Women in Nigeria significantly contribute to economic activity, running businesses across various sectors, including agriculture, food processing, and fashion. Despite this, they face challenges in growing their businesses sustainably. According to available data, women account for about 40% of early-stage entrepreneurs in Nigeria, but their representation declines as businesses grow. This trend is evident in the ownership of micro-enterprises, small and medium-sized businesses, and larger enterprises.
Access to finance remains a significant barrier for women in Nigeria, with 45% having access to funding compared to 56% of men. Furthermore, over 50% of small businesses reportedly fail within their first year, with financing challenges and infrastructure deficits contributing to business failure. These statistics highlight the need for a more effective approach to economic empowerment. The challenge is not a lack of ambition but rather the availability of resources for sustainable business growth.
Corporate social responsibility (CSR) initiatives often focus on one-time interventions, providing support to beneficiaries and measuring the number of people reached. However, economic empowerment requires a longer-term view. The Segilola Women Initiative Programme (SWIP), launched in 2021 by Segilola Resources Operating Limited (SROL), offers a different perspective. SWIP provides business equipment and support to strengthen enterprises, with a focus on sustainability.
Since its launch, SWIP has empowered more than 200 women in SROL's host communities of Imogbara, Odo Ijesha, and Iperindo. The programme's sixth edition provided 30 women with equipment tailored to their businesses, including freezers, sewing and stoning machines, and financial literacy education. This initiative aims to address the specific needs of women entrepreneurs and support their business growth.
A key aspect of SWIP is its ongoing monitoring and evaluation. SROL returns to previous beneficiaries to assess their progress and identify areas for further support. This approach allows the organization to understand the impact of its interventions and make adjustments to better support the women. Three women from the host communities received additional equipment to increase production capacity, expand their product offerings, and diversify their services.
The SWIP programme demonstrates the importance of continuous monitoring and evaluation in CSR initiatives. By taking a longer-term view, organizations can better understand the needs of beneficiaries and provide targeted support. This approach can help to create more sustainable economic empowerment and reduce the risk of business failure.
The impact of SWIP and similar initiatives can be significant, not only for the women involved but also for the broader economy. By supporting women entrepreneurs, organizations can contribute to economic growth and development in Nigeria. The programme's focus on sustainability and ongoing support sets it apart from more traditional CSR initiatives and provides a model for future economic empowerment programmes.
Key points
- The Segilola Women Initiative Programme (SWIP) has empowered over 200 women in Nigeria with business equipment and support.
- Access to finance remains a significant barrier for women in Nigeria, with 45% having access to funding compared to 56% of men.
- Continuous monitoring and evaluation are essential for creating sustainable economic empowerment through CSR initiatives.
