The Central Bank of Nigeria (CBN) has taken decisive steps to address the $294 billion financing gap that women-owned micro, small, and medium enterprises (MSMEs) in Nigeria face. Under the leadership of Governor Olayemi Cardoso, the CBN is advocating for financial institutions and key players in the ecosystem to create innovative financial products specifically tailored to support women entrepreneurs.
During the CBN’s commitment to the Women Entrepreneurs Finance Code (We-Fi) in Abuja, Cardoso emphasized the need to adopt and adapt global models that have successfully improved access to finance for women. He highlighted that closing this financing gap is crucial for Nigeria’s broader economic development, stressing that it is an economic issue that transcends gender.
Key Initiatives:
- Learning from Global Models: Cardoso emphasized that Nigeria doesn’t need to reinvent the wheel but can adapt successful global models to improve access to finance for women entrepreneurs.
- Personal Commitment to Gender Equality: He reiterated his commitment to promoting gender equality in the financial sector, citing previous efforts before assuming his current role.
- Collaborative Effort: The CBN, in partnership with the Development Bank of Nigeria (DBN) and the Bank of Industry (BoI), is spearheading this initiative, urging private sector involvement to bridge the gender financing gap.
- Women Entrepreneurs Finance Code (We-Fi): Temitope Fadeyi, Head of the Financial Inclusion Delivery Unit at the CBN, highlighted that only 25% of the market potential for women entrepreneurs is currently tapped, leaving a huge opportunity to improve financing access. She outlined key actions, including leadership commitment, expanding support, and gathering gender-disaggregated data to track progress.
By rallying regulators, development finance institutions, and private stakeholders, the CBN aims to create an environment where women-led businesses can thrive, contributing significantly to the Nigerian economy.
