Abuja: Chief Emeka Obegolu, President of the Abuja Chamber of Commerce and Industry (ACCI), has highlighted the potential of non-interest financing to significantly enhance access to business funding for women entrepreneurs, thereby expanding economic opportunities across Nigeria. Obegolu made these remarks during a women-led business program themed ‘Mobilising Non-Interest Funding for Women Businesses’ held in Abuja, which gathered financial institutions, regulators, and development partners.
According to News Agency of Nigeria, Obegolu emphasized that women entrepreneurs play a crucial role in job creation, innovation, and community development. However, he noted that many face challenges in accessing conventional financing due to high interest rates and stringent collateral requirements. He stressed the importance of connecting women with banks, fintech firms, and development partners to improve their access to funding.
Obegolu explained that the program aimed to educate participants on the principles of non-interest financing and the opportunities available, while also generating policy recommendations to enhance women’s financial inclusion across various sectors of the economy. He described non-interest finance as an ethical and inclusive alternative for small businesses, highlighting that limited awareness and misconceptions have hindered broader adoption of such financial products.
He called on financial institutions to develop tailored products for women-owned enterprises and urged regulators and development partners to provide supportive frameworks, technical support, and capacity-building programs to ensure sustainable impact. Represented by Prof. Adesoji Adesugba, Obegolu reaffirmed ACCI’s commitment to promoting inclusive policies and expanding opportunities for women entrepreneurs through strategic partnerships and targeted economic empowerment initiatives nationwide.
The ACCI Director-General, Mr. Agabaidu Jideani, expressed the chamber’s dedication to strengthening policies and partnerships that support businesses and create sustainable economic opportunities for entrepreneurs across Nigeria. He mentioned that the chamber established the Women in Business Trade Group to empower female entrepreneurs through mentorship, training, networking, market access support, and capacity-building programs tailored to their needs.
Jideani stated that the program would equip women entrepreneurs with practical knowledge on accessing non-interest financing to promote business growth, sustainability, and greater participation in commerce and industry nationwide. Chairperson of the Women in Business Trade Group, Mrs. Chioma Njoku, highlighted the initiative’s focus on addressing challenges that limit women-led businesses from accessing affordable, ethical, and inclusive financing through non-interest funding options.
Njoku noted that women entrepreneurs contribute significantly to economic growth but remain financially excluded due to structural, cultural, and systemic barriers affecting access to credit and investment opportunities. She urged participants to engage with financial institutions, explore available funding options, and position their businesses for growth through knowledge sharing, networking, and strategic collaboration.
Chairman of ACCI Banking, Insurance and Finance Trade Group, Dr. Iliyasu Gashinbaki, stated that the summit aimed to expose women entrepreneurs to non-interest financing opportunities and unlock funding for business expansion. He mentioned that financial institutions would guide participants on practical steps for accessing funding, with some already providing application forms for interested business owners at the event.
Managing Partner of Metropolitan Law Firm, Mrs. Ummahani Amin, shared that non-interest finance offers transparent funding models that reduce risks associated with unstable interest rates and limited collateral requirements.