Why gender-lens investing is Nigeria’s shortcut to faster, fairer growth
Nigeria stands at a historic moment where inclusion could become the nation’s greatest growth engine. Women constitute nearly half of Nigeria’s population, yet their economic contributions remain undervalued and undercapitalised. Across boardrooms, farmlands, and markets, women are building and leading enterprises at unprecedented rates. About 39 percent of Nigerian businesses are women-owned, one of the highest rates in Africa, but structural barriers still limit their access to capital, technology, and scale. At the same time, more than 35 million Nigerians live with disabilities, representing an untapped demographic whose exclusion costs the nation not just in lost productivity but also in innovation and human potential. Together, these two groups form the backbone of a hidden economy that is resilient, entrepreneurial, and creative, yet remains on the periphery of mainstream investment.
The solution is neither charity nor tokenism; it is Gender-Lens Investing (GLI)—a deliberate strategy that channels finance toward women, youth and disability-inclusive enterprises while generating competitive financial returns. Around the world, this approach has proven to be both smart economics and social justice in motion. For Nigeria, it could be the single most transformative lever for inclusive prosperity. That conviction was the driving force behind the Gender Equity and Social Inclusion (GESI) Roadmap 2025–2035, launched by the Impact Investors Foundation (IIF) at the third Gender Impact Investment Summit in Lagos. The roadmap lays out a bold 10-year plan to mobilise $8 billion in inclusive capital, develop 40 inclusive financial products, and ensure that investment decisions reflect the full diversity of Nigeria’s population. It signals the start of a decade where equity is not a slogan but a measurable investment priority.
Demographically, women are 50 percent of Nigeria’s population and form an enormous potential market and talent pool. Yet formal economic structures still under-serve or exclude them. Recent data show that nearly two out of five businesses in Nigeria are women-owned, a rate higher than many sub-Saharan African countries, yet access to institutional capital remains painfully low. Female entrepreneurs are more likely to depend on personal savings, informal loans, or high-interest microfinance rather than equity or venture funding. Meanwhile,
Persons with Disabilities (PwDs), 35.1 million Nigerians, according to NCPWD/WHO, are frequently excluded from financial product design, workplace inclusion, and investment strategies. This exclusion strips the economy of talent, creativity, and consumer demand. According to the International Labour Organisation (ILO), roughly 18–25 kisses of the total population in Nigeria are youth aged 15 to 24 years. This demographic faces significant financial and investment challenges, a combination of high unemployment, low access to formal credit, and financial exclusion relative to older populations.
Gender-Lens Investing (GLI) intentionally channels capital to businesses and products that advance women’s economic participation, leadership, and resilience, measuring success both financially and socially. For Nigeria, there are several interconnected reasons that make GLI a national imperative. Research has shown that enterprises led by women often deliver comparable or higher returns with lower volatility, yet they remain underfunded. Directing capital to these firms diversifies portfolios and enhances stability, thus ensuring higher returns and lower risk. According to the Nigerian government, closing gender gaps in Nigeria could significantly boost the economy, with potential gains of ₦15 trillion annually by 2025 and up to $229 billion in GDP by the same year. This will ensure macro growth gains and yield a significant boost in productivity, fiscal revenue, and household welfare. Even with the Nigerian government’s focus on narrowing gender disparities, the full potential for economic growth and a measurable boost to GDP remains unrealised.
Furthermore, because women, youth, and Persons with Disabilities (PwDs) are key players as both producers and consumers, designing inclusive financial products will expand market reach, drive innovation, and create new revenue streams across various business industries, promoting a more inclusive market expansion. Finally, the social multiplier effects resulting from investments that empower women and PwDs cannot be overestimated, as these effects will ripple through Nigerian societies, improving child education, family health, and the local enterprise ecosystems.
Stakeholders in Nigeria will need to take deliberate steps to intentionally close the gender and inclusion financing gaps. This singular act will catalyse a faster formalisation of female-owned Micro, Small, and Medium Enterprises (MSMEs); ensure stronger productivity in sectors where women dominate: retail, agriculture, and trade; and create a more diversified job market that better absorbs youth entrants. Even small increases in women’s labour-force participation and government representation could deliver outsized gains for national growth and social stability. To unlock this potential, investors and policymakers must expand gender-smart funds, create first-loss guarantees for women-led pipelines, establish credit assurance schemes for PwDs, and develop financial products tailored to the informal economy and caregiving realities.
Nigeria already has frameworks to advance inclusion, such as the Revised National Gender Policy (2021–2026) and the Federal Ministry of Women Affairs, which provide the institutional basis for mainstreaming gender and social inclusion across government. However, implementation gaps persist: weak enforcement, inconsistent gender-responsive budgeting, and limited support for women-led firms often blunt their impact. To convert policy into progress, the government must strengthen accountability, enforce procurement quotas for women- and PwD-owned businesses, and incentivise private-sector participation through tax and credit reforms. For investors and policymakers seeking a scalable benchmark model, the Nigeria Inclusive Capital Commitment 2035 Campaign, which drives stakeholders toward actionable targets through the GESI Roadmap, reveals profound implications for the country. It positions Nigeria as a model for gender-lens and inclusive investing, with its ten-year roadmap (2025–2035) serving as powerful proof-of-concept for unlocking immense untapped economic potential continent-wide.
The GESI Roadmap, developed in collaboration with PricewaterhouseCoopers (PwC), is a deliberate framework for intentionally dismantling financial barriers and establishing Nigeria as a regional leader of inclusive finance. The roadmap presents a clear, actionable plan centred on several ambitious yet achievable targets designed to democratise capital through stakeholder engagements and foster an inclusive investment environment. The financial goals are to mobilise a cumulative $8.0 billion in gender-inclusive capital and secure $1.5 billion from domestic capital pools, ensuring the transformation is locally owned and sustainable. To operationalise these funds, the roadmap aims for the launch of 40 inclusive financial products specifically tailored for women, youth, and Persons with Disabilities (PwDs). The commitment to inclusion is embedded at the highest levels of investment decision-making by targeting 90% integration of General Partners with GESI principles, while the enactment of 20 new policy and regulatory instruments will solidify the necessary enabling environment for success.
Gender-lens investing is not philanthropy disguised as finance; it is smart economics. For Nigeria, the prize is clear: a more productive economy, deeper financial markets, and a fairer society. The GESI Roadmap gives the country a measurable path forward. What remains is the resolve to align capital, policy, and technical support so that half of Nigeria’s population, its 35 million citizens living with disabilities and youths, are fully included in the next chapter of growth. The returns will not only be financial but profoundly social, redefining prosperity for a new generation.
Etemore Glover, Chief Executive Officer, Impact Investors Foundation.
