Entrepreneurs Advocate for Women's Economic Empowerment at West Africa Business Summit

Entrepreneurs and industry figures have urged both governmental bodies and investors to enhance policies and support aimed at driving women's economic empowerment across West Africa.

These appeals were made during the Zoho Women in Business Summit West Africa 2026, a gathering of corporate leaders and development partners aimed at identifying practical methods for scaling businesses led by women in the region.

Praise Olusegun, a representative from Zoho Middle East and Africa (MEA), highlighted that women-led businesses constitute a crucial economic force in Nigeria. She underscored Nigeria's prominent position globally concerning female entrepreneurship.

Studies indicate that more than 80 percent of women in Nigeria participate in entrepreneurial activities in various capacities. "If the businesses owned by women in Nigeria were considered a separate nation, they would stand out as one of the most formidable economic influencers in Africa," Olusegun stated.

Ms. Olusegun emphasized that over half of Nigeria’s more than 40 million small and medium-sized enterprises (SMEs) are owned by women. Despite this significant presence, many women-led businesses still contend with structural hurdles.

She pointed out that digital tools could pave the way for entrepreneurs to better manage their operations and extend their market reach beyond local confines. Data presented during the summit revealed that over 40 percent of women-owned businesses in Nigeria generate less than N10,000 in daily profits, highlighting ongoing challenges such as limited access to finance, technology, and international markets.

Perenami Momodu, an international arbitration expert and Head of Africa Practice at Gately, discussed "Resilience in Action: Legal Empowerment as a Catalyst for Women’s Economic Growth." She asserted that solid legal frameworks are essential for establishing robust businesses.

Momodu defined resilience as the ability to create businesses capable of enduring economic disruptions, regulatory changes, and global crises. She noted Africa's high rates of female entrepreneurship, with nearly one in four women operating their own business, while pointing out the underfunding of women-led initiatives. In 2024, out of $289 billion in global venture capital, only 2.3 percent was allocated to all-female founding teams, and less than 7 percent went to female-led startups in Africa.

“If female-owned businesses had equivalent access to capital and legal frameworks as those owned by men, their contributions to Africa's GDP could be substantially greater,” she remarked.

Momodu encouraged entrepreneurs to develop strong corporate structures, implement effective contracts, safeguard their intellectual property, and comply with regulatory guidelines to ensure sustainable business growth.

The panel participants advocated for a shift in understanding business success, moving beyond just financial metrics. Uloma Amodu from Truecaller highlighted that success should also reflect the positive impact leaders have on their communities.

Chinazom Arinze, the founder of AutoGirl, pointed out that financial success enables women entrepreneurs to broaden their influence and effect real change. Datari Ladejo from Fernhill Digital Group added that while many women establish businesses to tackle social challenges, they frequently neglect the importance of having sound financial systems.

Judith Didi Ebirim of Impressum Africa reiterated that profitability and purpose can indeed coexist harmoniously.