FG, W’Bank empower 25,000 Ekiti women with investment funds

The Federal Government, in collaboration with the World Bank and the Ekiti State Government, has initiated the disbursement of community investment funds to 1,500 women's groups, directly empowering 25,000 women in Ekiti State. This initiative, part of the Nigeria for Women Programme Scale-Up Project, aligns with President Bola Tinubu's Renewed Hope Agenda, prioritizing poverty reduction, job creation, and economic empowerment for women.

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Evidence shows that women-owned enterprises remain significantly underfinanced. In response to this reality, the Federal Ministry of Women Affairs and Social Development, in partnership with the World Bank and the state governments, is implementing the Nigeria for Women Scale Up.

Minister of Women Affairs, Imaan Sulaiman-Ibrahim, stated that the program directly addresses the "structural barriers that women had continued to face in access to finance, technology and markets." The 1,500 groups comprise women engaged in various economic activities, and the project has already created 215 jobs within the state. Evidence shows that women-owned enterprises remain significantly underfinanced, a reality this program seeks to change.

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This programme is designed to expand financial inclusion, strengthen enterprise development, build skills and deepen community-based economic organisations through women’s affinity groups.

This second phase of the Nigeria for Women Scale Up project targets approximately five million women nationwide. In the first phase, 450,000 women were economically empowered. Ekiti State's current phase involves 1,500 women's affinity groups, representing over 25,000 women actively participating in productive economic activities. The program aims to expand financial inclusion, strengthen enterprise development, build skills, and deepen community-based economic organizations.

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The women’s affinity groups are economic units of trust, they enable women to save collectively, build financial discipline and get capital, share knowledge and resilience. When women organise, they multiply their income, stability and influence.

World Bank Task Team Manager, Mr. Michael Ilesanmi, described the event as a "significant milestone for women's empowerment in Ekiti State." He noted that the program seeks to improve access to finance and investment opportunities while enhancing economic productivity. Governor Biodun Oyebanji has pledged to expand the program to all local governments in Ekiti State during his second term.

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This programme will benefit five million women across Nigeria. In Ekiti, we are starting with 150,000 women.