- .Govt okays $600m funding for youth entrepreneurs
The Federal Government has explained the rationale behind its continued investment in women-led businesses and support for the entrepreneurial skills of youths.
Speaking during a panel interview at the World Bank/International Monetary Fund (IMF) Annual Meetings in Washington D.C, Minister of Finance and Coordinating Minister for the Economy, Wale Edun, rolled out Nigeria’s ambitious plans for youths and women entrepreneurs.
This follows the World Bank Group’s interests toward implementing Gender Strategy 2030, a set of actions and concrete goals that aim to boost economic opportunities for more women, which Nigeria fully supports.
The targets, unveiled at a flagship event during the 2024 World Bank Group Annual Meetings, will focus on use of broadband, social protection, and access to capital. These efforts will contribute to one of the three pillars of the Gender Strategy, which is dedicated to expanding and enabling women’s participation in the global economy.
According to the President of the World Bank Group, Ajay Banga:“When we increase women’s economic participation, it not only boosts the global economy, but also strengthens families and communities.
“Through economic empowerment, we are building a ladder out of poverty and extending hope and dignity as far as possible.”
By 2030, the World Bank Group aims to enable 300 million more women to use broadband, unlocking essential services, financial services, education, and job opportunities; support 250 million women with social protection programs, focusing especially on the poorest and most vulnerable and provide 80 million more women and women-led businesses with capital, addressing a critical constraint to entrepreneurship growth.
Edun said that by empowering the Nigerian female population and giving them the same access that is given to men, the whole society will be better off for it.
He said: “In Nigeria, we have been deliberate. We have a national action plan for the economic empowerment of women. It was launched recently by the President. But what it points to is that it is a deliberate commitment, and it comes from the very top.”
He lauded the World Bank for the Nigeria for Women Project, which is currently in six states and to be rolled out in even more states.
“It is one project that people around the world should take the opportunity to come and see and learn from. What it does, is it puts women in women affinity groups. And within those groups, about 22,000 women learn, train, get funding, education for their businesses,” he said.
Read Also: Edun: N10tr savings from subsidy removal for infrastructure, others
Edun said women in the group fund themselves, through group savings schemes whereby they in turn lend to each other. “And that has proved a very successful model for helping those women to get on their feet, get a chance to be entrepreneurs, and of course, learn about life skills across the board,” he said.
He said that in Nigeria, 49 per cent of the population are women, with the World Bank support helping them to stay in education, provide training, support funding for those who want to become entrepreneurs, and provide skills development for others.
The minister said that the government recognises the importance of the digital space, and has committed around $600 million of funding into the digital program called the Digital and Creative Enterprises sector.
He said around 30 per cent of the fund is earmarked for young women’s startup capital, technology training, and general skills development.
“These are very deliberate, and targeted initiatives aimed at ensuring that we empower women over the normal schooling system, what the traditional system, and what the culture in which they are in would do for them,” he said.
He said the scheme is aimed to empower entrepreneurs within the 15 to 35 years old bracket.
“And of course, the results are likely to be phenomenal, because these are talented, these are ambitious, these are energetic people, and what they want is that chance to show what they can do, that help and that support to get on the ladder to success,” he said.