During the second Gender Impact Investment Summit in Lagos, various public and private stakeholders emphasised eliminating limitations preventing women-led businesses from obtaining funding. Hosted by the Impact Investors Foundation, the event showcased the vital importance of inclusive financial systems in supporting women entrepreneurs and promoting sustainable economic development. Uju Kennedy-Ohanenye, the Minister of Women Affairs, was represented by her Special Adviser, Fatima Abdullah, who reiterated the government’s dedication to ensuring equality for women. She described that improving access to funding for women-run businesses is a crucial initiative within the administration’s economic agenda.
Abdullah stressed that the goal goes beyond issuing guidelines; it is about creating real opportunities for women to thrive in business. She believes this program will enhance the nation’s Economy by equipping female entrepreneurs with the essential tools for success. However, the summit featured insights from Ibukun Awosika, who is the Chairperson of the Nigerian National Advisory Board for Impact Investing and serves as the Vice Chair of the Global Steering Group for Impact Investment. Awosika emphasised how crucial impact investing is for empowering women and encouraging their ongoing role in the nation’s economic growth.
Investors urged to support inclusive businesses with impactful measures.
She emphasised that impact investing enables women to participate more actively and reliably in the economy by ensuring equal access to resources. Moreover, a key point highlighted in the conversations was the importance of creating a more equitable investment environment that gives women the same chances to obtain funding. Engr. Afolabi Oladele, who heads the Impact Investors Foundation, emphasised the critical need for joint initiatives to close the funding disparity that has long affected the development of businesses led by women.
He called on investors and government representatives to implement impactful measures that support inclusive businesses, creating a setting where entrepreneurs can thrive and contribute to the nation’s progress. As a result, simplifying application processes emerged as a key focus of the actionable strategies proposed. Many women-led enterprises face daunting paperwork and lengthy approval times when seeking funding, which often discourages them from pursuing financial support. The summit called for digital platforms and mobile banking solutions to streamline documentation and facilitate quicker approvals and fund disbursements.
Speakers stressed the need to remove legal barriers to gender investments.
These technological solutions were critical steps in breaking down the structural barriers affecting women entrepreneurs. The importance of capacity building was emphasised as a vital focus for progress. Equipping women entrepreneurs with the expertise and competencies needed to manage complex financial systems would further support their achievements. Furthermore, speakers underscored the need to eliminate legal challenges obstructing gender-sensitive investment strategies. Tackling these issues through policy changes would create a more supportive environment for women entrepreneurs. Etemore Glover, the Executive Director of the Impact Investors Foundation, was instrumental in the conversations. She urged ongoing partnership among stakeholders to ensure the execution of the solutions discussed at the summit.
Also, she acknowledged that, although some advancements have been achieved, significant work remains to enable women-led businesses to obtain the funding necessary for their success. She positioned the conference as a pivotal opportunity to create a fairer business environment, emphasising the importance of removing barriers to women’s economic engagement. Representatives from the private sector, such as Oluwole Ajimisinmi, the Executive Director of Lagos Directorate and Remedial Assets Management at Wema Bank, alongside Feyisayo Alayande, the Executive Secretary of the Lagos State Employment Trust Fund, shared comparable views. They emphasised the importance of financial organisations implementing gender-aware policies and practices to create a more equitable environment for women entrepreneurs.
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Their dedication to promoting inclusive Finance was clear as they detailed their organisations’ efforts to empower women-led businesses. Yemi Keri, one of the founders of Rising Tide Africa, provided important perspectives on the significance of cooperative networks in uplifting women. By establishing venues for women to exchange experiences, wisdom, and resources, these networks facilitate a nurturing atmosphere that promotes the success of female entrepreneurs. However, it became evident that bridging the gender financing gap demands ongoing dedication and action from every sector. This summit marks progress in establishing a policy system that promotes gender-inclusive investments within the country.