The Emir of Kano, Muhammad Sanusi II, has urged financial regulators to require banks to disclose the amount of loans issued to women-led businesses as part of efforts to promote inclusive financing.
Sanusi made this appeal in a goodwill message delivered at the third Gender Impact Investment Summit and during the launch of the Gender Equity and Social Inclusion Roadmap 2025–2035, held in Lagos on Thursday.
“We just heard about the need for gender-disaggregated data. But it’s not just about data. By regulation, banks and funds should be compelled to publish how many female-led businesses they have lent to. Nobody is forcing you to lend to women, but publish the numbers. If you have lent to 10,000 companies and only five are women-led while your competitor lent to 200, the discipline of disclosure itself will drive competition,” he said.
The former CBN governor also advocated for political reforms that would enhance women’s representation.
“Why is diversity in Nigeria only a matter of states? Why can’t the constitution require that 30 to 40 per cent of cabinet positions go to women? Why can’t at least one senatorial district in every state be reserved for women on a rotational basis? Out of 109 senators, only four are women. How can laws favourable to women be passed under such conditions?” he asked.
Although financial inclusion has grown from 56 per cent in 2020 to 64 per cent in 2023, only six per cent of Nigerian women currently have access to formal credit, according to Women’s World Banking.
The International Labour Organisation also estimates that women-led MSMEs make up between 32.9 and 40 per cent of businesses in Nigeria.
At the summit, which had the theme ‘Investing in Equity: Advancing Gender-Led Solutions for Inclusive Development’, CEO of 2xGlobal, Jessica Espinosa, highlighted the vast potential of closing the gender finance gap.
She noted that doing so could unlock a $6tn economic opportunity globally.
“Investing in women as entrepreneurs, owners, and leaders consistently boosts financial performance. Closing the gender finance gap is both a moral imperative and a huge market opportunity,” she said.
The Impact Investors Foundation, in partnership with PwC Nigeria, unveiled the GESI Roadmap 2025–2035.
The plan includes goals such as mobilising $8bn in gender-inclusive capital, launching 40 inclusive financial products, embedding GESI principles in 90 per cent of investment partners, and introducing 20 new policy and regulatory instruments.
Chairman of the Foundation, Frank Aigbogun, emphasised the transformative potential of the framework. “This framework is our commitment to ensure capital is not exclusive but truly inclusive,” he stated.
Former FirstBank Chairperson, Ibukun Awosika, also stressed the importance of empowering women and marginalised groups to build a fairer society.
“We only gain when we use the best of our people, male or female. A nation that creates opportunities for women and people with disabilities strengthens its social and economic fabric,” she said.
Impact Investors Foundation CEO, Etemore Glover, added that the roadmap would serve as a model for the continent.
“We want to close the $42bn financing gap for women on the continent and ensure that capital serves everyone, leaving no one behind,” she said.
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