N294bn Funding Gap: CBN, BOI, Mobilise Help For Women Entr

Help has eventually come for Nigerian Women entrepreneurs long hounded by a funding gap of about N294bn

The help is coming off the collaboration of the Central Bank of Nigeria, the Bank of Industry, and the Development Bank of Nigeria, which would be using the auspices of  Women Entrepreneurs Finance Code, We-Fi Code –to address the funding gap.

Women-led businesses are major stakeholders in the Micro, Small and Medium (MSME) sector of the economy, considered key to wealth creation, employment generation and women empowerment.

Governor of the Central Bank, Mr Olayemi Cardoso, while pledging the apex bank’s commitment to acknowledged the potential of Nigerian Women entrepreneurs in creating economic value.

“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 $1.7tn growth opportunity for financial service providers and $5-6tn in potential value addition to the global economy.

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“In Nigeria, the Women’s World Banking survey reported that the Nigerian women’s entrepreneurial activity was higher than their male counterparts by 4 per cent; however, 75 per cent of the women’s potential market in Nigeria remains unserved or underserved; an N294bn market opportunity that is yet to be fully tapped.”

Cardoso said the Financial Inclusion Delivery Unit within the CBN will coordinate the implementation of the code adding that it presented an opportunity to empower women

He also called to adopt the We-Fi Code as a way of supporting Nigerian Women entrepreneurs to excel.