FG, GEMS provide rural women access to market and finance in 7 states
The Ministry of Industry, Trade and Investment has partnered with Growth and Employment in States (GEMS 3), to provide rural women with access to market and finance.
The GEMS 3 is planned to be implemented in seven states, namely Bauchi, Akwa Ibom, Ogun, Ebonyi, Abia, Niger, and Kaduna. They will serve as the launching platform for the pilot scheme.
The Minister of State, Industry, Trade and Investment, Aisha Abubakar, said it is imperative for women to reach their potential and be critical elements for the attainment of inclusive growth and sustainable development.
The minister, who spoke at the launch of the Women in Investment and Enterprise (WINE) project in Abuja, added this will provide a platform for the aspiration of next generation of women and girls.
She said: “Women own about 30 percent of the registered small and medium enterprises (SMEs) in Nigeria and the average growth rate of these businesses is far lower than businesses run by men. Female entrepreneurs account for 43.22 percent in the ownership structure of micro enterprises as against 22.76 percent in SMEs and only about 10 percent have access to the finance needed.
“This 10 percent is to assist them to launch a new venture or grow their existing businesses, most women obtain their initial startup investment and working capital from internal sources such as savings and contributions from family and friends.
“This restricts them from being ambitious about their enterprise and seeking advice from business support providers for proper legal and corporate structures. The government is consciously making effort to diversify the economy from being majorly dependent on oil.
“Government’s policy direction is strategically being geared towards creating wealth and employment through the facilitation of an enabling environment for SMEs to thrive in Nigeria.
