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Nigerian Women Entrepreneurs Persist Amid Challenges, Driven by Quest for Stability.

by Women Times on

By Prosper Mene 

A recent report by Mastercard, first published by Businessday NG on 5 March, continues to resonate across Nigeria, shedding light on the motivations of female entrepreneurs. The study revealed that over 90% of Nigerian women are driven to start their own businesses by a desire for financial security, with a particular emphasis on achieving independence and establishing a safety net. This trend is especially pronounced among younger generations, namely millennials and Gen Z, who are increasingly taking their futures into their own hands.

Since the report’s release, it has sparked widespread discussion. Many women who have ventured into entrepreneurship acknowledge the difficulties but view it as a preferable alternative to reliance on others or an uncertain job market. Amaka, a hairdresser in Lagos, shared her perspective: “I opened my salon because I refused to live at the mercy of others. Rent is steep and power supply is unreliable, but I can now provide for my child and rest easier knowing I control my income.”

The Mastercard findings highlight a burgeoning entrepreneurial spirit, particularly among young women fresh from education or balancing side ventures. Rather than waiting for traditional employment opportunities, which are often scarce, they are launching small retail outlets, engaging in e-commerce, or offering services such as catering to secure their livelihoods.

However, the path is not without obstacles. Entrepreneurs frequently cite challenges such as taxation, poor infrastructure, and inconsistent electricity as significant hurdles. Despite these difficulties, their resolve remains unshaken. Chioma, a trader in Abuja, remarked, “I may not have everything I need, but I’m determined to ensure my children don’t endure the struggles I’ve faced.”

Observers suggest that this wave of determination could transform Nigeria’s economic landscape if supported by government initiatives, such as accessible loans or improved market conditions. For now, these women continue to forge ahead, demonstrating remarkable resilience and a refusal to be deterred.

 

 

 

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News

Waste to Wealth: GTCO Plc Launches Gas Project to Empower Women in Ogun State

by Women Times on

By Prosper Mene

In a bold move to tackle environmental pollution and uplift underserved communities, GTCO Plc, a leading Nigerian conglomerate, launched an ambitious waste-for-gas project on Saturday, distributing 3,000 gas cylinders to women in Ogun State. The initiative, unveiled in Abeokuta, blends sustainability with economic empowerment, offering a lifeline to women in low-income areas while addressing Nigeria’s waste management challenges.

The project, spearheaded by GTCO’s sustainability arm, transforms household and market waste into clean-burning gas, which is then packaged into cylinders for domestic use. At the launch event, attended by local leaders, environmentalists, and beneficiaries, GTCO officials handed out the first batch of 3,000 cylinders to women from underserved communities, many of whom rely on firewood or kerosene for cooking—a practice linked to health risks and deforestation.

“We’re turning waste into opportunity,” said Segun Agbaje, GTCO’s Group Chief Executive Officer, in a keynote address. “This project not only reduces environmental harm but also empowers women economically by giving them access to cleaner, safer energy. It’s a win for the planet and the people.”

The initiative targets women as primary beneficiaries, recognizing their central role in household energy use and their vulnerability to the health impacts of traditional cooking methods. According to the Nigerian Ministry of Environment, indoor air pollution from biomass fuels claims thousands of lives annually, disproportionately affecting women and children. By providing gas cylinders, GTCO aims to curb these risks while fostering financial independence—some recipients will reportedly sell surplus gas in their communities.

One beneficiary, 42-year-old trader Idayat Adebayo from Ijebu-Ode, beamed with excitement as she received her cylinder. “This will save me money and time,” she said. “No more smoke in my lungs or searching for firewood. I can even make a small business out of it.”

The waste-for-gas model also tackles Ogun State’s mounting waste problem. With urban centers like Abeokuta generating tons of refuse daily, GTCO’s processing plants convert organic waste into biogas, reducing landfill pressure and greenhouse gas emissions. Environmental experts at the event praised the dual impact, though some called for more data on the project’s scalability.

“This is innovative, but we need to know how many plants are operational and how much waste they can handle,” noted Dr. Funmi Adeyemi, an environmental scientist based in Lagos. “If it scales, it could be a game-changer for Nigeria.”

GTCO has not disclosed the project’s full cost or the timeline for future phases, but company representatives hinted at plans to expand nationwide.

