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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The Lagos State Consumer Protection Agency (LASCOPA) has issued a fresh warning to traders, manufacturers and service providers over practices that could mislead consumers or deny them value for their money.

The agency said it would take unfair trade practices seriously, particularly deceptive pricing, misleading advertisements, false promotions and the sale of counterfeit, substandard or expired products.

LASCOPA’s General Manager and Chief Executive Officer, Afolabi Solebo, urged businesses operating in Lagos to comply with consumer protection standards and ensure customers receive the value they pay for.

LASCOPA Targets Deceptive Sales Practices

The warning goes beyond counterfeit and expired products, with the agency also drawing attention to deceptive marketing practices capable of misleading consumers.

LASCOPA recently cautioned Lagos residents about bait advertising, a tactic in which businesses advertise products at unusually attractive prices to draw customers.

According to the agency, consumers may be told that the advertised item is unavailable after they attempt to purchase it, before being directed towards more expensive alternatives.

The agency considers such practices deceptive and has urged consumers to be vigilant when responding to heavily discounted offers.

Consumers Told to Report Businesses

LASCOPA also called on consumers to understand their rights and responsibilities when purchasing goods and services.

Consumers were encouraged to demand value for their money and report businesses that engage in unfair or deceptive practices.

The agency said complaints would be investigated and appropriate action taken where necessary.

The latest warning signals increased attention on how businesses advertise, price and sell products to consumers across Lagos.

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