CBN commits N252bn to women empowerment

The Central Bank of Nigeria (CBN) says it has set aside about N252bn as credit to support Small and Medium-scale Enterprises (SMEs) owned by women, to deepen and increase their access to credit and reduce the high cost of funds for women-owned businesses across the country.

The bank stated that it decided to set aside the fund after observing that lack of access to finance was impacting women participation in economic activities in the country.

The Deputy Governor, Economic Policy, CBN, Dr. Sarah Alade stated this while speaking at a conference on women in management and leadership organised by the Nigerian Institute of Management in Abuja on Wednesday.

She said that of the N420bn credit facility for SMEs in the country, 60 per cent had been set aside for businesses owned by women.

She said, “The CBN has used dedicated SME funds to deepen and increase access to credit and reduce the high cost of funds for women-owned businesses. Some of these programmes include the N200bn Small and Medium Enterprises Credit Guarantee Scheme and the N220bn Micro Small and Medium Enterprises Fund, with 60 per cent earmarked for women-owned businesses”.

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Alade, who was represented by the Director of Finance, CBN, Tope Omoge, said the bank had also adopted a financial inclusion strategy capable of reducing the financial exclusion of women to about 20 per cent in 2020.

According to her, it has been established that financial exclusion can lead to social exclusion and reduced growth.

“This is the reason the CBN is keen on empowering the small business sector as a way of promoting women participation through financial inclusion,” Alade said.

In his address, the President, NIM, Dr. Nelson Uwaga, stated that there was an urgent need to harness and unleash the potential of women towards leadership, innovation and entrepreneurship in order to break the ceiling for them to aspire to become better achievers.

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