83% of Nigerian women embrace entrepreneurship —Mastercard study

New research from Mastercard has revealed that Nigerian women are embracing entrepreneurship at an extraordinary rate, with eight in ten (83 per cent) women considering themselves entrepreneurs, which is far higher than the regional average of 51 per cent across Eastern Europe, the Middle East, and Africa.

Among them, millennial women (86 per cent) lead the way, outpacing their male counterparts (79 per cent) in considering themselves entrepreneurs.

The new research titled ‘Empowerment for All,’ released ahead of International Women’s Day 2025 on Wednesday, highlighted the driving forces behind this wave of entrepreneurship to include financial independence, personal ambition, and the ability to turn brilliant ideas into reality.

The study found that among women business owners in Nigeria, 49 per cent started their business to pursue a dream, while 45 per cent wanted to bring a great idea to life, underscoring a strong sense of purpose among female entrepreneurs.

Also, 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 job.

“The entrepreneurial spirit among women is strong and growing, with younger generations leading the way. With access to the right financial tools, mentorship, and digital resources, women entrepreneurs can unlock new business opportunities, drive innovation, and contribute significantly to economic development. At Mastercard, we are committed to navigating barriers and fostering an ecosystem where women-led businesses can thrive,” said executive vice president, Services, Eastern Europe, Middle East, and Africa, Mastercard, Selin Bahadirli, in a statement issued on Wednesday.

An analysis of the study’s findings indicated that millennial women (86 per cent) are the most likely to consider themselves entrepreneurs, followed by Gen Z (81 per cent) and Gen X (73 per cent). 90 per cent of Nigerian women want to start their own business and are highly motivated to build multiple income streams.

“Their top reasons for earning more money (83 per cent), gaining financial independence (67 per cent), and creating a financial safety net (52 per cent). The outlook for business growth in Nigeria is overwhelmingly positive, with 93 per cent of business owners (men and women) expecting revenue to increase over the next five years.

“Nigerian women are pursuing business opportunities across diverse industries, with the most popular being agriculture (36 per cent) Food and drink (22 per cent) Education, including tutoring (20 per cent),” the statement indicated.

It was revealed that despite their high entrepreneurial drive, confidence is a major issue among Nigerian women, with 15 per cent—more than twice the proportion of men (seven per cent)—feeling they lack the confidence to start a business. Nigerian women also face significant barriers to starting and sustaining their businesses, citing lack of funding (57 per cent), lack of financial resources (56 per cent) and the difficulty in securing startup capital (40 per cent) as the biggest challenges.

Commenting on the findings of the report, the 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. With 83 per cent of women considering entrepreneurship, the opportunity to drive inclusive economic growth is immense. However, key barriers such as access to finance, digital infrastructure, and business skills must be addressed to ensure that their potential is fully realised. By working with partners in Nigeria, we are committed to equipping women entrepreneurs with the tools, networks, and capital they need to thrive in an increasingly digital economy.”

The study went on to add that women entrepreneurs in Nigeria are nearly four times more likely than men to struggle with childcare responsibilities when starting a business (14 per cent vs. 4 per cent), while 16 per cent feel that starting a business is simply not an option for someone like them and 35 per say they need to stay in a job to maintain financial stability, highlighting the need for greater support and inclusion. Women also believe they lack the necessary knowledge to start a business (10 per cent), compared to just four per cent of men. Access to critical digital infrastructure is another key barrier affecting 35 per cent of women entrepreneurs in Nigeria.

To overcome these barriers, women identified key enablers that would help them thrive, including more available funding options (65 per cent) to ease financial constraints, better training in business skills (55 per cent) to build expertise, and greater access to grants and public funding schemes (47 per cent) to accelerate growth.

Meanwhile, women entrepreneurs in Nigeria are leading the adoption of artificial intelligence, with 80 per cent regularly using AI in their business—nearly twice the rate of men (45 per cent). Additionally, 82 per cent of female entrepreneurs report significant cost and time savings from AI adoption, compared to 63 per cent of men.

However, women are also more vulnerable to cybersecurity threats, with 51 per cent of female business owners having been targeted by fraudsters, compared to 35 per cent of men. 65 per cent of women worry daily about cyberattacks, slightly higher than men (61 per cent). More women (27 per cent) than men (22 per cent) have lost customers due to scams, underscoring the need for stronger cybersecurity education and protection.

In Nigeria, Mastercard has partnered with organisations like SMEDAN, LSETF, KaiOS, and Allawee to support entrepreneurs with capacity building, access to market, access to credit, and relevant business digitisation tools and services.