By Aderogba George
A coalition of women entrepreneurs has called on tiers of government and financial institutions to unlock access to capital for women-led businesses to enable their growth.
The appeal was made in a statement on Wednesday in Abuja by the coalition’s Head of Media, Ms. Hannatu-Asheloge Osifeso, who noted that a campaign had been launched in support of this cause.
The coalition urged Nigeria’s most influential financial stakeholders to take immediate and structural steps to improve access to finance for women entrepreneurs.
The group called on government and financial institutions to reserve 40 per cent of Micro, Small and Medium Enterprise (MSME) loans for women and to implement gender-responsive financing reforms.
The coalition stated that women entrepreneurs remain underserved in terms of funding access, in spite their contributions to Nigeria’s economy.
It highlighted challenges faced by women, including stringent collateral requirements, high interest rates, and rigid lending structures that systematically exclude them.
“Determined to address this, a collective of Nigerian women including Folu Storms, Jemima Osunde, Abosede George-Ogan, Omowunmi Akingbohungbe, Tosin Olaseinde, Lehle Balde, Habibah Waziri, Sa’adatu Hamu-Aliyu, and Ekemini Akpakan have launched a new campaign titled WEEwa₦tMore.
“Other members of the group include Fola Ibowu, Mojisola Humponu-Wosu, and Chioma “Chigurl” Omeruah”.
According to the coalition, economists estimate that fully empowering women’s participation in the economy could increase Nigeria’s Gross Domestic Product (GDP) by as much as 229 billion dollars.
The coalition is calling for the creation and expansion of dedicated credit facilities for women, the reservation of 40 per cent of the MSME loan portfolio for women, and the introduction of a mandatory 30 per cent gender-based lending target for commercial banks, to be enforced by the Central Bank of Nigeria.
It demanded that 50 per cent of government-backed MSME intervention funds be allocated to women-led enterprises.
(NAN)