Local leaders in Ogun State welcomed the initiative, with the Commissioner for Women Affairs, Motunrayo Adeleye, describing it as “a step toward sustainable development that prioritizes our women.” She added, “We’re eager to partner with GTCO to ensure this reaches every corner of the state.”

For the women of Ogun State, the cylinders represent more than just fuel—they’re a symbol of progress. As the launch concluded, the hum of celebration filled the air, coupled with the promise of cleaner kitchens and brighter futures.

 

 

 

 

 

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Health

Kebbi State Takes Bold Step: 100 Disabled Women Enrolled in Health Insurance Scheme

by Women Times on

By Prosper Mene

In a bold move to enhance healthcare access and promote inclusivity, the Kebbi State Government has enrolled 100 women with disabilities into the Kebbi State Contributory Health Management Agency (KECHEMA). The initiative, announced on Saturday, marks a significant stride toward addressing the health disparities faced by one of Nigeria’s most underserved populations.

The enrollment ceremony, held earlier today in Birnin Kebbi, saw state officials and community leaders gather to celebrate the milestone. The 100 beneficiaries, selected from various communities across the state, will now have access to affordable and comprehensive healthcare services through KECHEMA, a state-run insurance program designed to reduce out-of-pocket medical expenses.

“This is about dignity and equity,” said a senior official from the Kebbi State Ministry of Health, who spoke on condition of anonymity. “These women have faced barriers to healthcare for too long—physical, financial, and social. Today, we’re breaking down those walls.

The initiative comes at a time when Nigeria grapples with significant healthcare challenges, particularly for people with disabilities. According to the World Health Organization, individuals with disabilities are more likely to experience unmet healthcare needs due to poverty, stigma, and inaccessible facilities. For women, these challenges are often compounded by gender-based inequalities, making Kebbi’s targeted intervention a beacon of hope.

Local observers have hailed the move as a step in the right direction. Amina Suleiman, a disability rights activist based in Kebbi, told reporters, “This isn’t just about insurance; it’s about recognizing these women as equal citizens with rights. We hope this sets a precedent for other states to follow.”

The enrolled women, ranging in age and disability type, expressed gratitude and relief. Fatima Usman, a 34-year-old mother of two who lost her sight five years ago, shared her story: “I’ve struggled to afford treatment for myself and my children. Now, I feel like I have a safety net. It’s a new beginning.”

KECHEMA officials noted that the program covers a wide range of services, including maternal care, routine checkups, and treatment for chronic conditions—services that are critical for women with disabilities who often face higher health risks. The state government has pledged to monitor the initiative’s impact and explore expanding coverage to more vulnerable groups.

While the move has been widely praised, some observers are calling for greater transparency on funding and sustainability. “It’s a commendable start, but we need details on how this will be maintained long-term,” said Dr. Ibrahim Garba, a public health analyst in Sokoto. “The success of this program could inspire national policy if it’s backed by solid planning.

 

 

 

 

 

 

 

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Empowerment

First Lady Launches Empowerment Initiative for 500 Women in Nasarawa State

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In a significant move to uplift women’s livelihoods, Nigeria’s First Lady, Senator Oluremi Tinubu, has empowered 500 women in Nasarawa State by distributing essential household items aimed at enhancing their business operations.

The event, held in Lafia, the state’s capital, marked the official launch of the initiative, underscoring the First Lady’s dedication to promoting women’s economic empowerment and enabling them to succeed in their ventures.

This initiative is just the beginning of a nationwide effort to support women. The empowerment packages, which included deep freezers, gas cookers, standing ovens, grinding machines, and generators, were distributed to the vulnerable beneficiaries through the First Lady’s Renewed Hope Initiative, in partnership with the Office of the Senior Special Assistant to the President on Sustainable Development Goals (SDGs).

Representing the First Lady, Mrs. Silifat Abdullahi Sule, the wife of the Nasarawa State governor, urged recipients to use the items wisely to benefit their families and communities. “These items were sent by the First Lady for you to benefit,” she emphasized, adding that beneficiaries must provide their forms with photographs before collecting the items.

Mrs. Elsie Monde, the Special Adviser on Women Affairs, thanked the First Lady and encouraged women to utilize the items for self-empowerment rather than selling them. She praised the women’s resilience and their crucial role in nation-building, urging for collective efforts to strengthen the country.

