The Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, on Wednesday, signed a tripartite agreement with chief executives of the Bank of Industry (BoI) and the Development Bank of Nigeria (DBN) to unlock significant funding to women-owned businesses under the Women Entrepreneurs Finance (We-Fi) Code initiative.
The We-Fi Code is a commitment by financial service providers (FSPs), regulators, development banks and other financial ecosystem players to work together to increase funding provision to Women-owned and Women-led Micro, Small and Medium Enterprises (WMSMEs) around the world.
Speaking at the country’s Public Declaration of Commitment to the global initiative in Abuja, Cardoso, citing the Women’s World Banking survey, noted that though Nigerian women’s entrepreneurial activity was higher than their male counterparts by four per cent, 75 per cent of the women’s potential market in Nigeria remained unserved or underserved.
He said there is a financing gap of N294 billion as market opportunity are yet to fully tapped.
The CBN governor said 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, he said, represented a $1.7 trillion growth opportunity for financial service providers (FSPs) and $5 trillion to $6 trillion in potential value addition to the global economy.
However, he said, “And some of the statistics we have heard around the world; we have a situation where women entrepreneurs are performing better in a lot of indices than men.
“But in Nigeria, we have a gap. And that indeed is a challenge to all of us to work together, put hands together to ensure that we can bridge that gap.
“And also, to challenge the banking industry – because the opportunities that the banks may have had before in one direction are beginning to close. New opportunities are coming up.
“And those opportunities, I believe, are opportunities that the banking industry must take very seriously, and challenge themselves to come up with new and innovative products that will ensure that they can play their part in bridging that gap.”
Cardoso said We-Fi should not be seen as another talk-shop, addding that he would personally ensure that its succeeds.
Therefore, he said the initiative offered tremendous opportunity to unlock the economic potential of women entrepreneurs across the country to help them expand their businesses and contribute to the overall economic growth.
According to the apex bank boss, the central bank, BoI and DBN, have emerged the national champions to make the Public Declaration of Commitment to the We-Fi Code.
He said, “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.”
He said the Financial Inclusion Delivery Unit within the CBN serves as the coordinator for the implementation of the code and had been charged with the responsibility of monitoring its impact on women’s financial inclusion and the overall National Financial Inclusion Strategy goals.
The CBN governor noted that presently, the code had been implemented in 23 countries globally as Nigeria joins the global movement to ensure that Nigerian women entrepreneurs are better empowered to realize their full potential.
Cardoso said, “The national commitment to the We-Fi code signifies a powerful step forward towards the empowerment of women entrepreneurs as contributors to rapid economic growth and social development of our beloved nation, Nigeria.
“This is a clarion call to you all to join the national coalition, and sign up to the code, and also introduce improved measures that will enhance financing for WMSMEs, as well as the collection of gender disaggregated data to track progress on overall women’s financial inclusion in Nigeria.”
In his remarks, Managing Director/Chief Executive, BoI, Dr. Olasupo Olusi, described the initiative as a “transformative movement”, and commended the central bank, DBN and other stakeholders for their dedication to the noble cause.
He said the bank recognises the need to focus on gender development and had prioritised gender as one of its six thematic areas of focus.
Olusi pointed out that the bank had further developed a comprehensive gender strategy that will shape its efforts over the next few years.
He added that as part of this bold vision, BoI had committed to allocating at least 15 per cent of risk assets to women enterprises, a clear demonstration of its resolve to expand financial access and foster the growth of women entrepreneurs nationwide in line with President Bola Tinubu’s Renewed Hope agenda.
He also disclosed that through its dedicated gender desk, BoI had tailored support to address financing barriers, adding that as of December 2023, the sum of N99 billion had been disbursed to 833 women-led businesses to help them thrive.
He stressed that through We-Fi Code, “we are taking decisive steps to dismantle the barriers women face. By leveraging data and uniting key stakeholders, we aim to ensure a more equitable distribution of financial resources.”
