The Central Bank of Nigeria (CBN) in partnership with the Development Bank of Nigeria (DBN) and the Bank of Industry (BOI) have committed to work together to increase funding provision to Women-owned and Women-led Micro, Small and Medium Enterprises (WMSMEs).
At an event to mark Nigeria’s Public Declaration of Commitment to the global initiative – the Women Entrepreneurs Finance (We-Fi) Code in Abuja yesterday, the CBN Governor, Olayemi Cardoso said this initiative presents a tremendous opportunity to unlock the economic potential of women entrepreneurs across our nation to help them expand their businesses and contribute to the overall economic growth of the country.
Over 400 million women entrepreneurs around the world have vast potential to grow their businesses, add value to the economy, and create jobs, but they lack the financing to achieve their goals. This group represents a $1.7 trillion growth opportunity for financial service providers (FSPs) and $5-6 trillion in potential value addition to the global economy.
In Nigeria, the Women’s World Banking survey reported that the Nigerian women’s entrepreneurial activity was higher than their male counterparts by 4%; however, 75% of the women’s potential market in Nigeria remain unserved or underserved; a N 294 billion market opportunity that is yet to be fully tapped.
Cardoso said: “As the Central Bank of Nigeria (CBN), Bank of Industry (BOI) and the Development Bank of Nigeria (DBN) – the three National Champions make this Public Declaration of Commitment to the We-Fi Code, we are committing to leading by example and urging all the stakeholders in the financial ecosystem to also adopt the Code as part of our collective drive to enhance the Financial Inclusion of women entrepreneurs in Nigeria.
“The Financial Inclusion Delivery Unit within the Central Bank of Nigeria serves as the coordinator for the implementation of the Code and has been charged with the responsibility of monitoring its impact on Women’s Financial Inclusion and the overall National Financial Inclusion Strategy goals.
“Presently, the Code has been implemented in 23 countries globally and today, we join the global movement to ensure that Nigerian women entrepreneurs are better empowered to realize their full potential.”
Also speaking at the event, Managing Director of the Bank of Industry, Dr. Olasupo Olusi said: ‘Looking ahead, BOI recognizes the need to focus on gender development and has prioritized gender as one of our six thematic areas of focus. To this end BOI has developed a comprehensive gender strategy that will shape our efforts over the next few years.
“As part of this bold vision, we are committed to allocating at least 15% of our risk assets to WMSMEs, a clear demonstration of our resolve to expand financial access and foster the growth of women entrepreneurs nationwide in line with His Excellency President Bola Ahmed Tinubu’s Renewed Hope Agenda.”
In his address, the Managing Director/CEO, Development Bank of Nigeria Plc, Tony Okpanachi said: “Today’s commitment to the WE-FI Code aligns seamlessly with our ongoing efforts to support women entrepreneurs. At the Development Bank of Nigeria (DBN), we recognize the critical role that women play in the MSME sector, and we have taken deliberate actions to support their growth and development.
“To date, DBN has disbursed over N187 billion through its Participating Finance Institutions (PFIs) to more than 357,000 women-owned businesses, which now account for 72% of our beneficiaries. This reflects our unwavering commitment to empowering female entrepreneurs across the nation.”
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