at PiggyVest Roundtable
Thank you for reading this post, don't forget to subscribe!At the recent PiggyVest Finance Roundtable on Wednesday, February 2025, industry leaders, financial experts, and business owners gathered to discuss Nigeria’s evolving financial landscape, drawing insights from the PiggyVest Savings Report 2024. The event focused on the factors driving Nigerians to entrepreneurship, particularly in light of economic challenges such as inflation and unstable cash flow.
The roundtable explored the complexities of Nigeria’s financial realities, highlighting the growing need for financial education, better savings habits, and improved financial inclusion. Experts delved into the urgent socio-economic factors that compel Nigerians, especially women, to venture into entrepreneurship as a means of economic survival and financial independence.
Odunayo Eweniyi, Co-Founder and COO of PiggyVest, opened the session with a provocative question: “Is economic necessity pushing Nigerians to entrepreneurship?” This question sparked a lively discussion on the deeper drivers of business decisions in the country, beyond the obvious economic pressures.
One significant takeaway from the PiggyVest report was that more women in Nigeria are starting businesses than men. Eweniyi emphasized that, while economic necessity is a factor, it’s not the sole reason behind this trend. A participant in the roundtable shared a poignant observation, noting that many women enter entrepreneurship due to the uncertain future and social pressures, including the need for financial security amid the challenges posed by male-dominated societal structures.
However, the conversation also pointed out that while starting a business is one hurdle, sustaining it is another. One major challenge highlighted was access to capital, as high interest rates discourage many small business owners from seeking loans. The discussion then turned to the potential of government-private sector partnerships to improve Nigeria’s business climate and facilitate entrepreneurship.
Representatives from the Lagos State Employment Trust Fund (LSETF) shared alarming statistics: over 20% of applicants have been denied loans due to poor credit scores, while more than 60% of potential applicants do not have bank accounts, making it difficult to collect crucial data to understand their financial behaviors and needs.
The informal sector also plays a significant role in Nigeria’s entrepreneurial landscape. As of 2023, an estimated 80% of Nigerian entrepreneurs operate within the informal economy. The informal sector, which includes micro, small, and medium-sized enterprises (MSMEs), accounts for a significant portion of the country’s GDP. However, the lack of formal financial structures, access to loans, and financial education in this sector continues to hinder growth.
Experts emphasize the critical need to integrate the informal economy into the formal financial system. According to Dr. Ngozi Okonjo-Iweala, a prominent Nigerian economist and the current Director-General of the World Trade Organization, “The informal sector has been the backbone of the Nigerian economy. Integrating these businesses into the formal economy will require significant investment in financial literacy, technology, and infrastructure.”
The roundtable also focused on closing the gender gap in financial opportunities. Yewande Akomolafe-Kalu from Flutterwave discussed her company’s efforts to engage young students in financial literacy, while Bukky Akomolafe of Travelstart highlighted the personal barriers women face—such as marriage, childcare, and societal expectations—that often slow down their financial growth.
Despite these challenges, the conversation emphasized that the drive toward entrepreneurship among Nigerians is not just about economic necessity but also about adapting to changing financial behaviors and long-term aspirations. According to the National Bureau of Statistics (NBS), Nigeria saw a surge in small business registrations in 2024, with over 2.6 million businesses created in the year alone—reflecting the resilience and adaptability of Nigerians in the face of economic hardship.
Eweniyi concluded that the future of financial planning in Nigeria depends on continued education, evolving savings habits, and fostering a culture of financial inclusivity. “The data from the report show a shift toward prioritizing financial freedom and business ownership. Our role at PiggyVest is to keep driving that momentum forward,” she said.
As Nigerian entrepreneurship continues to evolve, experts agree that fostering inclusivity, supporting financial education, and empowering both the formal and informal sectors will be essential for sustainable growth in the country’s economy.
