Emir of Kano Muhammad Sanusi II has urged regulators to make banks reveal loans to women-led firms.
He said public data would drive competition and boost gender-inclusive financing in Nigeria.
The Emir of Kano, Muhammad Sanusi II, has urged financial regulators to compel banks to publish data showing the volume of loans granted to women-led enterprises to promote gender-inclusive financing in Nigeria.
Sanusi made the call during his goodwill message 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.
He said transparency would encourage fair competition among financial institutions. “Banks and funds should be required to disclose how many female-led businesses they have supported. Nobody is forcing them to lend to women, but once the data is public, competition will drive inclusion,” he stated.
The former Central Bank of Nigeria governor also urged constitutional reforms to improve women’s representation in politics. He questioned why diversity in Nigeria is defined only by states rather than gender. “Why can’t the constitution ensure that 30 to 40 per cent of cabinet positions are reserved for women? Out of 109 senators, only four are women. How can laws that support women pass in such a setting?” he asked.
Despite progress in financial inclusion, which rose from 56 per cent in 2020 to 64 per cent in 2023, only six per cent of Nigerian women have access to formal credit, according to data from Women’s World Banking. The International Labour Organization also estimates that women-led MSMEs make up between 32.9 and 40 per cent of Nigeria’s businesses.
Speaking at the summit themed “Investing in Equity: Advancing Gender-Led Solutions for Inclusive Development,” CEO of 2xGlobal, Jessica Espinosa, said closing the gender finance gap could unlock a $6 trillion global opportunity. “Investing in women entrepreneurs and leaders consistently boosts financial performance. Bridging the gap is not just moral, it’s smart economics,” she said.
The Impact Investors Foundation, in partnership with PwC Nigeria, unveiled the GESI Roadmap 2025–2035. The framework targets mobilizing $8 billion in gender-inclusive capital, introducing 40 inclusive financial products, integrating GESI principles into 90 per cent of investment partners, and enacting 20 new policy and regulatory instruments.
Chairman of the Foundation, Frank Aigbogun, described the roadmap as a major step toward transforming Nigeria’s investment landscape. “This framework reflects our commitment to ensuring that capital benefits everyone, not just a few,” he said.
Former FirstBank Chairperson, Ibukun Awosika, emphasized that national growth depends on equality. “We only succeed when we use the best of our people, male or female. A nation that empowers women and persons with disabilities builds stronger social and economic foundations,” she noted.
Impact Investors Foundation CEO, Etemore Glover, added that the roadmap would serve as a model for Africa. “We aim to bridge the $42 billion financing gap for women across the continent and ensure no one is left behind,” she stated.
