More than 300 women-led businesses in Nigeria, operating in manufacturing, agribusiness, and nutrition, are seeking improved access to formal capital. Alitheia Capital, a leading investment firm, has called for financing structures that cater to the needs of growing enterprises. The firm's Managing Partner and Co-founder, Tokunboh Ishmael, emphasized that the challenge lies in designing financing options that match the needs of viable women-led businesses.
The W.O.M.A.N. conference, organized by Alitheia Capital in Lagos, brought together entrepreneurs, investors, policymakers, and development partners to discuss barriers to capital, energy, technology, and markets. The conference aimed to help women-led enterprises transition from survival to sustainable growth. Lagos State Commissioner for Agriculture and Food Systems, Abisola Olusanya, represented Governor Babajide Sanwo-Olu and noted that many women-led businesses struggle to access appropriate financing and growth capital.
Despite being revenue-generating and having demonstrated growth potential, most participating businesses had never accessed formal capital. Ishmael attributed this to a design problem, stating that it is not a matter of ambition but rather a need for tailored financing structures. Alitheia Capital's investment experience has shown the commercial potential of financing women-led businesses, with over $250m in assets under management after a decade of investing in sub-Saharan Africa.
The conference emphasized the importance of financial discipline, business formalization, and corporate governance for enterprises seeking external investment. Ifeyinwa Ighodalo, Co-Founder of WIMBIZ and Founder and CEO of DO.II Designs Limited, highlighted that stronger financial management can improve businesses' ability to attract capital. Alitheia Capital's investment-readiness program provided participating entrepreneurs with practical knowledge on financial statements, unit economics, governance, and capital structuring.
Discussions at the conference also focused on energy efficiency and green manufacturing as ways to reduce operating costs and improve business resilience. The second day of the conference explored artificial intelligence, with an AI adoption program delivered in partnership with Google Hustle Academy to help entrepreneurs apply AI to business operations and marketing. Alitheia Capital will track the participating businesses over the next 12 months, monitoring their access to capital, revenue growth, and application of skills acquired during the program.
W.O.M.A.N., which stands for Women in Manufacturing, Agribusiness and Nutrition, is Alitheia Capital's annual program for high-potential women-led businesses. The program aims to provide pathways to capital, energy, AI, and markets for business resilience. Jumoke Akinwunmi, Co-Founder of Alitheia Capital, noted that the readiness of the businesses is not the main constraint, but rather whether the ecosystem around them is ready to respond.
The financing gap persists despite business readiness, and stakeholders acknowledge that closing this gap requires a collective effort from governments, financial institutions, private equity and venture capital firms, development partners, and entrepreneurs. Key stakeholders, including policymakers and development partners, recognize the need for collaborative action to address the challenges faced by women-led businesses in accessing formal capital.
Key points
- Women-led businesses in Nigeria face significant challenges in accessing formal capital, despite being revenue-generating and having growth potential.
- Alitheia Capital is calling for financing structures tailored to the needs of growing women-led enterprises.
- The W.O.M.A.N. conference aims to provide pathways to capital, energy, AI, and markets for business resilience among women-led businesses.
