By Rukayat Moisemhe
The Founder of Centre for Enterprise Governance (CEG), Dr Adeyinka Hassan, has called for stronger governance structures, institutional support and improved access to finance to enable women-led enterprises in Nigeria to scale sustainably.
Hassan made the call in an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos to commemorate the 2026 International Women’s Day (IWD).
NAN reports that the theme for the 2026 IWD is “Rights. Justice. Action. For ALL Women and Girls”. “Give to Gain”.
He stated that women played a significant role in Nigeria’s enterprise landscape, particularly within the Micro, Small and Medium Enterprises (MSME) segment.
According to him, women are highly active as founders and operators of businesses across sectors such as trade, services, agriculture and the creative economy.
He, however, noted that the challenge was in scaling women-owned enterprises beyond the micro and informal levels.
“While participation at the micro and informal levels is substantial, the representation of women declines significantly as businesses transition into medium-sized enterprises and large corporate structures.
“Bridging this scale gap requires stronger institutional support, improved access to capital and governance structures that enable women-led enterprises to grow sustainably,” he said.
Hassan said the barriers limiting the growth of women-led businesses were largely structural rather than capability-based.
He explained that limited access to collateral due to lower asset ownership, weak credit histories and informal business structures often constrain financing opportunities for women entrepreneurs.
According to him, although some financial institutions have developed banking products targeted at women entrepreneurs, the available financing options are still insufficient relative to the size of women-led informal enterprises in Nigeria.
“Many women-owned businesses lack formal financial documentation, audited records or governance systems that financial institutions often require for lending decisions.
“Addressing these barriers will require financial institutions to adopt more inclusive credit models while supporting governance and financial management capacity among women entrepreneurs,” he said.
Hassan emphasised that enterprise governance remains critical to the sustainability and long-term growth of women-owned businesses.
He noted that the absence of governance systems such as advisory boards, internal controls and clear decision-making frameworks often limits the ability of many small enterprises to scale.
According to him, the most common governance gaps among female-led MSMEs include weak separation between personal and business finances, limited documentation of policies and procedures, and the absence of formal advisory structures.
The CEG boss added that many MSMEs also lack structured risk management systems and effective performance monitoring mechanisms.
He said mentorship and structured board advisory systems could significantly improve the growth trajectory of women entrepreneurs.
“Mentorship provides guidance, confidence and access to networks, while structured advisory systems introduce accountability and strategic discipline into the enterprise.
“When women entrepreneurs are supported by experienced advisors, they gain access to critical perspectives on strategy, financial planning and risk management,” he said.
Hassan also called on financial institutions to support governance development within women-led enterprises.
According to him, banks and development finance institutions can strengthen enterprise sustainability by linking access to finance with governance training, financial management systems and reporting structures.
“Incentives such as improved lending terms for businesses with strong governance practices can encourage entrepreneurs to institutionalise sound management systems,” he said.
Hassan further noted that women remain underrepresented in corporate boardrooms due to limited access to nomination networks, historical leadership pipelines and unconscious bias in board recruitment processes.
He, however, acknowledged that Nigeria’s banking sector had made notable progress in improving gender representation at board level due to regulatory emphasis on diversity and inclusion.
“Diverse boards are often better positioned to challenge assumptions, anticipate risks and strengthen oversight, which ultimately improves organisational performance,” he said.
The governance expert added that digitalisation could also improve governance and transparency among women-owned enterprises.
According to him, digital accounting platforms, electronic payment systems and inventory management tools help businesses maintain accurate records and improve credibility with lenders and partners.
He noted that institutions such as the Centre for Enterprise Governance play an important role in strengthening governance literacy among entrepreneurs.
“Through structured training programmes, mentorship initiatives and enterprise advisory engagements, women entrepreneurs can better understand how governance systems strengthen business sustainability and investor confidence,” he said.
Hassan also called for stronger collaboration among government institutions, financial sector actors and governance-focused organisations to deepen governance education for women-led enterprises.
He acknowledged the contributions of institutions such as the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the Financial Reporting Council of Nigeria (FRCN) and the Bank of Industry (BOI) in supporting enterprise development and governance awareness.
According to him, empowering women-led enterprises with stronger governance capabilities is not only a gender inclusion objective but also an economic imperative.
“Strengthening governance within women-led MSMEs improves business resilience, enhances access to finance and enables these enterprises to contribute more meaningfully to national economic development.
“Advancing these reforms will ensure that women are not only active participants in enterprise development but also influential contributors to governance and strategic decision-making,” he said. (NAN)
Edited by Vivian Ihechu
