A new study has shown that Nigerian women are embracing entrepreneurship at an extraordinary rate, with eight in 10 or about 83 per cent considering themselves as entrepreneurs.

This is far higher than the regional average of 51 per cent across Eastern Europe, the Middle East and Africa (EEMEA).

The new research by Mastercard titled ‘Empowerment for All,’ released ahead of International Women’s Day 2025, highlights the motivations of the new wave of entrepreneurship. Among these are financial independence, personal ambition and the ability to turn brilliant ideas into reality.

The study, which was commissioned by Mastercard, with fieldwork conducted by an independent research agency, Opinium, between 16th December 2024 and 3rd January 2025, found that among women business owners in Nigeria, 49 per cent started to pursue a dream, while 45 per cent wanted to bring greats idea to life – underscoring a strong sense of purpose among female entrepreneurs.

About the report, Executive Vice President, Services, Eastern Europe, Middle East and Africa, Mastercard, Selin Bahadirli, said: “The entrepreneurial spirit among women is strong and growing, with younger generations leading the way.”

He said with access to the right financial tools, mentorship and digital resources, women entrepreneurs could unlock new business opportunities, drive innovation and contribute significantly to economic development.

The study also shows that Nigerian women are not only aspiring to start businesses but are also actively participating in ‘side-hustles’, with 87 per cent engaged in income-generating activities outside their main jobs, highlighting their strong entrepreneurial drive and determination to achieve financial independence.

The report said 86 per cent of millennial women are most likely to consider themselves entrepreneurs, followed by Gen Z (81 per cent) and Gen X (73 per cent).

It noted that 90 per cent of Nigerian women want to start their own business and are highly motivated to build multiple income streams; 83 per cent to earn more money; 67 per cent to gain financial independence while 52 per cent are driven by the need to create a financial safety net.

It also shows that Nigerian women are engaged across diverse industries, with the most popular being agriculture (36 per cent) food and drink (22 per cent) and education, including tutoring, (20 per cent).

Other findings by the study include that women entrepreneurs in Nigeria are nearly four times more likely to struggle with childcare responsibilities when starting a business than men.

While 16 per cent feel that starting a business is simply not an option for someone like them, 35 per cent, say they need to stay in a job to maintain financial stability, highlighting the need for greater support.

Ten per cent of the women also believe they lack the necessary knowledge to start a business compared to just four per cent of men.

The report said despite the entrepreneurial drive of female folks, confidence is a major issue among Nigerian women, with 15 per cent —more than twice the proportion of men, feeling they lack the confidence to start a business.

It noted they also face other significant barriers to starting and sustaining their businesses, including lack of funding, lack of financial resources, difficulty in securing startup capital as well as lack of access to critical digital infrastructure.

Country Manager and Area Business Head for West Africa, Folasade Femi-Lawal, said: “Nigerian women entrepreneurs are redefining business success with their ambition, creativity and resilience.”