The emergence of women entrepreneurs in Nigeria is a major pillar of the country’s economic development. By signing the Women Entrepreneurs Finance (We-Fi) Code, the Central Bank of Nigeria (CBN), in partnership with the Development Bank of Nigeria (DBN) and the Bank of Industry (BoI), is committed to bridging the N294 billion financing gap faced by women entrepreneurs. This global initiative, symbolised by the signing of the code in Abuja, aims to mobilise funds to support women-led Micro, Small and Medium Enterprises (MSMEs).
The Governor of the CBN, Mr. Olayemi Cardoso, highlighted the enormous potential of women entrepreneurs, noting that over 400 million women worldwide have the capacity to grow their businesses but face a lack of adequate financing. He noted that globally, this group represents a $1.7 trillion growth opportunity for financial institutions and $5-6 trillion in potential global economic value.
Mr. Cardoso also highlighted a survey by Women’s World Banking which revealed that women’s entrepreneurial activity in Nigeria exceeds that of men by 4%, but 75% of this market remains unserved or underserved, representing a N294 billion opportunity.
The signing of the We-Fi Code is of paramount importance in unlocking the economic potential of women entrepreneurs in Nigeria, which will contribute significantly to national economic growth. The CBN’s National Financial Inclusion Strategy (NFIS 3.0) identifies women as one of the most excluded groups in terms of financial access, alongside the youth, MSMEs and rural populations, especially in northern Nigeria.
DBN Managing Director, Dr. Tony Okpanachi, revealed that the bank has distributed over N187 billion through its Partner Financial Institutions (PFIs) to support 357,000 women-led businesses, representing 72% of its beneficiaries. He called the We-Fi Code a “bold commitment” to bridging the gender gap in access to finance.
Mr. Okpanachi pledged to continue empowering women entrepreneurs, stressing the need to appoint a senior leader to spearhead the We-Fi Code initiatives at the DBN.
On his part, BoI Managing Director, Mr. Olasupo Olusi, acknowledged the challenges faced by women in business and reaffirmed the bank’s commitment to supporting women-led businesses. He stressed the importance of providing both financial and non-financial resources to help women entrepreneurs succeed.
In conclusion, the signing of the We-Fi Code by the CBN, DBN and BoI opens new avenues for women entrepreneurs in Nigeria, helping them access the finance needed to grow their businesses and thereby contribute significantly to the country’s economic growth. A crucial step towards women’s economic empowerment and creating an enabling environment for entrepreneurship in Nigeria.