The recent rollout of the PowerHer774 initiative by the Federal Government’s Nigerian Consumer Credit Corporation (CREDICORP) in collaboration with the Ministry of Women Affairs deserves applause. It is a clear signal that the current administration, under President Bola Ahmed Tinubu, is serious about fulfilling one of its key campaign promises of its Renewed Hope agenda: providing access to credit for economic inclusion, especially for the most marginalized groups.
Through PowerHer774, the government has set a commendable goal to empower three million women across Nigeria’s 774 Local Government Areas (LGAs) with access to clean energy solutions, enabled by structured consumer credit facilities. This initiative is not only critical but visionary. It tackles head-on the dual challenge of energy poverty and financial exclusion that has kept millions of Nigerian women, particularly those in rural areas, trapped in cycles of poverty.
At its heart, the initiative recognizes women not as passive recipients of aid but as active economic agents whose participation is essential for national growth. Through affordable solar systems and structured loans repayable over six to eighteen months, women now have access to tools that extend beyond lighting their homes. These solar systems power small businesses, provide avenues for saving, generate new streams of income, and help the women build formal credit histories—something that has historically been out of reach for vast majority of Nigeria’s female population.
During the symbolic launch in Abuja, the Minister of Women Affairs, Imaan Sulaiman-Ibrahim, had succinctly articulated the programme’s broader aspiration, noting that PowerHer774 is a flagship framework to empower women with a range of constant solar power solutions – from powering light bulbs to visibility and children’s studies, to powering entire homes and refrigeration, one community at a time. Indeed, what the government has achieved thus far is commendable. However, while celebrating this milestone, it is essential to also recognize that reaching three million women, though a major stride, is not enough.
Nigeria’s current population stands at approximately 230 million, according to the World Bank’s 2024 estimates, with women constituting about 49.5%, or roughly 113.85 million individuals. When viewed against these numbers, reaching three million women represents a mere 2.6% of Nigeria’s total female population. Such a small proportion cannot bring about the systemic economic change Nigeria so desperately needs.
Comparative analysis with other countries shows this point starkly. In India, the Pradhan Mantri Mudra Yojana (PMMY) initiative has successfully provided microloans to over 200 million beneficiaries—the majority being women—since its launch in 2015. According to India’s Ministry of Finance, these loans, totaling more than $150 billion, have fueled small businesses, increased household incomes, and contributed to GDP growth. The Self-Employed Women’s Association (SEWA) in India similarly supports over two million women across various empowerment programs, demonstrating the scalable impact of coordinated, government-supported interventions.
In Bangladesh, the renowned Grameen Bank, established by Nobel Laureate Muhammad Yunus, has extended microloans to over 9 million women. The World Bank attributes the poverty reduction in Bangladesh—where the poverty rate fell from 48.9% in 2000 to 18.7% in 2022—partly to such microcredit programs focused on women.
Closer to home, Kenya’s Women Enterprise Fund (WEF), launched in 2007, has successfully empowered over 1.5 million women entrepreneurs with affordable loans and business training. This is notable considering Kenya’s population is less than a quarter of Nigeria’s. Data from Kenya’s Ministry of Public Service, Gender, and Affirmative Action shows that WEF-financed women-led businesses have created employment for over 5 million Kenyans indirectly.
Indeed, these examples demonstrate that large-scale, well-executed empowerment programmess targeting women have the potential not just to transform individual lives, but to catalyze national economic growth.
The urgency for Nigeria to do more becomes even clearer when one examines the central role women play in the economy. According to the Food and Agriculture Organization (FAO), women comprise more than 70% of Nigeria’s agricultural labor force yet receive less than 10% of the credit available for agriculture. A 2023 McKinsey Global Institute report projected that bridging gender gaps in the workforce could add up to $229 billion to Nigeria’s GDP by 2025. Unlocking the economic potential of Nigerian women is thus not only a moral imperative; it is an economic strategy for national survival and prosperity.
Moreover, women dominate Nigeria’s informal sector, which accounts for over 65% of total employment and about 50% of GDP, according to the International Labour Organization (ILO). Yet, they remain systematically excluded from formal financial services. Expanding initiatives like PowerHer774 could be the bridge to greater financial inclusion, entrepreneurship, and resilience for millions of households.
Scaling up PowerHer774 to reach tens of millions of women would achieve more than economic gains. It would also address broader societal challenges. Economically empowered women are proven to reinvest up to 90% of their income into their families and communities, promoting better health, education, and nutrition outcomes, as noted by UN Women. Empowered women are less vulnerable to exploitation, less likely to be radicalized by extremist ideologies, and more capable of promoting peace within their communities—a critical factor given Nigeria’s current security challenges.
Expanding PowerHer774 would also directly contribute to achieving the United Nations Sustainable Development Goals (SDGs), particularly Goal 5 on Gender Equality, Goal 7 on Affordable and Clean Energy, and Goal 8 on Decent Work and Economic Growth. Nigeria’s national development plans, including the National Development Plan 2021-2025, emphasize gender equality and financial inclusion as key pillars of sustainable growth. PowerHer774, if scaled well, could become a flagship model of Nigeria’s commitment to these global and national targets.
However, to reach a higher scale, certain critical enablers must be prioritized. Public-private partnerships will be indispensable. CREDICORP’s current operation through the financial systems of banks, microfinance and fintechs is a commendable approach. Government can leverage private capital and expertise to co-invest in the programme’s expansion by incentivizing banks, fintechs, energy companies, and telecoms. Decentralized implementation, managed by local governments, cooperatives, and trusted community organizations, can ensure that interventions are tailored to specific local contexts and needs.
Digital technology – even beyond the financial system and telcos – must be harnessed to facilitate registration, credit scoring, disbursement, and repayment processes, minimizing administrative costs and leakages. Mobile money platforms, which are already gaining traction in Nigeria, offer a practical channel for reaching women in even the most remote communities.
CREDICORP claims the ensure the loan structures via their financial institution partners are made flexible and context-sensitive. Rural women engaged in seasonal agriculture, for instance, would benefit from loan repayment schedules tied to harvest cycles. Financial literacy training should be mainstreamed into every aspect of the program to ensure women not only access loans but manage them successfully, building a foundation for lifelong economic participation. They must continue to test the results vis-à-vis the structures and aspirations as designed.
It is worth emphasizing that political will remains the ultimate catalyst. President Tinubu and his team have already demonstrated vision and courage by initiating PowerHer774. To amplify its impact, they must now demonstrate the boldness to dream even bigger.
Expanding the initiative to reach at least 20 million women within the next three years should be the new benchmark. Long-term, there should be a vision for empowering at least 30 to 40 million women over the next decade, alongside strategic partnerships, rigorous monitoring, and a commitment to excellence in delivery. Recall that women are custodians of households – and judicious managers of resources. This means CREDICORP’s goals of radically improved quality of life for Nigerians are best accelerated through women.
Indeed, Nigeria’s future is inextricably tied to the fortunes of its women. Empower them, and the nation will rise. Fail to do so, and Nigeria will continue to punch below its potential in the global arena. The Tinubu administration has shown it is willing to light a spark. Now is the time to fan that spark into an unstoppable blaze. Nigeria must dare to dream bigger. For its women. For its economy. For its future.
Agada is a public affairs commentator. He writes from Lagos
