We'll Reduce Poverty Among Women, Says Minister

from All Africa

Vanguard (Lagos)

By Ise-Oluwa Ige

The Ministry of Women Affairs says it operates a unique credit facility that provides financial and technical support to wome entrepreneurs.The Minister, Hajiya Saudatu Bungudu, said the programme would reduce poverty among women in line with the Millennium Development Goals (MDGs).

She said the ministry would partner with the Bank of Industry (BOI) to achieve the goal.

Bungudu said the challenges faced by women entrepreneurs included lack of access to credit and financial support.

The minister said many financial institutions found it difficult to provide funds for businesses owned by women because banks demanded stiff collateral, high interest and male guarantors.

"The take-off funds available for the programme is small but we are hopeful that our numerous development partners and stakeholders will work with us.

Mrs Safiya Muhammad, the Permanent Secretary of the ministry, who was represented by Mrs Maimuna Ajanah, the Director, Women Affairs Department, said the programme started in 2004.

Muhammad said the ministry had signed a Memorandum of Understanding with the BOI and had sensitised potential clients through workshops.

Ms Evelyn Oputu, the Managing Director of BOI, said the bank's vision was to promote a virile and competitive industrial sector in Nigeria.

She said loans granted by the bank attracted 10 per cent interest per annum, adding that it was a revolving loan scheme to ensure its sustenance.