The Federal Government of Nigeria and the International Labor Organization (ILO) have created a road map to support the growth and formalization of women’s entrepreneurship in Nigeria.
At a validation workshop that was recently held in Abuja, Ms. Vanessa Phala, the ILO’s Country Director for Nigeria, revealed this. ‘A Roadmap to Foster National Conditions for Women’s Entrepreneurship Development and Formalization in Nigeria’ was the workshop’s theme.
In addition to creating jobs, entrepreneurs have also entered the market with new technology, according to Phala, who noted that entrepreneurship continues to be a key driver for economic dynamics.
She claims that a majority of Nigerians concur that both male and female entrepreneurs face the same obstacles in their business endeavors. Women, however, are subject to an extra set of gender-based obstacles that restrict their access to opportunities and resources. Smaller and heavily concentrated in the informal economy are women’s companies.
The ILO Country Director also mentioned a recent Pricewaterhouse Coopers (PwC) survey that showed women owned 41% of microbusinesses in Nigeria. Additionally, she said that because they are important drivers, such a number shouldn’t be overlooked in socioeconomic debates.
Additionally, she noted that women business owners had continually shown tenacity and a will to succeed, and that challenges also presented possibilities as the government and other actors continued to develop interventions and programs to aid and empower women business owners.
She claimed that to support the growth of small businesses in Nigeria, the ILO collaborates with the government on all fronts.
The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), social partners, and other pertinent players have all received support from the project from the Nigerian government.
To create a three-year road map that is thorough, grounded in evidence, and action-oriented, as well as its monitoring structure, in order to promote women’s entrepreneurship development and enterprise formalization in Nigeria.
Read also
- DESOPADEC empowers Delta entrepreneurs with tools, funds
- Kwara engages agricultural stakeholders to boost SMEs in agribusiness
- Nigeria, France partner to address mining sector challenges
- Akwa Ibom promises to boost agriculture, create jobs
- Fire destroys shops in Ibadan market
- FG grants empower over 38,000 businesses in Ebonyi, Delta States
- Rivers State to launch oil, gas skills empowerment initiative
- SMEDAN launches free fashion design training for Nigerian youth
- Lagos food hub to drive market stability
- NITDA, JICA launch iHatch Cohort 4 to boost startups
- Minister advocates for research-driven innovation to attract investments
- FG raises MSME loan cap to N5m, unveils N200bn intervention fund
- Nigeria, Hungary sign deal to boost economic ties
This road map covers new and developing barriers that women entrepreneurs may encounter in a constantly shifting economic environment, among other things, she noted.
Acting Permanent Secretary for the Ministry of Labor and Employment, Mrs. Juliana Adebambo, acknowledged that many women work in the informal sector in the developing countries.
According to Adebambo, who was represented by Mr. Dennis Ejeh from the ministry, more women than males are involved in business in Nigeria. The National Gender Policy of 2021, she continued, demonstrated how important a role women entrepreneurs might play in boosting the production and prosperity of the nation.
The government, social partners, and commercial organizations have all implemented several interventions, female-focused policies, programs, and initiatives to assist the growth of women’s entrepreneurship.
The majority of women-owned businesses in Nigeria are informal, thus this presents a barrier. However, the effectiveness of these interventions on informal firms is quite low. We are pleased that the ILO and SMEDAN have developed this honorable project, she stated.
Adebambo stated that the ministry would continue to make its share of contributions to guaranteeing the growth of women’s entrepreneurship and the formalization of businesses in Nigeria.
Also, the Director-General, SMEDAN, Mr Olawale Fasanya, noted that women entrepreneurs often face a lot of challenges and that the strategic document (road map) developed by ILO, SMEDAN and other stakeholders would ensure that women entrepreneurs are properly positioned.
“That is to take advantage of the huge opportunity that exists in the global market place in terms of accessing funding, capitals for their businesses, among others,” he said.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
