The Emir of Kano, Muhammad Sanusi II, has urged financial regulators to compel banks to disclose the volume of loans extended to women-led enterprises to foster inclusive financing and transparency in the financial sector.

Sanusi made the call during a goodwill message at the third Gender Impact Investment Summit and the official launch of the Gender Equity and Social Inclusion (GESI) Roadmap 2025–2035, held in Lagos on Thursday.

He stressed the importance of accountability in gender-based financial reporting, noting that mandatory disclosures would promote competition among banks.

“We’ve heard about the need for gender-disaggregated data, but it goes beyond that. Regulators should require banks and funds to publish how many female-led businesses they have supported. No one is forcing them to lend to women, but let them publish the figures. If one bank has financed 10,000 firms and only five are women-led, while another has supported 200, the transparency alone will create healthy competition,” he said.

The former Central Bank of Nigeria (CBN) governor also advocated for political reforms to ensure greater female representation in governance.

“Why is diversity in Nigeria defined only by states? Why can’t the constitution mandate that 30 to 40 per cent of cabinet positions be reserved for women? Why can’t at least one senatorial district per state be allocated to women on a rotational basis? Out of 109 senators, only four are women. How can women-friendly laws be passed under such circumstances?” he asked.

Despite notable gains in financial inclusion — which rose from 56 per cent in 2020 to 64 per cent in 2023 — only about six per cent of Nigerian women currently have access to formal credit, according to data from Women’s World Banking.
Similarly, the International Labour Organisation (ILO) estimates that women-led micro, small, and medium enterprises (MSMEs) represent between 32.9 and 40 per cent of all businesses in Nigeria.

Speaking on the summit’s theme, “Investing in Equity: Advancing Gender-Led Solutions for Inclusive Development,” the CEO of 2xGlobal, Jessica Espinosa, highlighted the vast potential of closing the gender finance gap.

“Investing in women as entrepreneurs, owners, and leaders consistently improves financial performance. Closing the gender finance gap is not only a moral obligation but also a $6 trillion global economic opportunity,” she stated.

The Impact Investors Foundation, in partnership with PwC Nigeria, unveiled the GESI Roadmap 2025–2035, which aims to mobilise $8 billion in gender-inclusive capital, launch 40 inclusive financial products, integrate GESI principles into 90 per cent of investment partners, and enact 20 new policy and regulatory reforms.

Chairman of the Foundation, Frank Aigbogun, described the roadmap as a transformative framework for Nigeria’s investment ecosystem.

“This initiative reflects our commitment to ensuring that capital access is not exclusive but truly inclusive,” he said.

Former FirstBank Chairperson, Ibukun Awosika, also emphasised that empowering women and marginalised groups is crucial to building an equitable and prosperous society.

“We only progress when we harness the potential of all our citizens, male or female. A nation that creates opportunities for women and people with disabilities strengthens both its social and economic foundations,” she added.

Similarly, the CEO of the Impact Investors Foundation, Etemore Glover, said the roadmap is designed to serve as a model for other African countries.

“We aim to close the $42 billion financing gap for women across the continent and ensure that capital serves everyone, leaving no one behind,” she affirmed.