The private organisation have been urged to support the growth of Small and Medium Enterprises ( SMEs) by connecting women-owned small businesses with local and international institutions to grow their businesses.
Besides they can also support small business owners by providing funding in form of loans or grants for females to enable them to provide job opportunities and boost their contributions to economic growth.
BHM Group, s lot of women-owned businesses suffer major setbacks due to some challenges, including lack of proper business skills and knowledge, family and societal limitations, lack of proper business structure, and limited access to finance.
Indeed Nigeria, SMEs contribute to 48 percent of the nation’s GDP.
A recent report by PWC Nigeria showed that women account for 41 percent ownership of micro-businesses in Nigeria, with 23 million female entrepreneurs operating within this segment.
This shows that women are a major driving force in economic development in Nigeria, however, a lot of women-owned businesses struggle to survive.
The firm admitted that government through several schemes by the Ministry of Women Affairs and the provision of low-interest loans by the Bank of Industry (BOI) has tried to solve some of these challenges.
However, it added that there is still a huge gap to be filled, as the government alone cannot solve these problems.
“It is important that the private sector proactively supports the government’s effort to help with the growth and advancement of women-led businesses. A good example of how private organizations can support female entrepreneurs is the Y’ellopreneur initiative by MTN Foundation.
“The program includes a four-week training program for 500 female entrepreneurs and equipment loans for the top bankable business ideas. Some other examples include the Flourish Africa grant and the Womenpreneur pitch-a-ton initiative by Access bank.
“Despite a few organizations supporting the growth of women’s businesses, these challenges are very present, and there is a need for more organizations to actively support the government in advancing this cause.
According to the company, available data has shown that with the impact of women-owned businesses on the economy, the development of more women-led businesses and SMEs would trigger rapid economic growth.
The firm pointed out that organizations can also provide access to education and training which will aid the growth of women-owned small businesses.