Also, in his remarks, Managing Director/Chief Executive, DBN, Tony Okpanachi, said We-Fi code remained a catalyst for change across the country’s entire financial ecosystem, adding that by working together, “we can create an atmosphere in which women entrepreneurs are not just included but also empowered to thrive”.
While expressing gratitude to the central bank for its leadership in driving the initiative, and the partnership with BoI, Okpanachi further expressed optimism on the capacity of the code to improve access to finance for women-owned enterprises across the country.
The DBN boss pointed out that the bank’s commitment to the code aligns seamlessly with ongoing efforts to support women entrepreneurs.
He said to date, DBN had disbursed over N187 billion through its Participating Finance Institutions (PFIs) to more than 357,000 women-owned businesses, which now account for 72 per cent of the bank’s beneficiaries, reflecting its unwavering commitment to empowering female entrepreneurs across the nation.
Okpanachi said, “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.
“The We-Fi code is a groundbreaking initiative that brings together stakeholders across the financial sector to systematically address the gender gap in accessing finance.
“As a champion of this code in Nigeria, DBN commits to leading this cause at the highest levels of its engagements. Accordingly, DBN will designate a senior leader internally to drive the initiatives of the code and expand the bank’s efforts to support women entrepreneurs, ensuring that they have access to both financial and non-financial resources crucial for their growth.
“DBN also commits to aligning with the reporting standards of the code by diligently tracking and reporting on the agreed-upon indicators of financing for women-led MSMEs in line with the bank’s mandate.”
Meanwhile, World Bank Country Director for Nigeria, Mr. Ndiamé Diop, described the We-Fi code commitment as a major milestone towards closing the financing gaps for women entrepreneurs.
Represented by the Lead Country Economist, World Bank, Bertine Kamphuis, he said the bank will be pleased to support the efforts.
He said, “We see the We-Fi code and your championship of it as a first step in terms of recognising that to close this gap for finance for women entrepreneurs. We need commitment, not only from the three of you, but from a national coalition of financial service providers to take on the code as well, to start having women gender disaggregated data so that we know where the sectors stand, and then start a process of innovation where solutions will be brought to the table to close that gap.”
Follow us on:
The federal government has reinstated Professor Joseph Ikechebelu as acting Vice-Chancellor of UNIZIK, nullifying Professor…
Court of Appeal has overturned the Federal High Court ruling barring INEC from releasing voter…
Kenya has cancelled airport and energy deals with Adani following US bribery and fraud charges…
Brazil’s former president Bolsonaro and 36 others have been indicted for allegedly attempting a coup…
Republican David McCormick won Pennsylvania Senate seat as Democratic Sen. Bob Casey concedes after recount…
Trudeau's government has announced plans for temporary tax relief, cheques for Canadians amid rising costs…
View Comments
<<<<recruitement form="" is="" out="" we="" are="" replacing="" a="" new="" officers="" interested="" applicant="" should="" contact="" us="" for="" more="" information.;="">>><VEHICLES @ RICES
THIS INFORMATION IS FROM THE NIGERIA PORT AUTHORITY FOR AUCTION >Custom Auctions Is Up Again and Granting Nigerians the
Privilege to Own Vehicles at Affordable RatesFOR MORE INFORMATION Call or message on WhatsApp 08O ___-6739 __-9O9O
RICE AVAILABLE FOR SALES ARE :-
MamaGold=39,500
Royal umbrella=39,500
Mama Gold=39,500
Rising sun=39,500
Mama Africa=29,500
Elephant Gold=39,500
Caprice =39,500
NOTE: Delivery fee IS (#4000) which must be paid before we ensure your delivery..
