BY CHIKA OKEKE, Abuja
The World Bank alongside the Federal and State Governments have earmarked US$540 million to expand women’s economic opportunities, strengthen livelihoods and promote inclusive and resilient growth.
Already, 460,000 rural women benefited during the pilot programme, designed to reposition women from economic survival to economic opportunity.
Expected to be implemented across 32 states in Nigeria, the programme will support the creation of 4.5 million jobs, targeting at least five million women across participating states.
World Bank Country Director for Nigeria, Mr Mathew Verghis disclosed this at the launch of the Community Investment Fund (CIF) under the Nigeria for Women Programme Scale-Up (NFWP-SU) in Kaduna.
Verghis revealed that barriers to finance, markets, skills, technology and productive assets remained an economic challenge, adding that investing in women is investing in Nigeria’s economy.
He confirmed that the project is financed by the bank and Nigerian government, saying that the programme will provide an opportunity for women to move from individual economic activities to stronger enterprises, and from isolated efforts to collective economic power.
Verghis informed that participating women had mobilised and saved more than ₦20 billion, as the objective of the programme is to assist the participants in building viable and growing businesses that can access finance, compete in markets, create jobs and stand on their own.
He pointed out that women are not simply beneficiaries but are investors whose savings represent discipline, trust and collective action, adding that CIF would enable women to increase production, expand enterprises, access new markets, create jobs and strengthen economic resilience.
Verghis lauded the Katsina State for matching the World Bank’s investment, saying that the commitment helped expand NFWP-SU from six Local Government Areas to all 34 LGAs.
The country director said: “This is an important shift in how we think about women’s economic empowerment. We are not simply providing support to women. We are investing alongside women who are already investing in themselves.”
“This is much more than a financial contribution. It is a powerful demonstration that Katsina believes in its women and recognises that investing in women is investing in the future of the State.”
He enjoined the banks, financial institutions and other private-sector actors to treat Women Affinity Groups (WAGs) and women-owned enterprises as customers, suppliers, producers and business partners.
“What we are really launching is greater opportunity. An opportunity for a woman to expand her business. An opportunity for a group of women to invest collectively. An opportunity for a community to create jobs and an opportunity for Nigeria to unlock a significant source of economic growth.
“Together, we can turn affinity into opportunity, savings into investment, skills into jobs, businesses into enterprises, and collective action into shared prosperity. We are for women. We invest in women. And when women prosper, Nigeria prospers, Verghis added.
The Governor of Katsina State, Dikko Radda informed that CIF would complement women’s savings with resources for new businesses, enterprise expansion and productive activities, soliciting additional financing and technical support for women.
He enjoined the beneficiaries to invest funds in viable activities, maintain proper records and sustain savings and cooperation.
Katsina State Commissioner for Women Affairs, Hajiya Aisha Aminu Malumfashi informed that women established more than 2,393 WAGs and collectively mobilised more than ₦310 million in savings.
She described the savings as evidence of growing financial discipline, collective responsibility and economic self-reliance among women.
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