The Emir of Kano, Muhammadu Sanusi II, has urged financial regulators to compel banks to disclose how many loans they grant to women-led enterprises as part of efforts to promote gender-inclusive financing in Nigeria.
Speaking at the third Gender Impact Investment Summit and the launch of the Gender Equity and Social Inclusion (GESI) Roadmap 2025–2035, held in Lagos on Thursday, Sanusi emphasized that financial transparency could foster competition and accountability among lenders.
“We’ve heard about the need for gender-disaggregated data. But beyond that, banks and funds should be mandated by regulation to publish how many female-led companies they’ve supported. No one is forcing you to lend to women—but let the numbers speak. If your competitor lends to 200 women-led firms and you’ve supported only five, the discipline of disclosure will drive change,” he said.
Sanusi, a former Central Bank of Nigeria (CBN) governor, also called for political reforms to improve women’s representation in governance.
He questioned why diversity in Nigeria is often limited to state or regional considerations rather than gender balance.
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“Why can’t our constitution require that 30 to 40 percent of cabinet positions be reserved for women? Why not allocate at least one senatorial district per state to women on a rotational basis? Out of 109 senators, only four are women—how can laws favourable to women thrive in such a setting?” he asked.
Despite some progress in financial inclusion—rising from 56% in 2020 to 64% in 2023—only 6% of Nigerian women have access to formal credit, according to Women’s World Banking.
The International Labour Organisation (ILO) also reports that women-led micro, small, and medium-sized enterprises (MSMEs) account for between 32.9% and 40% of businesses in the country.
At the summit, themed “Investing in Equity: Advancing Gender-Led Solutions for Inclusive Development,” Jessica Espinosa, CEO of 2X Global, highlighted that closing the gender finance gap could unlock $6 trillion in global economic opportunities. “Investing in women as entrepreneurs and leaders isn’t just a moral responsibility—it’s a business advantage,” she stated.
During the event, the Impact Investors Foundation, in partnership with PwC Nigeria, unveiled the GESI Roadmap 2025–2035. The plan aims to mobilize $8 billion in gender-inclusive capital, introduce 40 inclusive financial products, integrate GESI principles into 90% of investment partnerships, and enact 20 new policy frameworks to drive inclusive growth.
The Foundation’s Chairman, Frank Aigbogun, described the initiative as a “transformative framework” to make Nigeria’s investment ecosystem more equitable.
Former FirstBank Chairperson, Ibukun Awosika, also stressed that empowering women and marginalized communities strengthens both social and economic resilience.
“We only win when we engage the best of our people—men and women alike. A society that limits opportunities for women limits its own progress,” Awosika noted.
Etemore Glover, CEO of the Impact Investors Foundation, added that the roadmap would serve as a model for Africa, aiming to bridge the $42 billion financing gap faced by women across the continent. “We are building a system where capital serves everyone, leaving no one behind,” she said.
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