The Central Bank of Nigeria have set aside a total of N255 billion Naira to reduce the high cost of funds for Women-owned businesses in Nigeria.
The Deputy Governor, Economic Policy, CBN, Dr. Sarah Alade who was represented by the Director of Finance, CBN, Tope Omoge said this during a conference on women in management and leadership organised by the Nigerian Institute of Management in Abuja.
Alade said The CBN has used dedicated SME funds to deepen and increase access to credit and reduce the high cost of funds for women-owned businesses. Some of these programmes include the N200bn Small and Medium Enterprises Credit Guarantee Scheme and the N220bn Micro Small and Medium Enterprises Fund, with 60 per cent earmarked for women-owned businesses.
“The objectives of these funds are to increase the level of access to credit by SMEs and manufacturers by providing guarantee for banks’ credit, increase output, generate employment, diversify the revenue base, increase foreign exchange earnings and provide inputs for the industrial sector on a sustainable basis.”
She emphasised that the apex bank is aiming to help women grow so as to prevent social exclusion; she said “This is the reason why the CBN is keen on empowering the small business sector as a way of promoting women participation through financial inclusion.
“In today’s evolving business environment, every female manager or leader must be prepared to explore her leadership and innovative potential needed to take her and the organisation to the next level.
“She must also be ready to lead her organisation or enterprise through periods of disruptive innovation and rapid change.”