New research from Mastercard has revealed that Nigerian women are embracing entrepreneurship at an extraordinary rate, with eight in ten (83 per cent) women considering themselves entrepreneurs, which is far higher than the regional average of 51 per cent across Eastern Europe, the Middle East, and Africa.

Among them, millennial women (86 per cent) lead the way, outpacing their male counterparts (79 per cent) in considering themselves entrepreneurs.

The new research titled ‘Empowerment for All,’ released ahead of International Women’s Day 2025 on Wednesday, highlighted the driving forces behind this wave of entrepreneurship to include financial independence, personal ambition, and the ability to turn brilliant ideas into reality.

The study found that among women business owners in Nigeria, 49 per cent started their business to pursue a dream, while 45 per cent wanted to bring a great idea to life, underscoring a strong sense of purpose among female entrepreneurs.

Also, Nigerian women are not only aspiring to start businesses but are also actively participating in side hustles, with 87 per cent engaged in income-generating activities outside their main job.

“The entrepreneurial spirit among women is strong and growing, with younger generations leading the way. With access to the right financial tools, mentorship, and digital resources, women entrepreneurs can unlock new business opportunities, drive innovation, and contribute significantly to economic development. At Mastercard, we are committed to navigating barriers and fostering an ecosystem where women-led businesses can thrive,” said executive vice president, Services, Eastern Europe, Middle East, and Africa, Mastercard, Selin Bahadirli, in a statement issued on Wednesday.

An analysis of the study’s findings indicated that millennial women (86 per cent) are the most likely to consider themselves entrepreneurs, followed by Gen Z (81 per cent) and Gen X (73 per cent). 90 per cent of Nigerian women want to start their own business and are highly motivated to build multiple income streams.

“Their top reasons for earning more money (83 per cent), gaining financial independence (67 per cent), and creating a financial safety net (52 per cent). The outlook for business growth in Nigeria is overwhelmingly positive, with 93 per cent of business owners (men and women) expecting revenue to increase over the next five years.





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