Strengthening women’s financial inclusion in Nigeria is a critical initiative for the country’s economic development. Speaking at the 30th Nigeria Economic Summit, Mr. Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN), highlighted the importance of bridging the gender gap in banking and increasing women’s economic empowerment.
Women play a vital role in Nigeria’s economy, constituting a significant portion of the workforce and contributing extensively to various sectors. Their resilience and unobtrusive influence have a significant impact on the economic activities of the country and Africa at large.
To support women’s access to financial services, the CBN has recently launched a series of initiatives aimed at enhancing financial opportunities for women. In partnership with the Development Bank of Nigeria and the Bank of Industry, the CBN has introduced a new Women Entrepreneur Finance Code. This initiative is aimed at expanding access to financial services and improving economic opportunities for women entrepreneurs.
The CBN Governor stressed the importance of addressing the fundamentals to build a strong economy. Indeed, without a strong economic foundation, compromises can only provide temporary solutions. Combating inflation is also at the heart of the CBN’s concerns. By increasing interest rates and adjusting the reserve requirement ratio of commercial banks, monetary policy aims to contain inflation.
Erosion of purchasing power due to high inflation discourages investment and negatively impacts the productive sector. Controlling inflation is crucial to foster investment and boost economic growth. The ultimate goal is to allow interest rates to fall as inflation stabilizes, thereby facilitating business development and economic prosperity.
In conclusion, empowering women in Nigeria’s banking and financial sector is critical to promoting sustainable and inclusive economic growth. By increasing women’s access to financial services and combating inflation, Nigeria is paving the way for more equitable and prosperous economic development for all its citizens.