RE: Women Need Better Access to Credit
By Jamiu Abdulgafar Olamilekan,
The Punch Newspaper editorial on May 5, 2026 (Page 18), titled “Women Need Better Access to Credit” highlights one of Nigeria’s most persistent economic blind spots. Despite their immense contributions to business, agriculture, trade, and family welfare, women remain locked out of the financial support they need to grow and thrive.
Across Nigerian markets, women dominate petty trading and small-scale enterprises from fashion shops and food businesses to salons, online ventures, and farming. Yet, securing loans from banks is often impossible.
As the editorial points out, collateral requirements, guarantors, and complex documentation create barriers that many hardworking women in both rural and urban communities cannot overcome.
This exclusion is to say the least unjust. Women are among the most financially responsible members of society, stretching limited resources to support children, families, and entire communities. Still, government empowerment programmes frequently fail to reach them.
In some cases, corruption, favoritism, and poor implementation dilute their impact, while lack of financial education and weak communication leave rural women unaware of opportunities that could change their lives.
Going forward, banks and other financial institutions must design loan systems that are flexible and inclusive. Lower interest rates for female-owned small businesses, coupled with expanded financial literacy programmes, would ensure women not only access credit but also manage it effectively.
Government on its part, must enforce transparency and accountability in policies aimed at empowering women.
Beyond economics, financial empowerment strengthens families and reduces poverty. A woman with stable income is more likely to invest in education, healthcare, and better living conditions for her household. The ripple effect benefits society at large.
Nigeria cannot claim to pursue inclusive growth while millions of women remain financially excluded. Empowering women is not charity — it is a strategic investment in the nation’s future.
Jamiu Abdulgafar Olamilekan is a student of Strategic Communication at Yakubu Gowon University, Abuja. He can be reached at: [email protected]