Women’s Economic Empowerment: Experts List Challenges, Task Govt on Way Forward

•Laud Dangote, BOI, Access Bank, others for supporting female entrepreneurs

Sunday Aborisade in Abuja

Female experts in business management and notable entrepreneurs have asked governments at all levels to proactively come up with gender friendly policies and programmes that would assist hardworking ladies grow their businesses in Nigeria without official impediments.

They bared their minds at a webinar on Women’s Economic Empowerment Media Conversation, hosted by Gatefield and monitored by THISDAY in Abuja.

Speakers on the occasion included, Founder of the TOS Group, Chief Osasu Igbinedion-Ogwuche and Founder, Eden Venture Group; Fifehan Osinkalu.

Two entrepreneurs who also shared their firsthand experiences were, the Co-founder, Autogirl, Chichi Arinze and Co-Founder, Loom Chocolates, Uzo Igweike.

They unanimously asked the government to support women’s economic growth and empowerment through policies that promote equal access to education, employment, resources, and legal rights.

They also asked policy makers to address discriminatory practices and promote financial inclusion.

They exhausted the various funding challenges women entrepreneurs face in Nigeria and the role of the media in driving change.

They discussed the significant funding gap for women entrepreneurs in Nigeria and highlighted the specific barriers frustrating businesses set up by lady entrepreneurs and also identified lack of access to capital, care economy constraints, and stringent funding requirements.

They asked governments to reverse the labour laws, provide alternative collateral options, and incorporate financial literacy into funding programmes.

They emphasized the economic and gender equality implications of gender exclusion and advocated policy interventions such as revising labour laws and workplace reforms.

They shared the experiences of some women, illustrating their aspirations and the challenges they face.

These included limited access to capital to pursue business ventures in agriculture, fashion, and food.

They also identified constraints related to land ownership and tack of business protections and also highlighted that women’s economic empowerment benefit not only the female gender but also their families and communities.

Specifically, Shirley Ewang outlined key messages and demands for policymakers.

She emphasised the need for less stringent funding opportunities, alternative collateral options, and incentives for women entrepreneurs.

All the speakers stressed the importance of acknowledging women’s high loan repayment rates (95%) and their significant contribution to Nigeria’s economy (50%)

Osasu Igbinedion Ogwuche commended the successful local initiatives by the Dangote and BOI fund, the Access Bank, among others.

She advocated the adoption of the international models like the Grameen Bank in Bangladesh, emphasizing the transformative potential of micro-lending schemes.

They advocated for incorporating financial literacy and business education into funding programmes.