment-Ready Women-Led Enterprises in Nigeria’s Real Economy, Co-Founder of WIMBIZ and Founder and CEO of DO.II Designs Limited, Ifeyinwa Ighodalo, highlighted the importance of financial discipline.

“Financial discipline creates business legibility; business legibility creates credibility, and credibility creates access to capital and opportunities for growth,” Ighodalo said.

The conference also examined regulatory and infrastructure challenges, financing options for small and growing businesses and the use of green manufacturing to reduce operational costs.

Alitheia Capital said its investment-readiness programme equipped participating entrepreneurs with practical knowledge covering financial statements, unit economics, governance and capital structuring.

Alitheia Says Businesses Are Ready for Capital

Alitheia Capital Co-Founder Jumoke Akinwunmi said the conference demonstrated that the readiness of women-led businesses was not necessarily the primary challenge.

“What today showed us is that the theory is not the problem. The businesses are ready. The question is whether the ecosystem around them is ready to respond,” Akinwunmi said.

The Managing Partner and Co-Founder of Alitheia Capital, Tokunboh Ishmael, said more than 300 screened, revenue-generating businesses participated in the programme.

He said the businesses were assessed based on revenue thresholds, formalisation status and demonstrated growth potential, but many had never accessed formal capital.

“That is not a problem of ambition. It is a problem of design,” Ishmael said.

According to him, Alitheia Capital’s investment experience has demonstrated the commercial case for financing structures specifically designed for women-led businesses.

Conference Introduces AI for Business Growth

The second day focused on artificial intelligence, with an AI adoption programme delivered in partnership with Google Hustle Academy.

The programme was designed to help entrepreneurs apply AI to business operations and marketing.

Co-Founder of Nature Sense, Funmilayo Ogunsanya, said the programme provided practical knowledge that could help her business improve its operations.

“Honestly, it was so impactful. I learnt a lot that will help me take Nature Sense to the next level,” Ogunsanya said.

Alitheia to Track Businesses for 12 Months

Alitheia Capital said it would monitor participating businesses over the next 12 months.

The follow-up programme will track their access to capital, revenue growth and application of skills acquired during the conference.

W.O.M.A.N., which stands for Women in Manufacturing, Agribusiness and Nutrition, is Alitheia Capital’s annual programme for high-potential women-led businesses.

The programme combines a two-day conference with a 12-month follow-up initiative.

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President Bola Ahmed Tinubu has urged Nigerian banks to reduce their reliance on government securities and increase lending to businesses, infrastructure and other productive sectors of the economy.

Tinubu made the call at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.

The President, who was represented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the banking sector must help transform recent economic stability into stronger private-sector growth.

According to him, attractive returns on government securities had made lending to businesses less attractive to banks over the years.

He, however, said improving fiscal conditions should create more room for increased private-sector credit.

“So, from financing government, we need to move to financing growth,” Tinubu said.

Tinubu links recapitalisation to business lending

The President said stronger fiscal discipline would reduce pressure on government borrowing, while lower inflation could support reduced interest rates.

He explained that cheaper capital would encourage investment, production, job creation and higher incomes.

Tinubu also said the recently completed bank recapitalisation must go beyond strengthening banks’ balance sheets.

He stressed that the additional capital should translate into increased financing for Nigerian businesses and support their expansion across Africa.

“A bigger bank that does not finance a more productive economy is a sub-optimal outcome,” he said.

To encourage lending to productive sectors, Tinubu said the Federal Government was expanding guarantees, risk-sharing arrangements, blended finance and credit enhancements.

He identified the National Credit Guarantee Company as central to the strategy.

According to him, the measures would reduce lending risks and attract more private capital into productive investments rather than relying mainly on direct government funding.

President wants more long-term capital for infrastructure

Tinubu also called for increased mobilisation of long-term capital for infrastructure, industry, housing and energy.

He said Nigeria could not finance long-term development primarily with short-term funds.

The President urged deeper capital markets and stronger pension, insurance and asset-management sectors to mobilise domestic savings and foreign capital for long-term investment.

He added that Nigeria must compete aggressively for international capital because investors are primarily attracted by risk-adjusted returns.

“Capital is highly mobile. It is neither emotional nor patriotic; it goes where risk-adjusted returns are attractive and competitive,” he said.

Tinubu further said Nigeria was expected to return to the JPMorgan Bond Index soon, while the country’s capital market had recorded about 60 per cent year-to-date growth.

He said the developments reflected improving investor confidence and provided an opportunity to attract more capital for productive investment.

Tinubu identifies five priorities for financial sector

The President identified five priorities for building a resilient financial system: growth facilitation, inclusion, technology, long-term capital and trust.

On financial inclusion, he said having a bank account alone was not sufficient.

He argued that genuine inclusion should enable market women and young entrepreneurs to access affordable working capital based on viable cash flow rather than collateral they may not have.

On technology, Tinubu said artificial intelligence, open banking, digital identity and instant payments were transforming financial services.

He, however, warned that rapid digital expansion was also creating new vulnerabilities.

“Cybersecurity is now financial stability infrastructure,” he said, while calling for stronger data protection and fraud prevention.

Banks urged to support Nigerian businesses across Africa

Tinubu also urged banks to help Nigerian businesses become regional champions by financing exports and expansion through the African Continental Free Trade Area (AfCFTA).

He said the continental market, with more than 1.4 billion people, presented significant opportunities for Nigerian businesses.

The President urged banks to help transform micro-enterprises into large companies while redirecting capital from speculation towards production.

CBN says economic stability is returning

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, represented by the Deputy Governor, Economic Policy, Philip Ikeazor, said Nigeria’s macroeconomic stability was gradually returning.

He said monetary and fiscal authorities were working more closely together but acknowledged concerns about when ordinary Nigerians would begin to feel the impact of the improving indicators.

According to him, the benefits were expected to reach Nigerians as the collaboration between both authorities continued.

Cardoso said the authorities were working towards bringing inflation permanently into single digits and were engaging state governments because subnational governments also contribute to inflationary pressures.

He also credited banks for accepting the burden associated with the CBN’s cash reserve requirement as part of efforts to restore economic stability.

The CBN governor said the apex bank had incurred substantial costs in managing liquidity, while banks and fiscal authorities had also faced the effects of tighter monetary conditions.

He added that Nigeria’s economic buffers had been tested by external shocks, including the Iran conflict, but remained sufficient to withstand the disruption.

CIBN proposes SME hubs nationwide

The President of CIBN, Dele Alabi, called for the establishment of scalable SME Hubs across Nigeria to connect small businesses with infrastructure, skills, technology, markets and finance.

Alabi said many micro, small and medium enterprises remained constrained by high operating costs, inadequate infrastructure, limited market access, low productivity and insufficient digital adoption.

He said the proposed hubs could reduce operating costs, improve the bankability of small businesses and create a stronger link between recapitalised banks and the real sector.

Alabi said the initiative formed part of the Institute’s IMPACT Vision, introduced after he became the 24th President and Chairman of Council in May.

He said the vision was designed to move CIBN from identifying industry problems to developing practical solutions focused on professional standards, capacity building and responsible innovation.

Alabi also warned that artificial intelligence and fintech were creating both opportunities and risks for the financial system, including cyber threats, data governance concerns, market concentration, job displacement and systemic risks.

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