July 23 (Lagos) - The sum of N252bn (US$1.3bn) has been set aside by the Central Bank of Nigeria as credit to support businesses owned by women in the country.





The Deputy Governor, Economic Policy, CBN, Dr. Sarah Alade said that the facility was dedicated to Small and Medium-scale Enterprises, as this would increase access to credit and reduce the high cost of funds for women-owned businesses across the country.






She explained  that the bank decided to set aside the fund after observing that lack of access to finance was impacting women participation in economic activities in the country.






She said  that of the N420bn credit facility for SMEs in the country, 60 per cent had been set aside for businesses owned by women.





“The objectives of these funds are to increase the level of access to credit by SMEs and manufacturers by providing guarantee for banks’ credit, increase output, generate employment, diversify the revenue base, increase foreign exchange earnings and provide inputs for the industrial sector on a sustainable basis.”






It is also reported that the bank had also adopted a financial inclusion strategy capable of reducing the financial exclusion of women to about 20 per cent in 2020.






Reporting for easykobo.com on Wednesday, July 23, 2015 from Lagos, Nigeria



Source:Punch