The Abuja Chamber of Commerce and Industry (ACCI) is advocating for the Federal Government to formally recognize Women-Owned Businesses (WoBs) through a national policy, a move the chamber says is long overdue and vital for improving access to finance and government contracts for women entrepreneurs.
During a stakeholders’ forum held on Tuesday in Abuja, ACCI’s Director-General, Mr. Agabaidu Jideani, emphasized the importance of establishing a clear national definition for WoBs. The meeting was held with support from the Investment Climate Reform (ICR) Facility.
Jideani highlighted the ongoing challenges faced by women entrepreneurs, noting that many continue to face obstacles in funding and procurement processes due to the absence of a recognized standard for identifying women-led enterprises.
“Despite their impact across boardrooms, farms, markets, and digital platforms, Nigerian women entrepreneurs remain underserved, largely due to the lack of a recognized definition for WoBs,” Jideani said.
Countries like South Africa and Kenya have already defined what constitutes a Women-Owned Business, which has made it easier for financial institutions and government agencies to design specific programs and interventions. Without a similar structure in Nigeria, organizations struggle to provide targeted support, resulting in widespread exclusion of women from key economic opportunities.
In a significant development, Jideani announced that a working definition for WoBs was agreed upon on May 1, 2025, by a Joint Action Committee comprising ACCI, government representatives, and development partners. This marks a critical step toward establishing a national policy that could enable consistent data collection, easier access to credit, and more inclusive procurement processes.
The initiative has received backing from a broad coalition, including the European Union, the Organisation of African, Caribbean and Pacific States, and the ICR Facility. Their goal now is to move from agreement to formal adoption at the national level.
To further build support, the ACCI will host a business breakfast meeting on June 10, 2025. The event is expected to bring together stakeholders from government, banking, women’s business networks, and development agencies. The meeting aims to build consensus on adopting the national WoB definition and shaping policies that can remove long-standing barriers facing women in business.
Jideani stressed the importance of this opportunity, noting the role it could play in boosting economic inclusion and strengthening Nigeria’s global competitiveness.
“The adoption of a unified definition is more than a technical fix, it is a gateway to unlocking inclusive growth and increasing Nigeria’s global competitiveness,” he said.
The initiative has also drawn international support from the German Federal Ministry for Economic Cooperation and Development (BMZ) and the British Council, underscoring the growing momentum behind gender-focused economic reforms in the country.
“Let us not miss this opportunity. This is about giving millions of women their rightful place in the economy,” Jideani concluded.
With the next policy conversation just weeks away, all eyes are now on June 10, where discussions may help shape a more equitable economic future for Nigerian women.
