FG Approves 50% Initiative to Boost Women-owned SMEs

Mr. Olawale Fasanya, director-general of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has emphasized the federal government’s commitment to encouraging women-owned enterprises in the country. This was stated by Fasanya during the launch of “Meet With the CEO” in conjunction with the International Labour Organization (ILO) in Abuja on Wednesday.

SMEDAN now has a gender desk, and 50 percent of its intervention initiatives have been reserved for women, according to the director-general. The goal of the gathering, according to Fasanya, was to extend and deepen the ability of MSME operators to address regulatory concerns. He stated that it would allow the agency to launch need-based programs that would boost MSMEs’ competitiveness in the global market.

According to the National Bureau of Statistics (NBS), 40 percent of firms in the country are led by women, and they contribute considerably to economic growth and employment creation. “These businesses, led by visionary female entrepreneurs, are emerging as critical drivers of Nigeria’s economic revival, and they are making major contributions to the nation’s development in a variety of industries,” he continued.

According to Fasanya, despite the COVID-19 epidemic, climate change, and economic depression, female-led enterprises have demonstrated resilience and hope. “Considering the impacts, female-led businesses continue to make progress despite the challenges they face,” he said.

The government and ecosystem stakeholders adopt a more deliberate approach to helping the demographic segment in order to have a stronger impact, particularly when investment in female-led firms has ripple effects that result in job creation, poverty reduction, and wealth development.”

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As a result, the director-general invited attendees to communicate with one another and with government officials, to ask questions, and to network on ways to move forward. He praised the ILO, their co-host, for its persistent commitment to the advancement of equal human rights, social justice, and sustainable development.

Meanwhile, the Founder of the Celina Unogwu Visioning Academy (CUVA), Celina Unogwu, reiterated the importance of having a work-life balance as a woman entrepreneur.

According to Unogwu, work-life balance refers to the intersection of work and personal life when there is equilibrium or balance between personal life and professional life. While stating the importance for entrepreneurs being focused on their goal, she urged the participants to work hard and believe in their dream