Mr. Emmanuel Yonah, Permanent Secretary of the Ministry of Women Affairs and Social Development, commended Hajiya Silifat for her role in coordinating the empowerment initiative and highlighted the First Lady’s unwavering commitment to advancing gender equality and women’s empowerment through initiatives like the Renewed Hope Initiative.

Beneficiaries Liatu Abari from Lafia LGA and Mohammed Hauwa from Toto LGA expressed their gratitude to the First Lady for the support and pledged to make the most of the items provided.

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Event

‘The Bloom Conversations with Sola’ Returns with an Inspiring 2.0 Edition in Lagos

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After the resounding success of its inaugural edition, The Bloom Conversations with Sola returned for its highly anticipated 2.0 edition which took place at Providus Bank building in Lekki Lagos, on Saturday, January 25, 2025.

This year, the exclusive gathering brought together 35 corporate women in a safe, closed-door setting to explore the challenges of balancing life, career, family, and relationships. The intimate session provided a platform for participants to share their stories, learn practical strategies, and gain valuable insights on blooming in every aspect of their lives.

The event builds on the foundation laid in April 2023, when Oluwasola Obagbemi, Convener of The Bloom Conversations with Sola, launched the initiative with 30 phenomenal women from diverse industries. At the inaugural session, Sola shared her personal and professional journey, highlighting life lessons that have shaped her success. The atmosphere encouraged participants to share openly, creating a supportive space for growth and mutual encouragement.

The first edition featured distinguished speakers, including Audrey Joe-Ezigbo, Folake Sanu, Folake Soetan and Nkiru Olumide-Ojo. These leaders shared invaluable insights on navigating life’s challenges with strength, resilience, and grace. More than a year later, their lessons continue to inspire and fuel Sola’s vision of empowering women to bloom wherever life plants them.

“This second edition is about going deeper,” Sola shared during her address. “It’s about tackling the unspoken questions women often face, building resilience, and fostering a network of support where women can openly share and grow together. Traditional conferences, summits and webinars often lack the intimacy required for vulnerability and actionable problem-solving. The Bloom Conversations with Sola breaks those barriers, creating a space where women can connect, share, and win together.”

The 2.0 edition featured two inspiring speakers: Mrs. Folake Soetan, CEO of Ikeja Electric, who offered practical guidance on personal development in the workplace, goal setting, and nurturing relationships across life’s domains. Meanwhile, Mrs. Adenike Macaulay, CEO of Wakanow, shared her experiences on building workplace allies, achieving balance, and investing in self-growth.

Together with Sola, they provided actionable insights to empower participants to overcome challenges and achieve their personal and professional goals.

This year’s event was made possible through the support of partners, including Providus Bank, Bolt Nigeria, SM Productions, Firewood Jollofrice, DiosDelite, Poshclick, Johnvents, WakeyWhacks, CakesByDebbie, and Ego Foundation.

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Empowerment

Polaris Bank, Partners Present School Essentials to Gbaja Girls Secondary Schools in Lagos

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Polaris Bank and one of its strategic CSR partners, Evolve Trust Charity recently stormed Gbaja Girls (Junior and Senior) High School, Surulere, Lagos in continuation of its presentation of school essentials programme to selected public school students in the country.

The partnership which birthed in 2021 and primarily focused on empowering the girl-child and their male counterparts has reached over 15,000 students across 35 public schools in nine states including Lagos, Kano, Kogi, Imo and FCT, Abuja. Amongst other things, the initiative includes empowering young learners with brain training techniques and emotional intelligence education alongside making and distributing user-sized school essentials (bags, uniforms, sandals, books, and pens). The initiative also captures training of teachers in the respective schools, all sponsored by the Bank.

Speaking at the presentation on Wednesday, the Bank’s Executive Director, Corporate and Investment Banking, Mrs. Abimbola Ozomah emphasized that the Bank being a signatory to United Nations’ (UN) Principles for Responsible Banking aligns its practices and strategies with the UN’s Sustainable Development Goals and the Paris Climate Agreement thus igniting its sustained interests in the training of the girl-child.

According to data from the United Nations Educational, Scientific and Cultural Organisation (UNESCO), there are about 10.5 million out of school children in Nigeria with six million of them being girls.

