In order to empower women entrepreneurs and improve their access to international markets, the Lagos State government has started a series of initiatives. This effort seeks to boost export revenue, currently estimated at N7 trillion, and to increase the contribution of women to the nation’s gross domestic product (GDP).
Mrs. Hauwa Adeeyo, Special Assistant to the Governor on Commerce, Cooperatives, Trade & Investment (CCTI), emphasized the government’s dedication to removing barriers and offering crucial assistance to enable female-owned enterprises to thrive globally. She said that by giving female business owners the resources, skills, and information they need to handle the challenges of global trade, the government is fostering their growth and bolstering Lagos State’s economy as a whole.
It is anticipated that the government will implement these initiatives in stages, collaborating closely with associations, financial institutions, and export promotion agencies. The objective is to empower women across the state, increase export figures, and generate employment possibilities.
The government is focused on making grants, loans, and other financial tools more accessible to women-led export enterprises, in addition to offering a centralized service to help entrepreneurs with export procedures, digital marketing strategies, international trade regulations and market research.
During the event celebrating International Women’s Day in Lagos, themed “Accelerate action, her commerce, and her voice,” Mrs. Adeeyo emphasized the importance of amplifying the power of women in decision-making at local and national levels. She cited examples of successful women like Nike Okundaye, renowned in the art world, and Folorunso Alakija, one of Africa’s richest women, as inspirations for others. She stressed the need to ensure that such success stories reflect the potential of every woman in Lagos and beyond.
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In her keynote presentation titled “Smart Money, Strong Brands: Leveraging E-Commerce, Branding, and Marketing for Business Growth,” Desola Jimmy-Eboma, founder of FreshOla Organics Food and Packaging Limited, emphasized the importance of empowering entrepreneurs to stimulate economic growth, generate employment, and enhance global competitiveness. She highlighted that investing in women’s entrepreneurship is crucial for achieving sustainable development and addressing economic inequalities.
The number of women-owned businesses is expected to increase with the support of the Lagos government, which seeks to strengthen women’s economic empowerment. The Nigerian business landscape is filled with opportunities and challenges, with over 39 million Micro, Small & Medium Enterprises (MSMEs) contributing 48% of the national GDP and providing over 80% of employment. Lagos alone is home to over 3.5 million small businesses, making it the hub of commerce in Nigeria. Through the Lagos State Employment Trust Fund (LSETF), MSME grants, and cooperative loans, the government has supported over 200,000 small businesses, many of which are run by women.
These initiatives underscore the Lagos State government’s dedication to fostering an inclusive and thriving economic environment where women entrepreneurs can flourish and significantly contribute to the state’s prosperity.
