Investing in women-led enterprises is no longer a social initiative but a critical economic strategy Nigeria cannot afford to delay, according to Vivian Imoh-Ita, a senior executive at Union Bank of Nigeria.

In a thought leadership piece, Imoh-Ita said financial institutions must rethink how they design products and assess risk to unlock growth from women entrepreneurs, many of whom remain underserved despite their economic contributions.

She argued that as banks face increasing pressure from digitisation, recapitalisation, and tighter risk expectations, women-led businesses offer a “low-volatility growth opportunity hiding in plain sight”.

Why it matters

Nigeria has an estimated 23 million women entrepreneurs in the micro-business segment, one of the highest globally.

Women own about 41% of small and medium-sized enterprises (SMEs), which contribute nearly half of the country’s GDP.

Yet, access to finance remains limited. Women receive only around 10% of loans from financial institutions, and up to 98% lack access to formal credit.

“Women-led enterprises are not a niche; they are a mass-market growth opportunity,” Imoh-Ita said.

She added that the gap is not due to lack of capability but a mismatch between financial systems and how women-run businesses operate.

The barriers

The article highlights three key challenges:

Collateral requirements: Many women-run businesses generate steady cash flow but lack assets required for traditional loans.

Limited financial data: Informal transactions often leave women with “thin credit files”.

Slow loan processes: Entrepreneurs need quick access to working capital, not lengthy approvals.

“Thin files are not the same as high risk; they are a data problem that better design can solve,” she said.

Economic impact

Global research suggests closing gender gaps in economic participation could significantly boost economies.

Studies by organisations such as the McKinsey Global Institute estimate that advancing women’s equality could add up to $12 trillion to global GDP.

For Nigeria, projections suggest closing the gender gap could increase GDP by as much as 23%.

Imoh-Ita noted that women often reinvest up to 90% of their earnings into families and communities, creating a multiplier effect on education, healthcare, and local economies.

Industry response

At Union Bank of Nigeria, the executive said women’s financial inclusion is treated as a “core product strategy” rather than corporate social responsibility.

The bank has:

Built an agency banking network of over 58,000 agents

Disbursed more than ₦50 billion in micro-loans

Launched alpher, a women-focused banking initiative

The alpher programme offers loans, savings plans, mentorship, and training for women entrepreneurs and professionals. “When a woman builds financial capability, she doesn’t just open an account – she grows a business and brings others with her,” she said.

Broader perspective

Experts say Nigeria’s large informal sector presents both a challenge and an opportunity.

Financial inclusion advocates argue that better use of alternative data, digital platforms, and agent banking could help bridge the gap.

There is also growing consensus that designing products around real-life business conditions – rather than traditional banking models – is key to unlocking this market.

What’s next

Imoh-Ita said the next phase of banking growth in Nigeria will depend on:

Smarter risk models

Faster digital lending systems

Wider distribution networks

Stronger trust and transparency

“Backing women-led enterprise is not a campaign; it is a competitive advantage,” she said.

Industry leaders, policymakers and investors gathered in Lagos for the inaugural Nigeria Transport & Logistics Summit (NTLS) 2026, hosted by Sterling Bank, with a strong call for urgent reforms to modernise the sector.

The event, held at Eko Hotel & Suites under the theme “Funding the Engine of Growth,” focused on practical strategies to improve mobility, trade and connectivity across Nigeria.

Participants agreed that while transport and logistics remain the backbone of the economy, years of underinvestment, infrastructure gaps and limited access to financing have slowed growth.

Why it matters

Experts at the summit said the logistics sub-sector alone contributes about ₦1 trillion to Nigeria’s GDP, while the broader market is estimated to exceed ₦15 trillion in potential value.

However, inefficiencies in ports, poor road networks and fragmented policies continue to limit the sector’s impact.

With nearly 90% of logistics dependent on road transport, stakeholders warned that congestion and high maintenance costs are increasing pressure on the system.

‘Time for bold execution’ — Sterling Bank

Sterling Bank’s Managing Director and CEO, Abubakar Suleiman, represented by Sterling One Foundation CEO Olapeju Ibekwe, said Nigeria must move from discussion to action.

“We must move beyond diagnosing the problem to building integrated, modern logistics systems that can power productivity at scale,” he said.

“This means fixing our ports, strengthening logistics corridors, improving road and rail connectivity, and embedding efficiency across the value chain.”

He added that Nigeria’s global competitiveness now depends on how effectively it moves goods and people.