“This event is not just about distributing educational materials but empowering girls for bigger roles because educated girls grow into informed women. At Polaris Bank, we are committed to bridging the educational gap, empowering girls and building sustainability aligning with global framework,” she said.

The Executive Director further charged the students to embrace the opportunities inherent in education while stating that the Bank will stop at nothing to support them.

“Education is most powerful tool at your disposal and you have to utilize it to the maximum. Polaris Bank will not relent in supporting this laudable mission to empower girls who will drive the needed change to better our country and world. This intervention is in line with the Bank’s ongoing sustainability efforts aimed at reducing out-of-school children population and increasing access to quality education, especially for the girl-child and we urge you all to take full advantage,” Ozoma noted.

Also speaking, Programme Manager at Evolve Charity Trust, Ejeh Godwin thanked Polaris Bank for keying into the Trust’s mission of supporting the girl-child nationwide. Godwin noted that while the initiative commenced in 2020, Polaris Bank partnered in 2021 and the Bank has never for once backed out since then.

“I want to specially appreciate Polaris Bank for their tremendous support since 2021 that the partnership started. We couldn’t have done this alone nor come this far without their support. We’ve expanded our reach and hope to even bring more schools in other states on board this year, all thanks to Polaris Bank,” Ejeh said.

The Principal, Gbaja Girls Junior High School, Mrs Dabiri Nwabuoku Adetoun Iyabo in her remarks also appreciated Polaris Bank for including the school in the intervention programme.

“I want to specially thank Polaris Bank on behalf of staff and students for finding us worthy of benefitting from this laudable programme. You can feel the energy in the hall that the students are happy and so are the staff. This has boosted our morale, and we are incredibly happy about it,” the Principal enthused.

One of the beneficiaries and Assistant Senior Girl of the school, Bankole Oreofeoluwa Emmanuella also thanked the Bank for symbolic gesture while promising to put the items into judicious use.

“My friends and I are happy about this gesture from Polaris Bank, and we can’t thank the Bank enough. These items will further ease our learning, and we promise to not only put them to judicious use, but imbibe good maintenance culture,” Bankole said.

Highlight of the event was presentation of the items to students by officials of Polaris Bank and Evolve Charity Trust.

 

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Empowerment

EDC, Mastercard Foundation Empower 12 Female-Led Agro Firms with Grants

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In a bid to address some innovative ideas across the agricultural value chain and help accelerate and create new opportunities for young female entrepreneurs in the sector, Enterprise Development Centre (EDC) of Pan-Atlantic University, Lagos, GEN Nigeria and Mastercard Foundation, have strengthened the Agro-Hack Challenge initiative by rewarding twelve female-led agro firms in Nigeria.

At the 5th edition of the Agro-Hack Challenge held at the EDC office recently, All Green Limited emerged the winner and won the grand prize of one million Naira (N1, 000,000). In second place, Glorious Farm Gate won the sum of seven hundred and fifty thousand naira (N750,000) while Vickey Goshen Eco Farm emerged second runner-up with the sum of five hundred thousand Naira (N500,000).

Meanwhile, nine other firms were rewarded with a sum of one hundred thousand (N100,000) each for participating in the challenge.

Participating firms across the 6 geo-political zones in Nigeria at the 5th edition of the Agro-Hack Challenge includes: Market AI, Juvison Enterprise, Glorious Farm Gate, Elafagon Nigeria Limited, Vickey Goshen Eco Farm, Yar Galadimas Business Empire, Sehaj Energy Resource, Mrs Muna Rice Shield, Triple A, Farm Box, Awari Olounge Omode and All Green Ivy Limited.

Speaking during the pitch session, Dr Nnena Ugwu Head of Alumni Relations and Support Services/ Member of EDC Management Board stated that “This event is organized to see how they can help to address innovative ideas across the agricultural value chain and help accelerate and create new opportunity for these very young Nigerians particularly, the female-led agro value chain companies.”

According to her, “The programme was initially designed for both male and female led agro businesses but this one is only female led agro businesses. It is a segment that we are interested in because women are not really interested in agricultural business and to encourage them, we have to design a programme to address their needs.”

So, they go through different accelerator programmes such as boot camp, mentoring sessions to help them with business support and on how to navigate the challenges associated with agro value chain in Nigeria and globally.

