In an effort to augment female entrepreneurs’ working capital in Nigeria, The country’s apex bank, Central Bank of Nigeria (CBN) has budgeted the sum of N252 billion as loan for Female Entrepreneurs .
The apex bank disclosed that the loan will be availed to Small and Medium-scale Enterprises so as to deepen and grow access to funds and wane high cost of funds for women-owned enterprises in Nigeria.
The disclosure was made by CBN’s Deputy Governor, Economic Policy Unit, Doctor Sarah Alade while explaining that the bank resolved to budget the fund for the emancipation and growth of Nigeria’s businesswomen after the bank discovered that limited access to finance has heavily prevented women from participating in Nigeria’s commercial activities.
Doctor Alade, who was represented by CBN’s Director of Finance, Tope Omoge, revealed this development while speaking at a conference on “Women in Management and Leadership” in Abuja.
According to her, “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 N220 billion Micro Small and Medium Enterprises Fund, with 60 percent earmarked for women-owned businesses.
While highlighting the objectives of the funds, she said, “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.”