Financial independence is more than just earning an income, it is about control over financial decisions and long-term security. Yet, for many women in Nigeria, true financial freedom remains elusive. A recent poll, BusinessDay’s February 2025 Women’s Choice survey, sought to understand the challenges women face in their journey toward economic empowerment. The results highlight key barriers, coping strategies, and the changes needed to bridge the gap.
When asked about the biggest obstacles to financial independence, respondents overwhelmingly pointed to lack of financial education, limited access to funding, and societal expectations. While the gender pay gap was mentioned, it was not as frequently cited, suggesting that structural limitations, rather than salary disparities alone, are the bigger concern. Many women have either personally experienced or know others who have faced financial discrimination, particularly in accessing loans, investment opportunities, or business funding. This reinforces long-standing concerns about financial exclusion based on gender.
Despite these challenges, many women express confidence in managing their finances. However, a notable portion admitted to not feeling confident at all, underlining the need for better financial education and guidance. The poll also revealed that Nigerian women employ a variety of financial strategies, with budgeting, investing, and side businesses emerging as the most common. However, a crucial takeaway is that while investment is a priority for some, a significant number still focus primarily on saving rather than wealth-building.
Read also: Nigerian women speak out on how motherhood impacts career growth
One of the most striking findings of the poll is how women handle financial emergencies. The majority of respondents indicated that they would rely on their savings first, rather than seeking a bank loan or financial support from family. This suggests a lack of access to institutional financial support, possibly due to stringent lending requirements or past experiences of rejection. A small number of respondents admitted they had no reliable option in times of financial distress, underscoring the vulnerability many women still face in securing financial stability.
When asked what financial advice they wish they had received earlier in life, the responses centered around investing, personal financial planning, and the importance of savings. Some also highlighted avoiding risky investments such as cryptocurrency, while others emphasized the power of owning a stake in businesses and earning in foreign currency. This aligns with the growing recognition that wealth-building, not just income generation, is crucial for true financial independence. However, without access to proper financial literacy programs, many women are left to navigate these lessons through trial and error.
Respondents were clear about the changes they want to see in society to help more women achieve financial independence. Key suggestions included greater access to loans and investment capital with lower interest rates, more financial education and business training targeted at women, a shift in societal expectations reducing the pressure on women to shoulder extended family financial burdens, more women in leadership positions to create opportunities for others, and workplace policies that support financial growth, such as fair pay and benefits.
This poll highlights the need for a multi-faceted approach to women’s financial empowerment. Education, policy reform, and increased investment in women-led businesses are crucial steps toward ensuring that financial freedom is not just an aspiration, but a reality.
