Sterling Bank has convened business leaders, financiers and entrepreneurs in Lagos to explore how to expand access to funding for women-led businesses in Nigeria, amid a financing gap estimated at $42bn.

The event, held under its OneWoman initiative, brought together development finance institutions, ecosystem partners and women entrepreneurs for a “Funding Her Future” breakfast dialogue focused on unlocking sustainable financing pathways.

Participants said the challenge goes beyond loans, pointing to deeper structural barriers limiting women’s access to capital and growth opportunities.

Why it matters

Women make up a significant share of Nigeria’s micro, small and medium-sized enterprises (MSMEs), yet many struggle to access formal credit.

According to data cited at the event from the International Finance Corporation, women-led businesses face an estimated $42bn annual financing gap, highlighting a major constraint on economic growth.

Experts say closing this gap could boost job creation, strengthen households, and drive broader economic inclusion.

‘Beyond intention to action’

Sterling Bank’s Managing Director and Chief Executive Officer, Abubakar Suleiman, said the dialogue aimed to move from discussion to measurable outcomes.

“Today is about going further. It is about turning shared belief into shared action,” he said.

In remarks delivered on his behalf by Chief Growth Officer Edward Ogunmekan, he added:

“We are honoured to host such a distinguished gathering… all brought together by one important question: how do we expand access to meaningful finance for women-led businesses in a way that is scalable, sustainable, and commercially sound?”

He said the bank’s OneWoman initiative was built on three pillars — capital, capacity and community — stressing that finance alone cannot solve the problem.

Industry perspective: barriers remain

Speakers highlighted persistent challenges faced by women entrepreneurs, including limited asset ownership, social norms, and lack of financial visibility.

Ezinne Nwokafor said many women are still excluded from structured financing despite improvements in financial inclusion.

“Women-led businesses need the right support systems, the right networks, and the right ecosystem to grow with confidence and scale with resilience,” she said.

She added that more than half of women-led businesses identify access to finance as a major constraint, while loan rejection rates remain higher for women than for men.

What Sterling is doing

The bank said its OneWoman initiative is designed to bridge the gap through a combination of funding, mentorship and training.

According to Nwokafor, in 2025 alone the programme:

Disbursed ₦43.9bn in loans to 2,450 women

Trained 6,000 female entrepreneurs

Reached about 380,000 women across different segments

The bank has set a target to provide ₦500bn in loans to one million women by 2030.

Building a stronger ecosystem

Akporee Idenedo, Divisional Head of Commercial Banking, said strengthening skills and business capacity is essential for long-term impact.

Panel discussions at the event also explored practical financing options and partnerships between banks, development institutions and business networks.

What’s next

The dialogue forms part of Sterling Bank’s broader push to deepen support for women through targeted financing and enterprise development programmes.

Analysts say sustained collaboration between banks, policymakers and investors will be key to narrowing the financing gap and unlocking the full economic potential of women-led businesses in Nigeria.

Jamara Home has launched its “Rise & Shine Easter” campaign, offering discounted home appliances from April 7 to April 27, as Nigerians look for cost-effective ways to upgrade their living spaces.

What the campaign offers

The company says the promotion is designed to help households replace ageing or unreliable appliances without “the usual financial stress”.

Products on offer include televisions, refrigerators, freezers, washing machines, air conditioners and power solutions.

Jamara Home stated:

“From April 7 to April 27, the ‘Rise & Shine Easter’ campaign is giving Nigerians the chance to upgrade their homes without the usual financial stress.”

The retailer added that it partners with more than 30 international brands, with all products backed by manufacturer warranties.

Why it matters

With inflation continuing to affect household spending in Nigeria, many consumers are prioritising essential upgrades over luxury purchases.

Energy reliability, food preservation, and home comfort remain key concerns—especially in urban centres like Lagos where power supply fluctuations persist.

For many households, replacing faulty appliances can reduce long-term costs, including energy inefficiency and repair expenses.

Industry context

Nigeria’s home appliance market has seen steady growth, driven by urbanisation and rising demand for convenience.

