Coordinating Minister for the Economy and Minister for Finance , Dr
Ngozi OKonjo-Iweala has called for the creation of a bank that will
cater exclusively for the financing need of women. She made this call in
a keynote address at the 2nd African Women Economic Summit in Lagos
last week.
Meanwhile, The Central Bank of Nigeria (CBN) will launch a special
fund for micro, small and medium (MSME) enterprises in October. CBN
Governor, Mallam Lamido Sanusi disclosed this saying fund will replace
the old agricultural credit guarantee scheme and 60 per cent of it will
be dedicated for women entrepreneurs.
Reiterating the apex bank’s support for women in businesses, he said,
“I am not one of those that believe that all men are better than women
or that women are better than men. You need to both to have diversity on
the board. Any board that has a combination of men and women is better
than any one that has men only or women only.
The central bank has proposed to set up a micro small and medium
enterprises (SME) fund which 60 per cent will be for women empowerment.
This fund is expected to replace the old agricultural credit guarantee
scheme that we have had. When this fund is launched, at least 60 per
cent of the loan will go to women business owners at single-digit
interest rate.
Hopefully, by October this year, when we all come back from the World
Bank meetings, it will be inaugurated.” In her address, Okonjo-Iweala
said it is no longer a debate on whether there should be any investment
on women, since such investment is the only way to sustain current
growth across Africa.
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