Central Bank of Nigeria Sets Aside N252 Billion For Women-owned Businesses
Thursday, July 30, 2015
The Central Bank of Nigeria (CBN) has set aside about N252 billion as credit to support businesses owned by women in the country.
According to the CBN , the facility was dedicated to small and medium-scale enterprises (SMEs), and was meant to deepen and increase access to credit and reduce the high cost of funds for women-owned businesses across the country.
Deputy governor, Economic Policy, CBN, Dr Sarah Alade, said that the bank decided to set aside the fund after observing that lack of access to finance was a key factor inhibiting the parcipation of women in economic activities in the country.
Speaking at a conference on women in management and leadership organised by the Nigerian Institute of Management (NIM) in Abuja, Alade explained that of the N420 billon credit facility for SMEs in the country, 60 percent was set aside for businesses owned by women.