CBN provides N252 billion fund to support women-owned businesses

23 Jul 2015
Financial Nigeria

Summary

The facility is 60 per cent of the N420bn CBN credit facility for SMEs in the country.

Dr. Sarah Alade, Deputy Governor, Economic Policy, Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has earmarked the sum of N252 billion as credit to support businesses owned by women in Nigeria. The CBN said the facility was dedicated to help boost the performance of the Small and Medium-scale Enterprises (SMEs) in the country.
    
The apex bank has, at various instances, shown its commitment to deepen and increase access to credit to the SME sub-sector, which it says is critical to the development of any economy because of its potential for employment creation and income generation. Unfortunately, women are particularly disadvantaged in terms of access to credit.

The N252 billion fund the bank is setting aside will help reduce the high cost of funds for women-owned businesses across the country. The CBN’s Deputy Governor, Economic Policy, Dr. Sarah Alade, said the bank decided to provide the fund due to the fact that lack of access to finance was impinging on the participation of women in economic activities.

Dr. Alade, who spoke at a conference on women in management and leadership organised by the Nigerian Institute of Management in Abuja on Wednesday, said the fund for businesses owned by women is 60 per cent of the N420bn CBN credit facility for SMEs in the country.


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