The Abuja Chamber of Commerce and Industry has urged policymakers and financial institutions to expand access to non-interest financing, describing it as a vital tool for supporting women-owned businesses and promoting inclusive economic growth across Nigeria.
President of the Chamber, Dr Emeka Obegolu, made the call during a high-level roundtable on mobilizing non-interest funding for women-owned businesses in Abuja.
Dr Obegolu who was represented by the 1st Deputy President, ACCI, Professor Adesoji Adesugba described women-owned Micro, Small and Medium Enterprises, MSMEs, as critical contributors to job creation, innovation, and community resilience, despite facing significant barriers in accessing finance.
“Women-owned Micro, Small and Medium Enterprises (MSMEs) are central to Nigeria’s economic development. They contribute significantly to job creation, stimulate innovation, and enhance community resilience. However, despite their vital role, many women entrepreneurs continue to face systemic barriers in accessing finance,” he said.
He noted that conventional financing systems often impose “high interest rates, stringent collateral requirements, and rigid conditions that limit their ability to grow and scale.”
According to him, “non-interest financial systems offer a more inclusive alternative because they are rooted in ethical, asset-backed, and risk-sharing principles that align with the realities of many small businesses.”
The ACCI President, however, observed that awareness about non-interest finance remains low, while misconceptions continue to hinder wider adoption.
He urged financial institutions to develop products tailored to women-owned enterprises while calling on regulators to provide enabling policies that encourage growth, transparency, and stability.
Speaking, the Chairperson of the Women in Business Trade Group of the Abuja Chamber of Commerce and Industry, Chioma Njoku, called for expanded access to affordable and inclusive financing for women entrepreneurs across Nigeria.
According to her, “This gathering is not just another event on our calendar, it is a deliberate response to a critical gap that continues to affect women-led enterprises across Nigeria: access to affordable, ethical, and inclusive financing,” she said.
Njoku noted that women remain central to the growth of Micro, Small and Medium Enterprises, MSMEs, through their contributions to job creation, household stability, and national productivity.
The ACCI Women in Business Chairperson explained that non-interest finance offers women entrepreneurs an ethical and increasingly accessible alternative to conventional lending systems.
Also, the Director General of the Abuja Chamber of Commerce and Industry, Agabaidu Jideani, reaffirmed the Chamber’s commitment to promoting financial inclusion and sustainable growth for women-owned businesses in Nigeria.
He added that women-owned businesses remain key drivers of economic development, innovation, job creation, and community transformation, making it necessary for the Chamber to prioritise programmes targeted at supporting female entrepreneurs.
