In a significant move to bolster women's economic participation, Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), recently signed a tripartite agreement with the Bank of Industry (BoI) and the Development Bank of Nigeria (DBN). This agreement aims to enhance funding for women-owned businesses under the Women Entrepreneurs Finance (We-Fi) Code initiative. Cardoso highlighted that 75% of Nigerian women's potential market remains unserved, leading to a staggering N294 billion financing gap [a9dc805c].
The We-Fi Code, which is already implemented in 23 countries, seeks to empower women entrepreneurs and contribute to Nigeria's economic growth. Cardoso emphasized the necessity for banks to innovate and focus on financing for women, as new opportunities arise in the market. He pointed out that globally, over 400 million women entrepreneurs represent a $1.7 trillion growth opportunity [a9dc805c].
In a related initiative, Governor Gboyega Oyetola of Osun State announced a N10 million business grant for over 200 women entrepreneurs as part of a broader economic development strategy. This initiative, launched on October 12, 2023, aims to empower women and stimulate local economies by encouraging entrepreneurship [b9304fb5]. Oyetola underscored the essential role women play in economic development and the importance of creating opportunities for them to thrive in business [b9304fb5].
Both initiatives reflect a growing recognition of the need to support female entrepreneurs in Nigeria, aligning with the CBN's Framework for Advancing Women’s Financial Inclusion, developed in 2020 to address the financial exclusion of women. Cardoso's commitment to gender equality was also highlighted during his Senate confirmation hearing, reinforcing the importance of these initiatives in fostering a sustainable economy [a9dc805c].