Agro-hack challenge is organized by EDC and GEN Nigeria in partnership with Mastercard Foundation to assist female entrepreneurs and SMEs navigate the murky waters of the agricultural value chain while empowering and transforming young Nigerians especially, the female-led agro businesses.

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Event

Mums Feel Warmth Initiative Hosts Webinar on Postpartum Depression Awareness

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In a bid to empower mothers and foster a sense of reassurance, Mums Feel Warmth, an inspiring initiative by MSc Media and Communication students from the School of Media and Communications, Pan-Atlantic University, hosted a transformative webinar titled “Beyond Baby Blues: Understanding and Overcoming Postpartum Depression” on January 7th, 2025.

The event sought to highlight the journey through Postpartum Depression (PPD), offering a message of hope, resilience, and the importance of mental health support for mothers everywhere.
Mums Feel Warmth, with its core values of empathy, compassion, hope, community, and education, speaks to the Sustainable Development Goal 3, advocating for good health and well-being. The initiative is breaking the silence around postpartum depression (PPD), a condition that can significantly impact new mothers in the critical period following childbirth.

The webinar featured insights from medical professionals like Dr. Laja Odunuga, who explained the difference between the common “baby blues” and the more severe, long-lasting PPD. The discussion highlighted how PPD can manifest not just as sadness but through severe fatigue, disconnection from the newborn, and loss of interest in activities, which can last well beyond the typical two-week period associated with baby blues.

Otomfon Ibanga, emphasized the role of support systems, urging families and friends to be vigilant for signs of PPD and to provide a nurturing environment.

She also discussed prevention strategies, including prenatal planning for support structures, and post-delivery management through therapy or medication.

Dr. Chimaraoke Obialo addressed the stigma surrounding PPD, advocating for education to transform societal perceptions from judgment to support.

The webinar underscored the need for community involvement, not just in recognizing symptoms but in actively participating in the healing process by offering emotional and practical support.

The Mums Feel Warmth webinar was more than just an educational session; it was a call to action for society to embrace and support new mothers dealing with PPD. By fostering open conversations and providing platforms for sharing experiences, Mums Feel Warmth continues to lead the charge against the stigma of PPD. The commitment shown by the panelists and attendees alike promises a future where every mother has access to the understanding and care needed to navigate through the complexities of postpartum depression, ensuring that the joy of motherhood is not overshadowed by mental health challenges.

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Event

Fola Fin Conference 2024: How Two Leading Women Are Championing Generational Wealth Creation In Nigeria

by Women Times on

By Azeez Disu

 

The need for businesses to create profitable enterprises that outlive the founder was advocated for at the 2024 edition of the Fola Fin Conference organized by two leading global women entrepreneurs, Sheneya Wilson, and Temitope Akinsemoyin. The two amazons believe that any woman or anyone regardless of their background can achieve financial empowerment and build sustainable wealth for generations to come.

 

Sheneya is the Founder of Fola Financial, a U.S.-based financial services firm while Temitope is the Founder of Stanchion TM Consults NG; a firm offering capacity development, strategic management, project management, and human resource management.

 

Fola Fin Conference which serves as a rallying point for businesses, individuals, and entrepreneurs to grow their businesses was held in Lagos and Abuja recently.

 

The event was conceptualized to help African entrepreneurs thrive in the global competitive environment, providing them with financial literacy and advocacy skills including operational and technical skills, leadership and relationship-building skills, and accounting and business skills.

 

According to Sheneya, “It was inspired by a desire to help more Africans gain the skills, and tools needed to thrive in the global competitive environment. Like, as we know, technology has taken over everything, but it’s also making access to doing business easier. I don’t want any black Americans, or anyone including people who live in Africa, to miss out on being able to take advantage of how the market is currently going in terms of globalization.”

 

She added “We wanted to create a conference where it wasn’t just about talking and being inspirational, but about giving people skills that they can take home and actually utilize. So, things like budgeting and saving, investing, and of course, doing accounting for themselves and for their businesses. I think these skills are pivotal in giving people what they need to be confident so they can explore and build them well for themselves.”

Tax Literacy

Sheneya emphasized the need for citizens to understand tax matters better despite many don’t trust their government.

