Starting and growing a business takes more than a great idea. It takes money—money for tools, inventory, staff, marketing, and daily operations. For many women entrepreneurs in Nigeria, access to funding is still one of the biggest challenges. But the good news is, things are changing. Today, there are more funding opportunities than ever before. The key is knowing where to look, what to expect, and how to position your business.
Here’s a simple guide to help women-owned businesses in Nigeria navigate the world of funding.
1. Understand the Types of Funding Available
There’s no one-size-fits-all when it comes to business funding. Different types of funding serve different purposes. Here are the main ones:
- Grants: This is free money you don’t need to pay back. Many NGOs, government agencies, and private organizations offer grants to women-led businesses, especially in areas like agriculture, tech, health, and fashion.
- Loans: Unlike grants, loans must be repaid, usually with interest. Look for low-interest loans or special schemes for women from banks, microfinance institutions, or development programs.
- Equity Investment: Investors give you money in exchange for a share in your business. This option is best for women with fast-growing startups who are open to giving up some control.
- Competitions and Pitch Events: These platforms give you the chance to showcase your business idea or product. Winners often receive cash prizes, mentorship, or even long-term funding.
2. Start with Women-Focused Programs
Some organizations focus on supporting women. These programs often combine funding with mentorship, business training, and networking. Examples include:
- Shecluded: Shecluded is a financial and business growth platform designed specifically for women. Beyond offering loans and grants, Shecluded also provides access to essential business resources, coaching programs, community support, and wellness services. Through their Shecluded Gold community, women gain exposure, mentorship, financial education, and opportunities to showcase and grow their businesses. Shecluded also runs pitch competitions, partners with organizations like CFYE, FCMB, and the NECTAR Beauty Hub, and supports women through workspaces like Shecluded Hub, which is accredited under the LSETF Workspace Voucher Program.
- LSETF (Lagos State Employment Trust Fund): Partners with other organizations to give women business support and funding within Lagos.
- Tony Elumelu Foundation (TEF): This offers seed capital, training, and mentorship for African entrepreneurs, including women, etc.
3. Build a Strong Business Foundation
Before applying for funding, prepare your business. Funders want to see that you know your numbers, your market, and your growth plan. Make sure you:
- Register your business (CAC registration is essential)
- Have a clear business plan or proposal.
- Understand your finances (even basic bookkeeping counts)
- Build an online presence (social media, website, or both)
These steps show funders that you’re serious and ready to grow.
4. Network and Ask Questions
Sometimes, the right opportunity doesn’t come from an application—it comes from a conversation. Join communities of women entrepreneurs online and offline. Attend events, join WhatsApp groups, ask questions, and share your goals. You never know who’s listening or what doors they might open for you.
5. Stay Consistent and Keep Learning
Rejection will happen. You might not get the grant or loan the first time or even the fifth. But every application teaches you something. Keep updating your pitch, sharpening your ideas, and showing up. Also, keep learning. Take free online courses, watch pitch videos, or find mentors who can guide you.
Women in Nigeria are starting amazing businesses every day, solving real problems and creating jobs. If you’re one of them, you deserve access to the right tools and funding. Keep showing up, keep growing, and stay connected. The support is out there—and with the right steps, you’ll find it.
