Nigeria is witnessing a powerful wave of transformation led by visionary women.
According to a study by Small Firm Diaries, women-led businesses in Nigeria have grown by 44% over the last decade.
Also SMEs are estimated to make up about 48% of Nigeria’s GDP and 40% of SMEs are owned by women.
Nigerian women are not only building thriving businesses but also reshaping the economic and social landscape. From startups to multinational corporations, these enterprises are creating jobs, driving innovation, and promoting financial inclusion—all while empowering women and advancing gender equality. Here are some outstanding women recognised in Nigeria’s business scene today:
Pioneers of change
1. Shuttlers
Founded by Damilola Olokesusi, Shuttlers is revolutionizing urban transportation in Nigeria. This dynamic mobility startup successfully raised $4 million in 2023, underscoring the trust and potential investors see in its innovative approach. By easing urban congestion and providing efficient transportation, Shuttlers is not only boosting the economy but also paving the way for more accessible mobility solutions.
2. House of Tara
At the forefront of the beauty industry, House of Tara, led by Tara Fela-Durotoye, is a shining example of how women-led businesses can drive economic empowerment. With 24 branches and a training program that has educated over 7,000 makeup artists, the brand has created a ripple effect—providing opportunities for countless women to build careers, boost their income, and gain financial independence.
3. Famfa Oil
Under the leadership of Folorunsho Alakija, Famfa Oil has cemented its position as a major player in the energy sector. In December 2023, the company secured six offshore blocks in Sierra Leone, expanding its regional influence. This bold move not only highlights the strategic vision of its leadership but also reinforces the vital role of women in traditionally male-dominated industries.
4. Bolmus Group International
Founded by Hajia Bola Shagaya, Bolmus Group International is a testament to the resilience and success of women-led conglomerates. Celebrating its leader’s 65th birthday with presidential recognition in October 2024, the company continues to thrive and serve as an inspiration. The recognition underscores how experienced leadership can drive business success while advocating for the importance of female representation at the top.
5. Herconomy
Rounding out the list is Herconomy, a fintech startup led by Ife Durosimi-Etti. Since raising $600,000 in 2021, the company has been steadfast in its mission to empower women financially. Herconomy’s innovative platform offers tools and resources that enable women to take control of their financial futures, thereby promoting both individual growth and wider economic participation.
Empowerment and Impact
These businesses are more than just economic entities—they are beacons of hope and progress. By breaking barriers and challenging stereotypes, women entrepreneurs in Nigeria are creating opportunities for women to excel in every field. Their success stories inspire future generations to pursue their dreams and push for a more inclusive economy. The ripple effects of their achievements extend beyond financial success; they foster environments where women can access education, training, and mentorship, which are crucial for long-term personal and professional growth.
A Global Perspective on Women-Led Enterprises
While Nigeria stands out as a hub of women-led innovation, this is a global phenomenon. Across Africa, inspiring examples like South Africa’s diverse tech startups and Kenya’s dynamic creative industries continue to emerge. Worldwide, successful ventures like those led by Tory Burch in the United States, Anita Roddick’s pioneering work in the UK with The Body Shop, and influential leaders in Asia are proving that gender is not a barrier to success but a catalyst for diversity, innovation, and growth.
These stories remind us that women-led businesses are not just contributing to their local economies but are also part of a larger global narrative—a narrative of empowerment, equality, and sustainable progress. By creating jobs, nurturing talent, and challenging outdated norms, women entrepreneurs are playing an essential role in shaping a more balanced and just world.
Bravewood provides Nigerian professionals with low-risk, high-return investment products, licensed by the Central Bank of Nigeria.