 

She explained “One thing that I know that Nigeria is going through but also a lot of other developing nations in Africa are going through, is tax reform. When you talk to people, they say that they don’t pay taxes because they don’t trust the government because they believe they are corrupt.”

 

She added that to change the narrative, it is empowering citizens with knowledge of tax and financial literacy through its conference and other initiatives, which will enable them to hold their government accountable.

 

“A big piece of the conference was talking about tax literacy and then team members presented their project about how they can act as tax advocates and how everyone else can. We need the taxes to work for us, whether you’re in America or whether you’re in Nigeria. We need roads to be built, we need public schools to be funded, we need public hospitals to be funded, public parks to be cleaned for our children, roads to be done,” she stated.

Making Impact 

‘What is the purpose of building anything if people aren’t impacted? What’s the purpose of being wealthy and rich, If the people who live around you are all poor?” Sheneya asked.

 

She explained that she believe that the Fola Fin Conference and other initiatives under her watch will have a multiplier effect on society and the economy. 

 

“We empower these small businesses, they employ people and then, the people educate their children. It’s like pouring wealth, which starts with knowledge, into society and it is going to have a long-term effect. And that’s what we’re hoping to achieve with initiatives like this,” she stated.

 

Also, as part of the initiative, an outreach program was embarked on to support the less privileged in accessing quality healthcare.

 

Speaking on the impact of the conference on the Nigerian economy, Temitope said “A lot of people are now more enlightened about tax issues and finances and this conference is like a pathway which will help accelerate economic growth. The next cohort of fellowships is coming up in 2025 where people will be able to start their career in finance. So, it is not just about people coming to garner experience that will help their businesses but also to help them create career paths in finance and tech”.

 

Commending the organizers for putting the event together, Chukwuemeka Chiejina, Retail Team Lead, Retail & Consumer Banking unit, Sterling Bank, and one of the sponsors said the event was impactful and equipped participants on the way to manage their finances which aligned with the bank’s goal. 

 

“People tend to spend their profit alongside their capital but the event empowered participants on how to separate their capital from profit and also develop a saving culture. We came to support the program because we are keen on supporting startups.”

Fola Global Apprenticeship Program

Noteworthy, Fola Financial and Stanchion TM Consults NG launched the Apprenticeship program recently to equip young Nigerians with essential financial and business skills for global competitiveness. It also aimed to teach them about the U.S. tax system, get them certified to do taxes in America, and also teach them about how the tax system works in Nigeria.

 

Interestingly, five individuals emerged out of about 250 applicants for the apprenticeship program and they were unveiled at the Fola Fin Conference 2024. 

 

According to Sheneya, “We had over 250 applicants. Temitope helped screen them to where it was only 50, then from there we interviewed 10 people and then we chose our top five.”

Similarly, Temitope said it leveraged technology to make the screening process seamless. “Technology helped us out and eased the stress during the selection process.”

 

The top five winners have also been certified by the Internal Revenue Service in America after excelling in their exams, will work virtually from Nigeria, and will get paid. “They will be working with U.S. taxpayers, doing the tax returns and, of course, they’ll be paid for it. So, I think they’re all excited about that,” Sheneya stated.

 

Temitope stated that the program gives people the room to get training and start a career in finance, taxation, and tech. “Once they qualify they are able to go through between 8 weeks to 12 weeks of training and afterwards they start working with Fola Financial and some of our other partners and they get paid actually. It’s a paid apprenticeship”.

 

She explained further that after a year, the trainees under the program will be considered for permanent job placement.  “After one year, they are considered for a permanent placement with Fola Financial or some of our other partners. So we absorb them or we help them to grow and develop their own businesses at the end of the day,” she disclosed.

 

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Empowerment

Women-Owned MSMEs: DBN, French Development Agency Team Up to Empower Women Entrepreneurs

by Women Times on

In recognition of their pivotal role in fostering economic growth, innovation and social equity, Development Bank of Nigeria Plc (DBN) and the French Republic and the French Development Agency (AFD) have teamed up to empower Nigerian women entrepreneurs.

On December 11th, 2023, under the high patronage of His Excellency, the French Ambassador to Nigeria, Marc Fonbaustier, DBN’s Managing Director, Dr Tony Okpanachi and AFD’s Country Director, Xavier Muron convened at DBN’s Headquarters in Abuja to sign a €50 million credit line and a €825 000 technical assistance and capacity building grant. Through these financings, the two institutions are collaborating to provide tailor-made tools to strengthen access to financing for women MSMEs while developing a gender mainstreaming approach with financial and non-financial services specifically adapted to women’s needs.

