Nigeria is undergoing an economic transformation and one of the drivers of this evolution is the empowerment of women. The African Women Innovation and Entrepreneurship Forum (AWIEF) plays a crucial role in this dynamic, by providing support to women entrepreneurs and promoting their growth in an often challenging environment.
A Favorable Economic Context
Nigeria, with a population of over 200 million, represents a huge market for businesses. However, despite these encouraging figures, women continue to face significant obstacles in the business world. To address this, the AWIEF Growth Accelerator is part of the African Development Bank’s (AfDB) initiative to advance Women’s Finance in Africa (AFAWA), which aims to unlock up to 3 billion USD in financing for these businesses on the continent.
According to the Global Gender Gap Report 2022, Nigeria ranks 139th out of 156 countries in terms of gender equality, which underscores the need for initiatives like AWIEF.
AWIEF: An Invaluable Support
AWIEF was founded in 2016 with the mission of promoting women’s innovation and entrepreneurship in Africa. In Nigeria, the organization implements various programs and initiatives to support women entrepreneurs. In 2023, AWIEF launched an accelerator program that has already helped more than 500 women grow their businesses.
The African Women Entrepreneurship and Innovation Forum (AWIEF), in collaboration with the African Guarantee Fund (AGF) and FSDH Merchant Bank Limited, announces the opening of applications for its flagship Growth Accelerator programme for women-led SMEs in Nigeria.
The programme provides training, mentoring and access to finance, which is essential to overcoming the challenges women face in business.
Key Figures on Women Entrepreneurship
The numbers speak for themselves. According to a McKinsey study, if women participated in the workforce at the same level as men, Nigeria’s GDP could increase by 29 billion USD by 2025. Furthermore, a survey conducted by Nigeria’s National Bureau of Statistics reveals that women-led businesses have grown by an average of 20% over the past two years, compared to 10% for men-led businesses.
Inspiring Stories
Many women have benefited from AWIEF’s programs. For example, Amina, a fashion entrepreneur, saw her revenue triple after participating in an AWIEF mentoring program.
Another powerful story is that of Chika, who started a technology company. AWIEF is helping this young lady understand how to position her business in the market. Remaining
Challenges
Despite the progress made, challenges still remain. According to the International Labour Organization (ILO) report, women in Nigeria often face barriers such as:
- Lack of access to finance
- Gender stereotypes
- Family responsibilities
In Nigeria’s business ecosystem, about 60% of women entrepreneurs report that finance is their biggest barrier. AWIEF is actively working to address this by partnering with financial institutions to create products tailored to women’s needs.
AWIEF’s Impact on the Economy
AWIEF’s impact on the Nigerian economy is significant. As of 2023, AWIEF-supported women-led businesses have generated over USD 10 million in collective revenue. Additionally, these businesses have created over 2,000 jobs, contributing to the reduction of unemployment in the country. AWIEF not only supports women, but also contributes to Nigeria’s overall economic growth.
Helping Women Realize Their Entrepreneurial Potential
AWIEF is a true growth accelerator for women in Nigeria. By providing resources, training and a support network, the organization helps women overcome barriers and realize their entrepreneurial potential.
To be eligible, businesses must meet at least one of the following criteria.
- Entrepreneurship and Ownership: The business must be founded by a woman or at least 51% owned by a woman.
- Leadership: The business must have at least 20% women in senior management or 10% women on the board of directors.
- Products and Services: The business must offer products or services that improve the well-being of women and girls, or contribute to gender equality.