However, economic pressures have made affordability a major factor in purchasing decisions.

Retailers are increasingly using seasonal campaigns such as Easter and end-of-year sales to attract budget-conscious buyers.

What Jamara Home says

The company emphasised that the campaign is not about impulse buying but long-term value.

“This isn’t about impulse buying; it’s about smart upgrades that improve everyday living.”

Customers can browse products online or visit physical stores nationwide.

What’s next

Industry watchers say similar campaigns may become more common as retailers compete for consumers facing tighter budgets.

Easter promotions could also set the tone for mid-year sales trends in Nigeria’s retail sector.

President Bola Ahmed Tinubu has commissioned a new Federal Operations Unit (FOU), Zone ‘A’ complex of the Nigeria Customs Service (NCS) in Iperu, Ogun State.

The move marks a significant step in the agency’s expansion and reform drive, aimed at improving operations, staff welfare, and trade efficiency.

The commissioning took place on Saturday, 4 April 2026, alongside the launch of a nearby cargo airport facility.

Why it matters

The new complex is expected to ease operational pressure on existing facilities in Ikeja, Lagos, while strengthening customs enforcement and trade facilitation in Nigeria’s busiest commercial corridor.

It also reflects broader efforts by the federal government to modernise infrastructure and boost economic activity beyond Lagos.

Customs chief highlights expansion

Speaking at the event, Comptroller-General of Customs, Adewale Adeniyi, said the relocation was driven by growing operational demands and space constraints.

“We’ve just commissioned the Federal Operations Unit; they will be moving here as soon as possible. It’s already been furnished,” he said.

“The accessories that would ensure proper functioning of the facilities have also been installed. Provision of a modern armoury… and the warehouse directly opposite this facility will also support the warehouse at the nearby aviation village.”

He added that the project aligns with the Service’s mandate of revenue generation, enforcement, and trade facilitation, while improving staff welfare.

Cost concerns and long-term vision

Adeniyi revealed that the project was initially valued at ₦73bn but may be reviewed due to changing economic conditions.

The site is expected to house about 142 buildings, including a training college, multipurpose halls, and a sports complex.

He also confirmed that Customs officers have already begun operations at the newly commissioned cargo airport.

“We’re already at the airport… our officers performed tallying when Mr President witnessed the offloading of the first cargo.”

Ogun partnership and continuity

The Customs chief praised Ogun State Governor Dapo Abiodun for supporting the relocation project.

He also acknowledged former Comptroller-General Hameed Ali (Rtd) for initiating the development.

Industry and public perspective

Analysts say decentralising customs operations could improve cargo clearance times and reduce congestion in Lagos.

Trade experts also note that improved infrastructure may strengthen Nigeria’s position as a regional logistics hub.

However, concerns remain about project costs and long-term maintenance amid economic pressures.

Customs boss backs Team Nigeria

In a separate development, Adeniyi has been unveiled as one of the official ambassadors for Team Nigeria ahead of the 2026 Commonwealth Games in Glasgow.

The initiative, announced on 1 April 2026, brings together administrators, former athletes, and key stakeholders to support Nigeria’s preparations.

The team includes figures such as Saleh Ahmadu, Amos Adamu, Patrick Ekeji, Alhassan Yakmut, and Gbenga Elegbeleye, alongside athletes like Olympic medallist Daniel Igali and wrestler Blessing Oborodudu.

“Sports unite the nation”

Adeniyi described sports as a powerful tool for national unity and global visibility.

“The success of Team Nigeria will depend not only on the athletes but on the strength of the support system around them,” he said.

“This ambassadorial initiative is a step in the right direction towards building that collective responsibility.”

What’s next

The 2026 Commonwealth Games will take place in Glasgow, Scotland, from 23 July to 2 August.

Nigeria is expected to compete in events including athletics, swimming, boxing, cycling, and gymnastics, with full inclusion of para-sports.

Meanwhile, the Customs Service is expected to complete the relocation of its FOU Zone ‘A’ operations to the new Ogun facility in the coming months.