The African Development Bank Group, AfDB, in collaboration with African Guarantee Fund, AGF, has commenced it's Affirmative Finance Action for Women in Africa, AFAWA, initiative series in a bid to unlock financing for women entrepreneurs in Nigeria and other African countries.
Speaking during the 5th series of the event in Lagos, the Minister of Finance, Mr. Wale Edun, who was represented by the Acting Permanent Secretary/Director Economic research and Policy Management Department, Federal Ministry of Finance, Mrs. Grace Ogbonna, highlighted collateral and interest rates as problems limiting women-owned or led businesses access to credits.
"What I have seen happening in banks is that the monies are made available but people are not able to access it because the main problem is this collateral. The main problem is the interest rate.
"So if we have to go extra miles and achieve the objective of this project, we have to look at the banks .
"Women constitute a substantial portion of our population and their full and equal participation in the economy is not just a matter of social justice but it is also one of economic parity," the minister said.
On her part, AfDB's Vice President for Agriculture, Human & Social Development, Dr. Beth Dunford, noted that in Nigeria, there was real opportunity for scale, adding and that micro, small and medium-sized enterprises made up more than three-quarters of Nigeria's workforce.