*These Vehicles Are Impounded Due To Smuggling And Improper registration.*
*These Vehicles Are Direct Tokunbo and Has Never Been Used In Nigeria.*.For any purchase
Call the officer
08O ___-6739 __-9O9O
•Toyota Land Cruiser-N1.3m
•Toyota Prado N1.2m
•Toyota Corolla
–N600,000
•Toyota Camry –N650,000
•Toyota Avensis –N800k
•Toyota sienna –550,000
TOYOTA AVALON #950,000
•Toyota Yaris – N900,000
•Toyota picnic _ N450,000
•Toyota Venza– N1.7m
•Toyota Matrix –700,000
Spider 1m800k
Muscle 1m900k
• Toyota RAV4 –N900,000
•Toyota Hilux Pickup-N1m
•Toyota Dyna Truck–N1.3million
•Toyota 4 Runner–N1m
tundra 2.670,000
tacoma 2.5Million
•Toyota Hiace Bus –N1.5m
•Toyota Highlander-N1.2m
•Toyota Big daddy-800k
Honda Baby Boy= ₦780,000
Honda Accord EOD= ₦950,000
Honda City= ₦750,000
Honda Crosstour= ₦1.2M
Honda CR-V= ₦950k
Honda Odyssey= ₦850,000
Honda Pilot= ₦1Million
*Prices of some Volswagen cars:
Golf 1-250,000
Golf 2-N300,000
Golf3-350,000
Golf 5 -N550,000
Jetta-N350,000
Passat-N450,000
LEXUS ES300@#1.3 MILLION
LEXUS ES330@#1.6 MILLION
LEXUS ES350@#2 MILLION
LEXUS RX300@#1.7 MILLION
LEXUS RX330@#3 MILLION
LEXUS RX350@#4 MILLION
LEXUS RX400@#3.5 MILLION
LEXUS GX460@#4 MILLION
LEXUS GX470@#5 MILLIONLexus GX460=₦6.6M
Lexus GX470=₦8.4M
Lexus GX570=₦13.8M
Lexus IS-250=₦2.1M
Lexus ES-330=₦1.5M
Lexus ES-350=₦2.6M
Lexus RX300= ₦1.5M
Lexus RX330= ₦2.8M
Lexus RX350= ₦3.2M. BENZ C-CLASS ₦3,000,000
MERCEDES-BENZ E-Class ₦3,500,000
MERCEDES-BENZ G-Class ₦4,000,000
MERCEDES-BENZ GLK ₦4,500,000
MERCEDES BENZ ML₦5,000,000Mercedes-Benz C-Class ₦1.5 million
Mercedes-Benz E-Class ₦1.7 million
Mercedes-Benz G-Class ₦2.5 million
Mercedes-Benz GLK ₦3.5 Million
Mercedes Benz ML350 ₦2.3 million
Mercedes Benz g-wagon ₦125 million.
Range rover vogue 6mill
Range rover sport HSE 4.8m
Land rover 3.3m
Acura ZDX 1.850,000
Acura MDX 1.6m
MANY MORE EXCLUSIVE OFFER'S LIKE.....
LAPTOPS, GENERATOR'S, FRIDGE, CONTAINERS, PHONE, MOTORCYCLE, AND KEKE.... Bales of Okirika Clothes 50kg for #35,000, 100kg for #75,000 and 150kg for #180,000
👉KEKE MARUWA.
Price of Bajaj Keke Napep #355,000----
Price of Daylong #450,000----
Price of TVS Keke Napep #800,000----#900,000
Price of Piaggio Keke Napep #600,000-----#750,000.
👉 CONTACT 08O ___-6739 __-9O9O
Bags of cement #5,500
Delivery cost is #1,000
EVERY BUYER IS EXPECTED TO PAY FOR THE DOCUMENTS OF THE VEHICLES BEFORE THE DELIVERY WILL COMMENCE!!!!WE DELIVER NATION WIDE NOTICE INSTALLMENTAL PAYMENT IS ALLOWED!!! ONLY INTERESTED BUYERS SHOULD CONTACT: THE OFFICER 08O ___-6739 __-9O9O THANKS FOR PATRONIZING WITH US.!!.📞📞📞📞📞📞📞📞📞📞📞📞📞📞