Mastercard Study Reveals Entrepreneurial Pursuits Thrive Among 83percent Nigerian Women

• 83percent of Nigerian women identify as entrepreneurs, far exceeding the regional average of 51percent
• Entrepreneurial engagement is highest among millennial women with 86percent outpacing the male counterparts
• Financial autonomy, personal goals, and innovation fueled entrepreneurship

Mastercard’s new research, ‘Empowerment for All’, uncovers an exceptional entrepreneurial surge among Nigerian women. According to the study, 83 percent classify themselves as entrepreneurs, surpassing the regional average of 51percent across Africa, Eastern Europe, and the Middle East. The findings revealed that entrepreneurial engagement is highest among millennial women with 86 percent outpacing their male peers, who stand at 79 percent.

Ahead of International Women’s Day, the report sheds light on the key motivators behind the rising entrepreneurship. Pursuit of financial autonomy, strong personal aspirations, and the ability to bring visionary ideas to life were the driving factors. Aspired by passion, 49 percent of Nigerian women entrepreneurs launched their ventures to pursue a dream, while 45 percent sought to actualize ground-breaking ideas. 

It is worth a mention that to gain financial stability, 87 percent of Nigerian women are diversifying their earnings through secondary income streams alongside their primary careers. Entrepreneurial mindset is strongest among millennial women (86 percent), followed by Gen Z (81percent) and Gen X (73 percent).

“The entrepreneurial spirit among women is strong and growing, with younger generations leading the way. With access to the right financial tools, mentorship, and digital resources, women entrepreneurs can unlock new business opportunities, drive innovation, and contribute significantly to economic development. At Mastercard, we are committed to navigating barriers and fostering an ecosystem where women-led businesses can thrive,” said executive vice president, Services, Eastern Europe, Middle East, and Africa, Mastercard, Selin Bahadirli, in a statement issued on Wednesday.

Contrary to the survey findings, Nigerian women face lack of confidence as a major challenge, with 15percent feeling unready to start a new venture, twice the rate of men. Major obstacles include inadequate funding, lack of necessary knowledge, limited access to digital infrastructure, scarce financial resources, and challenges in obtaining start-up capital.

Through alliances with SMEDAN, LSETF, KaiOS, and Allawee, Mastercard is committed to strengthening the entrepreneurial ecosystem in Nigeria. The collaboration serves as a platform for capacity-building programs, market opportunities, financial support, and essential digital business tools, which are required to thrive in the business landscape.