Africa: Nigeria has ‘more female entrepreneurs’ than any country in the world
Nigeria has ‘more female entrepreneurs’ than any country in the world
Nigeria has the highest number of female entrepreneurs in the world, according to BBC. The organisation spoke with two women who sell moimoi, a traditional meal made from beans, to make a living. Ayo Megbope started by selling moimoi, but now has a restaurant and a catering service, while Aminat Salau, a market seller is also doing well.
“Forty percent of Nigerian women are entrepreneur, that is higher than anywhere else in the world,” BBC said. Megbope described her business journey, narrating how she relied on family and friends because traditional financial institutions would not help.
“I started my business about nine years ago with a seed capital of $3. Nine years after, we are turning over about $250,000 annually,” she said. “My access to education and information has helped me a great deal. Family and friends have also been good to me. “There have been times that I got stuck and I needed to raise capital and I ran to family and friends because the traditional financial institutions would not listen to me.”
On the other hand, Salau depends on human traffic to determine her sales. “Sales are good, on some days we sell 60 or 80 wraps in the morning. When we have more time or more people passing by, we sell till late in the evening,” she said.
BBC said it would be difficult for traders like Salau to grow their business. “Female entrepreneurs in Nigeria often struggle to secure investment, banks normally require collateral, like property, which women often do not have. Without access to capital, it will be difficult for Aminat to grow her business.”