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Stakeholders have called for more empowerment for women and the enabling environment to enable them to contribute to the nation’s economy.
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The Special Adviser to the President on Presidential Enabling Business Environment Council (PEBEC) and Investment, Office of the Vice President, Dr Jumoke Oduwole, led the call at a forum entitled: “Women economy and nation-building” organised by NECA’s Network of Entrepreneurial Women (NNEW) to honour organisations/individuals supporting women entrepreneurs’ development held at the weekend in Lagos.
Oduwole said that despite challenges, women-owned businesses account for 41 percent of micro-businesses in Nigeria with the highest rate of these businesses in Lagos.
She said that Nigeria’s Gross Domestic Product could grow by 23 per cent or $229 billion by 2025 if women are allowed to participate in the economy to the same extent as men do.
The special adviser, who encouraged every female entrepreneur to be undeterred in the establishment and expansion of their businesses, lauded the empowerment of over 4,000 women-entrepreneurs at different business levels by NNEW.
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Oduwole noted that navigating the intricate landscape of challenges facing Small and Medium Enterprises (SMEs) demand a strategic approach and a resilient mindset, such as establishing a solid financial foundation, fostering strategic partnerships to expand market reach, embracing technology and leveraging digital tools for marketing, strategic long-term planning and adaptability , among others.
According to her, the Nigerian economy is expected to grow by 3.3 per cent this year and 3.7 per cent in 2025.
The projected success of this economic outlook, she said, relies on the substantial contributions of female businesses as the backbone of the economy.
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