A recent study conducted by Development Economics on behalf of global social media firm Facebook has revealed that Women who want to start their own businesses have the potential to boost the Nigerian economy by N19.7 billion by 2022.
The research which further revealed that with 44 percent of women who plans to start off a business, Nigeria will create over 7 million new businesses within four years and over 8.9 million jobs within five years.
The research goes further to indicate that when compared to men, 30 percent of the women are more likely to be interested in setting up businesses in Food & Drink; 13 percent, Tourism & Leisure; ten percent, Lifestyle and ten percent, Business Services. The motivations for women wanting to set-up a business also varies. 56 percent hinges on financial gains which are amongst the highest; followed by wanting to create job opportunities for family or other people standing at 45 percent, those wanting to work around family commitments, 40 percent and those wanting to be their own boss at 39 percent.
According to the Facebook research, lack of access to finance is the cited as the main barrier to women setting up independently. This challenge hinders 30 percent of the women. The research also shows that among those likely to start a business, 32 percent are not sure of how to get started; 30 percent are not feeling prepared or ready and lack of access to premises or equipment stalls 26 percent. These impact women at every stage of their life – with women age 55+ being less likely to start a business followed by those between 35-44.
Speaking on the importance of the research, Facebook SMB Sales Manager, Europe Middle East & Africa (EMEA), Abi Williams, said: “Facebook recognize how important women are in building stable economies, and the potential impact of this in Nigeria is encouraging to see. We know that when women do better, economies do better, and with the right support, tools, and pieces of training in place, Nigerian women entrepreneurs can, and will be able to compete on a global level.”
The study further exposed the relevance of the use of online tools to facilitate the sale of products or services to potential customers.
Overall, of those women who are very interested in setting up a business, over 4.1 million appears to want to set up their business within 1 year. A further 2.5 million anticipate establishing their business within 2 or 3 years, and 378,000 say they expect it would be more than 4 years in the future.