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CBN, ILO to raise N1bn for women entrepreneurs

By VICTOR AHIUMA-YOUNG

THE Central Bank of Nigeria, CBN in collaboration with the International Labour Organisation, ILO, is preparing a “Iinancial Initiative Inclusion” that will make available about N1billion with a single digit interest rate to women entrepreneurs in Nigeria.

Director-General of Nigeria Employers Consultative Association, NECA, Mr. Segun Osinowo who announced this said NECA’s Network of Entrepreneurial Women, NNEW, would be one of the beneficiaries.

NECA NNEW was made a member of the task force at the meeting with the CBN Governor, ILO director and other stakeholders including D-G, NECA.

The Director-General spoke at a meeting of NECA’s women group that brainstormed on networking as strategy to business growth.

He challenged women to be more committed and ensure they go through the ILO capacity-building trainings to enhance the growth and stability of their businesses because the “only beneficiaries of ILO financial inclusion will be women who belong to an association like NECA’s Network of Entrepreneurial Women.”

The President of the women group, Mrs Lola Okanlawon advised the women to leverage on the NECA platform, do face-to-face networking and social networking.

According to her, SMEs that could not afford high advert cost should not limit the growth of their businesses but should network at any given opportunity, saying ILO is spearheading an initiative on the financial inclusion of women entrepreneurs in Nigeria. This initiative aims at enhancing the capacity of financial institutions to address the specific and peculiar needs of women entrepreneurs.

“It is hoped that this initiative will assist in increasing the awareness of policy makers and the private sector, including commercial banks to understand that women entrepreneurs are not only a potentially lucrative untapped market but will also contribute to the economic growth and development of Nigeria.”


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