The number of women-led businesses in Nigeria increased by 14.29 per cent in 2024, a marked improvement from the 7.69 per cent growth recorded in 2023, according to the State of Entrepreneurship Report by FATE Foundation.

FATE Foundation, a business development organisation on Wednesday hailed the increase in the number of women-led businesses as steady progress in female entrepreneurship during the first day of its 10th Annual Policy Dialogue Series on Entrepreneurship, held in Lagos.

Director of The FATE Institute, Amaka Nwaokolo, highlighted key trends from the report, noting a gradual rise in women-led enterprises over the past three years, from 39 per cent in 2022 to 48 per cent in 2024.

“In 2024, the FATE Institute surveyed 10,535 businesses, close to the surveyed sample from 2023 as we try to maintain a close range of samples year-on-year. 48 per cent of the surveyed businesses were owned or run by women entrepreneurs which is a steady increase from 42 per cent in 2023 and 39 per cent in 2022,” she said.

However, the report also pointed to a slowdown in the growth trajectory of women-owned businesses.

According to Nwaokolo, “63 per cent of the businesses recorded growth in the past year, but the number of women who recorded growth declined.”

Nwaokolo explained that women-led businesses who experienced real growth did so in five core areas, adding, “When we probed further to learn the areas of the business growth, one of the top categories was an increase in customers, followed by an increase in profit, improved cash flow, increase in revenue and improved operational efficiency.

“What was driving the growth for female-led entrepreneurs this year was access to markets, increased demand, technology adoption, access to finance and skilled workforce.”