“The time for incremental change has passed; what is required now is bold, coordinated execution across public and private sectors.”

Financing and innovation at the centre

Sterling Bank’s Divisional Head for Renewable Energy, Mobility and Tourism, Darlington Nwankwo, described logistics as central to economic competitiveness.

“We must be deliberate about fixing the logistics backbone of the economy if we are to unlock the growth we need,” he said.

He said the bank is working to connect capital to large-scale infrastructure projects and support cleaner, more efficient mobility systems.

“The opportunity before us is not just to fix what is broken, but to build a logistics ecosystem that is faster, more efficient, and globally competitive.”

Government calls for faster implementation

Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, urged stakeholders to move quickly from planning to execution.

He called on investors to support infrastructure development and innovation, while encouraging industry leaders to prioritise sustainability and accountability.

Experts warn of structural challenges

In his keynote address, economist Professor Biodun Adedipe highlighted the risks of over-reliance on road transport.

He said diversification into rail and more durable infrastructure is essential, warning that meaningful economic transformation may take at least 18 months to materialise.

Industry discussions focus on solutions

Panel sessions at the summit examined ways to reduce logistics costs, improve aviation-road integration and modernise energy distribution systems.

There was also strong emphasis on adopting cleaner mobility solutions and improving digital trade systems.

What’s next

The summit ended with calls for stronger public-private partnerships, better regulatory coordination and the creation of financing structures to reduce investment risks.

Stakeholders said these steps are critical if Nigeria is to boost regional trade and grow non-oil exports.

About Sterling Bank

Sterling Bank Limited is a full-service national commercial bank and part of Sterling Financial Holdings Group.

With over 60 years of operations, the bank focuses on sectors including health, education, agriculture, renewable energy and transportation, while promoting digital banking and financial inclusion.

The Nigeria Customs Service (NCS), Oyo/Osun Area Command, says it seized smuggled goods worth ₦2.53bn and generated ₦14.7bn in revenue during its latest operational period.

The Acting Customs Area Controller, Deputy Comptroller WM Adewole, disclosed this on Thursday during a press briefing in Ibadan.

He said the seizures were made through intensified surveillance and intelligence-led operations across both states.

“These efforts have yielded significant results in the interception of prohibited and smuggled goods,” Adewole said.

What was seized

The Command listed a wide range of intercepted items, including food, drugs, fuel, and vehicles.

Among the major seizures were 1,603 bags of foreign rice, 3,300 packs and 2,140 sachets of tramadol, and 17,300 litres of petrol.

Others included used tyres, second-hand clothing, cannabis, sugar, vegetable oil, and several vehicles.

The total Duty Paid Value (DPV) of the confiscated goods stood at ₦2,531,091,846.

“These seizures were made at different locations across Oyo and Osun States through credible intelligence and coordinated patrol operations,” he added.

Revenue rises by 46%

The Command also recorded a sharp increase in revenue collection.

Adewole said it generated ₦14.7bn during the period under review, compared to ₦10.1bn in the same period in 2025.

This represents a 46.22% increase.

“This achievement reflects our commitment to blocking revenue leakages, ensuring compliance with extant laws, and facilitating legitimate trade,” he said.

Why it matters

Smuggling remains a major challenge to Nigeria’s economy, affecting local industries, government revenue, and public safety.

The interception of drugs such as tramadol and cannabis also highlights ongoing concerns about illicit substances and their social impact.

Customs authorities say improved enforcement helps protect local businesses and ensures fair trade.

Warning to smugglers

The Customs boss warned those involved in illegal trade to desist, stressing that enforcement efforts would continue.

“The Oyo/Osun Area Command will not relent in its efforts to curb illegal activities,” Adewole said.

“We are fully committed to enforcing government fiscal policies and protecting the nation’s economy.”

Call for public support

Adewole urged members of the public to support Customs operations by sharing useful information.

He also advised traders to comply with import and export regulations to avoid penalties.

“Compliance with import and export regulations remains the best approach to avoid sanctions,” he said.

Acknowledgements and collaboration

The Command credited its success to support from Customs leadership, traditional rulers, and stakeholders.

Adewole specifically thanked the Comptroller-General of Customs, Bashir Adewale Adeniyi, for strategic guidance.

What’s next

The NCS says it will continue to strengthen surveillance, intelligence-sharing, and stakeholder engagement to sustain its anti-smuggling drive and revenue growth.