As a public development bank, DBN constitutes a strategic stakeholder to better take into consideration gender issues within the financial sector and support the financing of MSMEs contributing to the empowerment of women.
Dr. Tony Okpanachi, highlighting DBN’s role and commitment to empowering women in Nigeria stated: “At Development Bank of Nigeria, we are unwavering in our commitment to empowering women MSMEs in Nigeria. We believe that women are the backbone of our economy, and by supporting them, we are not only promoting gender equality but driving sustainable economic growth.”

“Our bank is dedicated to providing financial inclusion and access to capital for women entrepreneurs, thereby enabling them to grow their businesses and create jobs. We are also passionate about supporting the girl child, recognising that education and economic empowerment are key to unlocking their full potential.”

Xavier Muron, AFD’s Country Director, took the opportunity to highlight that “by providing women with tools, resources, network and mentorship, AFD is committed to participating in the creation of a more inclusive and resilient global economy while encouraging women to bring their unique perspectives and ideas to the table.”

The project provides a unique approach to support DBN in catalyzing financing towards MSMEs and in particular underserved clients. To this point, part of the financing will be exclusively allocated to first-time borrowers. In addition, priority for access to financing and capacity building to micro and small enterprises has been a strong focus of the design of this financial product. Lastly, the credit line aims at providing medium to long-term financing to what is today a much-underserved segment of the population.

All in all, the support to DBN in its role as a second-tier public development bank will make it possible to seek a transformational movement to integrate gender issues and redirect financial flows within the Nigerian financial system via the PFIs.

With this in mind, it was only natural that this highly anticipated event occurred during the 16 days of activism against gender-based violence (25 November – 12 December). Indeed, research has proven that reducing economic dependence, promoting gender equality and empowering gender champions, are some of the key structural solutions to fight against the symptoms and the roots of GBV. To this point, M. Marc Fonbaustier, the French Ambassador to Nigeria reiterated the long-term commitment of France to support all of its partners towards “economic empowerment of women as it builds independence, increases confidence and provides for a more equal world.”

Dr. Okpanachi acknowledged the dedication of France and AFD, to ensure a smooth and efficient implementation of this program: “DBN welcomes this partnership as it shows the strong will of key partners to implement Sustainable Development Goal 5 – Gender Equality and empowerment of all women and girls. The partnership underscores a collective action to work together towards creating a more inclusive and prosperous society for all.”

Meanwhile, Mr Muron commended “the professional approach adopted by DBN which led to this signing ceremony which is the beginning of a very crucial program which will, without a doubt, enhance the capacity of DBN, the Participating Financial Institutions and the Women MSMEs benefiting from it.”

Development Bank of Nigeria (DBN) is a wholesale development finance institution set up by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria. DBN’s objective is to alleviate financing constraints faced by MSMEs and small Corporations in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.

The Agence Française de Développement (AFD – French Development Agency) funds, supports, and accelerates the transitions to a fairer and more sustainable world – aligned with the Sustainable Development Goals. Focusing on climate, biodiversity, peace, education, urban development, health and governance, our teams carry out more than 4,000 projects in France’s overseas departments and territories and another 115 countries. In this way, it contributes to the commitment of France and the French people to support sustainable development goals.

AFD has been present in Nigeria since 2008 with its main office based in Abuja along with an additional branch in Lagos. Its main sectors of intervention in the country are financial services, energy, higher education & vocational training, agriculture, water supply as well as clean transportation. For more information, visit https://www.afd.fr/en.

Essentially, gender equality is a priority for the French government. Internationally, the French Ministry for Europe and Foreign Affairs delivers on this commitment through its feminist foreign policy. France is advocating gender equality in international forums and wants this goal to be taken into account in all issues, including inequality reduction and sustainable development, peace and security, defence and promotion of fundamental rights, and climate and economic issues. By 2025, France is committed to ensuring that 75% of the projects funded by France’s official development assistance help to improve gender equality.

The collaboration between DBN and AFD will no doubt impact women-owned businesses in Nigeria by addressing not only their financing challenge but their capacity to scale as well.

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