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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FirstBank of Nigeria Limited has awarded ₦10 million in grants to outstanding women entrepreneurs as part of its commitment to supporting female-led businesses, promoting financial inclusion, and strengthening entrepreneurship across the country.

The grants were presented under the bank’s women-focused empowerment initiative, which seeks to provide financial support and business development opportunities for women-owned enterprises. According to the bank, the programme is designed to help female entrepreneurs expand their businesses, create jobs, and contribute to Nigeria’s economic growth.

FirstBank said empowering women-owned businesses remains a key part of its broader strategy to promote inclusive economic development. The bank noted that women play a critical role in driving innovation, supporting local communities, and growing the nation’s small and medium-sized enterprise (SME) sector.

Beneficiaries were selected through a competitive process that recognised entrepreneurs with innovative business ideas, sustainable business models, and strong growth potential. Beyond the financial grants, the initiative also provides access to mentorship, business advisory services, networking opportunities, and capacity-building programmes aimed at improving long-term business performance.

The bank reaffirmed its commitment to supporting women through specialised financial products, enterprise development programmes, and partnerships that improve access to funding and business resources. It said sustained investment in women entrepreneurs would strengthen the SME ecosystem and contribute to broader economic development.

Industry experts have consistently noted that improving access to finance remains one of the biggest challenges facing women-owned businesses in Nigeria. Initiatives that combine funding with mentorship and business training are increasingly viewed as effective tools for improving business sustainability, encouraging innovation, and increasing employment opportunities.

Stakeholders believe programmes such as FirstBank’s grant initiative will help bridge financing gaps for female entrepreneurs while promoting financial inclusion and supporting the growth of Nigeria’s private sector. They also argue that expanding access to funding for women-led businesses can have a positive impact on household incomes, local economies, and national development.

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Nigeria’s transition to a sustainable and low-carbon economy will depend heavily on women, the European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot, has said.

Speaking in Abuja at the Women Leading Climate Action, Green Economy Dialogue, Mignot stressed that women already play a central role in Nigeria’s economic structure but remain largely excluded from critical opportunities that could scale their impact.

According to him, unlocking women’s potential is not just a social priority but an economic necessity for Nigeria’s future.

Mignot noted that while Nigeria has significant untapped economic capacity, the most underutilized asset remains women, who dominate key sectors but lack access to finance, leadership roles, and structured investment opportunities.

Women Dominate Key Economic Sectors

Providing insight into women’s contributions, the EU envoy revealed that women account for over 70 percent of Nigeria’s informal economy. He added that they also make up between 50 and 70 percent of smallholder agricultural labour.

Beyond agriculture, women are active players in markets and regional value chains, positioning them as key drivers of grassroots economic activity.

Despite this, Mignot said their influence is not reflected in policy-making, financing access, or leadership roles within the green economy ecosystem.

He explained that although women are already contributing to climate action and sustainability efforts, systemic barriers continue to limit their ability to expand and formalize their businesses.

Call for Inclusive Financing and Policy Support

The ambassador called for the development of inclusive financing systems that can support women-led enterprises across different growth stages.

He argued that financing the green economy should go beyond mobilising capital and focus on accessibility, diversity, and inclusion.

According to him, financial systems must be designed to connect women entrepreneurs with opportunities, while also creating investment pipelines that reflect the realities of small and medium-scale enterprises.

Mignot emphasized that without intentional inclusion, many women-led businesses would remain small, informal, and unable to scale their environmental impact.

Bridging the ‘Missing Middle’ Gap

Also speaking at the event, the convener, Amanda Archibong-Doukouré, highlighted a major structural challenge affecting women-led green businesses—what she described as the “missing middle.”

She explained that many enterprises fall between early-stage grant funding and large-scale investment readiness.

As a result, these businesses struggle to access funding because they are considered too advanced for grants but not sufficiently structured to attract institutional investors.

Archibong noted that this gap continues to limit innovation and growth, particularly for businesses working at the community level where climate impact is most visible.

She added that women-led enterprises dominate areas such as clean energy adoption, agro-processing, circular economy systems, and last-mile distribution, yet remain largely invisible in formal investment ecosystems.

Nigeria’s Green Economy at a Turning Point

Stakeholders at the dialogue agreed that Nigeria is at a critical stage in its transition to a green economy.

With global attention shifting towards climate resilience and sustainable growth, the country has an opportunity to build an inclusive economic model that integrates environmental sustainability with job creation.

However, experts warned that achieving this goal would require deliberate policies that address structural inequalities, especially those affecting women.

Mignot reiterated the European Union’s commitment to supporting Nigeria’s green transition through investments in renewable energy, climate finance, and sustainable value chains.

He stressed that empowering women is essential for building resilient communities and ensuring inclusive economic growth.

A Defining Moment for Inclusive Growth

As Nigeria explores pathways toward a low-carbon future, experts say the role of women cannot be overlooked.

From agriculture to clean energy and trade, women are already laying the foundation for a green economy.

The challenge, however, lies in creating systems that allow them to lead, scale, and fully benefit from their contributions.

With the right policies, access to finance, and institutional support, stakeholders believe women can become the driving force behind Nigeria’s sustainable economic transformation.

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