NEWS

Emir Sanusi Urges Banks to Reveal Loans Granted to Women-Owned Businesses

The Emir of Kano, Muhammadu Sanusi II, has called on Nigeria’s financial regulators to make it mandatory for commercial banks to disclose the total value and number of loans granted to women-led businesses.

Sanusi made this call during his goodwill message at the 3rd Gender Impact Investment Summit and the launch of the Gender Equity and Social Inclusion (GESI) Roadmap 2025–2035, held in Lagos.

Banks Should Disclose Lending to Female Entrepreneurs

According to the former Central Bank of Nigeria (CBN) Governor, enforcing gender-based loan transparency would encourage fair competition among banks while promoting inclusive economic growth.

“Banks and investment funds should be required to publish how many female-owned businesses they have financed. No one is forcing them to lend to women, but once the data becomes public, competition will drive accountability,” Sanusi stated.
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He explained that if one bank lends to 10,000 companies and only five are women-led, while another supports 200 female entrepreneurs, the discipline of public disclosure would push others to act more responsibly.

Political Reforms to Boost Female Representation
The Emir also highlighted the need for constitutional and political reforms to improve women’s representation in governance.
“Why can’t the constitution reserve 30–40% of cabinet positions for women? Out of 109 senators, only four are women. How can gender-friendly laws thrive under such imbalance?” he asked.
Sanusi emphasized that true economic inclusion must go hand-in-hand with political representation, urging policymakers to take deliberate steps toward gender equity.

Only 6% of Nigerian Women Have Access to Formal Credit
Despite improvements in financial inclusion — which grew from 56% in 2020 to 64% in 2023 — only 6% of Nigerian women currently have access to formal credit, according to Women’s World Banking.

Meanwhile, data from the International Labour Organisation (ILO) reveals that women-led micro, small, and medium enterprises (MSMEs) account for between 32.9% and 40% of total businesses in Nigeria, showing their critical role in job creation and national development.
Closing the $42 Billion Gender Finance Gap
At the summit themed “Investing in Equity: Advancing Gender-Led Solutions for Inclusive Development,” CEO of 2X Global, Jessica Espinosa, said that closing the gender finance gap could unlock a $6 trillion global economic opportunity.

“Investing in women as entrepreneurs, owners, and leaders consistently boosts financial performance. It’s both a moral responsibility and a powerful market opportunity,” she added.
New Gender Inclusion Roadmap for Nigeria
The Impact Investors Foundation (IIF), in partnership with PwC Nigeria, unveiled the Gender Equity and Social Inclusion (GESI) Roadmap 2025–2035, a strategic framework designed to advance gender-inclusive investment across Nigeria’s private sector.
The roadmap targets include:
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Mobilising $8 billion in gender-focused capital
Launching 40 inclusive financial products
Integrating GESI principles into 90% of investment partners
Enacting 20 new gender-focused policies and regulations
Financial Leaders Commit to Inclusive Growth
Chairman of the Impact Investors Foundation, Frank Aigbogun, said the roadmap would transform Nigeria’s investment landscape and ensure equitable capital access.
“Our goal is to make investment capital truly inclusive. This framework is our commitment to sustainable development and shared prosperity,” he said.
Former FirstBank Chairperson, Ibukun Awosika, also emphasized that empowering women and marginalized communities strengthens the country’s economic foundation.

“We only win when we harness the best of everyone — male or female. A nation that empowers women and people with disabilities secures a stronger economic and social future,” Awosika noted.
IIF’s CEO, Etemore Glover, added that the roadmap would serve as a model for Africa, aiming to close the $42 billion gender financing gap on the continent and promote inclusive capital allocation.
“We want to ensure that capital serves everyone — leaving no one behind,” Glover concluded.
Empowering women in business is not just a matter of social justice — it’s smart economics. By expanding access to credit, fostering gender-inclusive policies, and promoting transparency in bank lending, Nigeria could unlock billions in untapped growth potential, drive SME development, and strengthen overall economic resilience.
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