Aruwa Capital’s 2024 Impact Report: How gender inclusion fuels growth in Africa’s real economy

As economic turbulence persists across the African continent and beyond, resilient, locally anchored businesses are proving their worth in Nigeria. Aruwa Capital’s 2024 Impact Report, with key data independently verified by Genesis Analytics, reveals how gender inclusion and import substitution are not just buzz words but real drivers of long-term value in Africa’s female-powered economy.

Local production meets rising demand

Take Wemy Industries, a Nigerian manufacturer of personal hygiene products. As imported alternatives become scarcer, Wemy’s relevance has surged. Genesis Analytics’ research confirms that the company is backward-integrating by establishing a cotton processing plant in Kano, a strategic move that reduces import dependence and creates jobs.

Critically, Wemy exemplifies gender-inclusive growth: over 56% of its workforce is female, and 100% of its sales and marketing team comprises young women. By producing affordable, locally made goods, Wemy is tapping into one of Africa’s most powerful economic engines : women, who drive 70% of household spending in key sectors like food, healthcare and education.

The $15-trillion opportunity

Africa’s informal economy, worth over $1 trillion, is predominantly fuelled by women. From micro-retail to agriculture, they dominate the value chains that sustain daily consumption. Yet, they remain systematically excluded from formal capital and support. In 2024, just 1% of African venture funding went to female-only founding teams, a staggering oversight in a region that leads the world in female entrepreneurship.

Discipline and inclusion deliver returns

In a tough macro environment, Aruwa’s focus on essential sectors including healthcare, food and hygiene proved resilient. But beyond necessity, inclusion drove performance. Portfolio companies with women in leadership or embedded across value chains demonstrated greater adaptability, market connection and revenue growth.