Women seeking financial independence and business success have been urged to pay as much attention to their mindset as they do to accessing capital, with economic empowerment advocate, arguing that sustainable wealth creation begins with changing deeply rooted beliefs about money.

Zainab Salihijo made the call while contributing to discussions on women’s economic empowerment, noting that although governments, financial institutions and development organisations have invested heavily in grants, loans and entrepreneurship programmes for women, the psychological barriers affecting financial decision-making continue to receive little attention.

According to her, many women entrepreneurs face challenges that extend beyond funding, as their relationship with money often determines how they grow and sustain their businesses.

“After years of working with women entrepreneurs across different sectors, I have observed that many women do not merely struggle with funding; they struggle with their relationship with money itself. Lasting financial transformation begins long before the numbers change. It begins with changing the beliefs that drive them,” Zainab said.

She explained that limiting beliefs about money often reveal themselves when entrepreneurs consistently underprice their products despite rising operating costs, avoid reviewing their financial records, or shy away from expansion opportunities because they doubt their abilities or feel undeserving of success.

According to Zainab, these challenges are not caused by a lack of intelligence or ambition but are rooted in financial narratives shaped by family experiences, cultural expectations, economic hardship and societal attitudes towards wealth.

She noted that many women grow up believing money is difficult to earn and even harder to keep, while others associate wealth with greed or view financial ambition as being at odds with humility.

Zainab said such beliefs have far-reaching economic consequences because they influence business decisions and long-term growth.

She explained that entrepreneurs who approach business with confidence, financial literacy and a long-term outlook are more likely to invest strategically, negotiate effectively, take calculated risks and build sustainable enterprises, while those operating from fear or a scarcity mindset often delay investments, avoid difficult financial conversations and focus primarily on survival.

The economic empowerment advocate added that Nigeria’s current economic realities, marked by rising inflation, exchange rate volatility and increasing costs of doing business, have made resilience, financial confidence and strategic thinking more important than ever.

“Financial empowerment is not simply the ability to earn income. It is the ability to make informed financial decisions, manage resources effectively, create sustainable wealth and maintain a healthy relationship with money. The conversation should move from asking, ‘How can I make more money?’ to asking, ‘How do I become a better steward of money?'” she said.

Zainab maintained that while access to finance remains critical, true economic empowerment requires equal investment in developing the right financial mindset.

She stressed that if more women are to build thriving businesses, create jobs and contribute meaningfully to Nigeria’s economic growth, stakeholders must look beyond expanding access to capital and focus on transforming the beliefs and behaviours that shape financial decisions.