Findings from the 2025–2026 Reykjavík Index for Leadership indicate that 89 per cent of Nigerians are comfortable with a woman leading a major company, placing the country among societies showing relatively positive attitudes towards female leadership.
The finding suggests that public acceptance may no longer be the biggest obstacle to women aspiring to senior leadership and economic decision-making positions in Nigeria.
However, despite the relatively positive attitude towards women in leadership, significant gaps remain between acceptance and actual opportunities, particularly in access to capital, workplace support and career advancement.
The report indicates that confidence in workplace equality in Nigeria declined from 62 per cent to 55 per cent within a year, raising concerns about whether positive attitudes towards female leadership are translating into equal opportunities for women.
For women entrepreneurs, access to finance remains one of the most significant challenges. A survey of women across Nigeria found that 62 per cent identified inadequate start-up capital or equipment as the main barrier to establishing or expanding their businesses.
The financing challenge extends to Nigeria’s emerging start-up ecosystem, where women-led businesses continue to attract a disproportionately small share of investment.
Across Africa, women-led start-ups reportedly raised about $48 million in 2024, compared with more than $2 billion secured by male-led ventures. In Nigeria, female founders accounted for only about 10 per cent of funding between 2019 and 2023.
This disparity persists despite women having a significant presence in investment decision-making, suggesting that access to capital remains influenced by structural barriers rather than a shortage of capable female entrepreneurs.
Research by Boston Consulting Group and MassChallenge has also highlighted the economic consequences of the funding gap. A five-year study involving 350 start-ups found that companies founded or co-founded by women received less funding than male-founded businesses but generated significantly higher revenue for every dollar invested.
The wider economic implications are substantial. Estimates by McKinsey and the Mastercard Foundation suggest that removing barriers to young women’s economic participation could add approximately $287 billion to Africa’s economy by 2030, representing a potential five per cent increase in GDP and creating more than 11 million jobs.
Yet young women’s contribution to Africa’s GDP reportedly fell from 18 per cent in 2000 to 11 per cent in 2022, highlighting the scale of economic potential being lost.
Nigeria’s challenge is compounded by gaps in workplace infrastructure and enforcement of gender-related laws.
The World Bank’s Women, Business and the Law 2026 report gave Nigeria a score of 50 out of 100 for the legal frameworks supporting gender equality but only 21.7 for the frameworks required to effectively implement those laws.
Policies supporting public childcare, flexible working arrangements and paid parental leave were particularly weak, leaving many women to navigate the competing demands of employment, entrepreneurship and family responsibilities without adequate institutional support.
There are, however, Nigerian examples demonstrating the potential of targeted investment in women-led enterprises.
Alitheia IDF, a $100 million gender-lens investment fund, has directed more than 70 per cent of its portfolio towards women-led businesses in sectors including agribusiness, manufacturing and technology.
One of its portfolio companies, CHIKA’S, reportedly used investment capital to establish a manufacturing facility in Nigeria employing 320 people, 70 per cent of whom are women.
The experience reinforces the argument that women do not necessarily lack viable business ideas or entrepreneurial capacity; rather, many require greater access to the financial resources needed to scale.
Experts and investors have therefore called for gender-responsive financing to become part of mainstream investment strategies.
Banks, venture capital firms and institutional investors could increase allocations to women-owned and women-led businesses, while government and private companies could expand procurement opportunities for female entrepreneurs.
Nigeria could also strengthen initiatives such as gender bonds to create additional channels for institutional capital to reach women-led enterprises.
At the workplace, companies can support women’s retention through childcare facilities, caregiving allowances and flexible working arrangements, while government incentives could encourage employers to adopt such measures.
Strengthening the enforcement of existing laws on parental protection, workplace discrimination and employment flexibility is equally important.
The Reykjavík Index finding offers an encouraging indication that Nigerians are increasingly comfortable with women occupying positions of authority. The next challenge is to ensure that this acceptance translates into access, investment and opportunity.
For Africa’s most populous country, unlocking women’s economic potential could mean more businesses, more jobs, greater innovation and stronger economic growth.
Originally written by Nela Ekpenyong, Co-founder and Managing Partner, Obudu Capital. Rewritten and adapted for Women News Today.
