ILO Empowers Women Entrepreneurs in Nigeria's Informal Economy through Financial Education

Lagos, Nigeria, November 3, 2023. The International Labour Organization (ILO) has concluded a pioneering training program on financial education targeted at women entrepreneurs operating within Nigeria's informal economy. The training, a part of the ILO’s project "Promoting Gender Equality through Women’s Entrepreneurship Development and Formalization in Nigeria," took place in Lagos from October 30th to November 3rd, 2023.
The initiative, aligning with the organization's commitment to empowering women in business, saw the participation of 63 women entrepreneurs selected from diverse stakeholder groups. The training modules focused on equipping these entrepreneurs with essential financial education, aiming to bridge the prevalent gap in access to finance within the informal sector.

ILO’s bespoke curriculum covered a comprehensive range of financial education modules customized for micro, small, and medium enterprises (MSMEs). Essential topics included setting financial goals, understanding diverse financial products such as savings, loans, insurance, as well as fostering confident communication with financial institutions.

As a widow whose husband left two children… Everything I make from my business goes into the upbringing of my children. There is no difference between my personal finances and business finances, little wonder my business remained at a spot – no significant growth. Following this financial education training, I am going to separate my business from my personal finances, put myself on a salary and open a separate bank account for my business."

Oguntola Busayo (Adire producer, Lagos)

Notably, the training aimed to address prevailing educational disparities and power imbalances impacting financial decisions among men, women, and different age groups. The comprehensive program tailored by the ILO is poised to uplift these women entrepreneurs by connecting them with certified financial education trainers for practical mentorship in accessing finance.

To say that I was so devastated last year is not enough to explain how I felt when I met my shop completely raided by thieves. My world almost crumbled before me especially as a single mother and an upcoming entrepreneur who is still trying to build her business. The thieves made away with everything... If I had insured my business, I would have not borne the entire burden of this huge loss. Thank you, ILO, for this financial education training and making me realize that I can insure my business no matter its level, I am starting that process after this training."

Grace Ugbebor (Goldenhands Beauty Place, Lagos).

This initiative foresees a strategic alliance between MSMEs and financial institutions, projecting an anticipated 30% increase in successful access to finance for the participating enterprises.
The ILO remains committed to fostering gender equality and economic advancement by empowering women entrepreneurs in Nigeria's informal economy through this transformative financial education initiative.