The Federal Government of Nigeria has initiated a significant partnership with WEMA Bank PLC to empower 500,000 women across the country’s six geopolitical zones. This collaborative effort was officially announced by Mrs. Grace Njoku, the Head of Information and Public Relations for the Ministry of Women Affairs, via a statement this Wednesday. The primary goals of this initiative are to combat poverty, unemployment, and gender inequality, aligning with President Bola Tinubu’s “Renewed Hope Agenda.” This agenda emphasizes vital areas such as skill acquisition, agricultural development, and the provision of grants and loans to uplift the socio-economic status of women in Nigeria.
Minister for Women Affairs, Uju Kennedy-Ohanenye, articulated the importance of this initiative, highlighting that empowering women is crucial to national development given that women comprise a substantial portion of Nigeria’s population. She asserted that the project aims to create avenues for economic empowerment among women, which could not only alleviate personal hardships but also promote broader societal stability. By enhancing the economic independence of women, the initiative intends to address several underlying issues, including poverty, domestic violence, and even high rates of early marriage, making a strong case for women’s empowerment as a pathway to national progress.
The Minister elaborated on the multifaceted challenges women in Nigeria face, insisting that tackling these issues requires targeted interventions that foster economic independence and personal agency. She pointed out the significant demographic reality that women and children make up around 70% of the total population in Nigeria. By equipping women with skills and offering access to grants, loans, and essential tools for business, the government anticipates seeing a ripple effect of positive outcomes. This increases women’s capacity to generate income, contribute to family welfare, and spur economic growth on a national scale.
The Ministry of Women Affairs also emphasized creating a conducive environment for women’s empowerment, with a focus on grassroots initiatives. Women will specifically be targeted in sectors such as farming, food processing, and tailoring. The Minister underscored that addressing these critical areas could effectively reduce societal problems, like the incidence of out-of-school children, gender-based violence, and early marriage. Empowering women economically is viewed not just as a benefit for individual families but as essential for the nation’s development trajectory.
On the banking sector’s side, WEMA Bank, under the leadership of Managing Director Moruf Oseni, has pledged to support such women-focused initiatives as part of its Corporate Social Responsibility (CSR) mandate. Oseni met with officials from the Ministry of Women Affairs to discuss the modalities for their partnership through the MOWA-SARA accelerator program, aimed at fostering robust empowerment strategies for women. The bank’s commitment extends to utilizing its cluster arrangement for effective collaboration across Nigerian states, emphasizing that a substantial portion of its CSR efforts will focus on improving the economic status of women in Nigeria.
Through this collaborative strategy, the Federal Government and WEMA Bank aim to create impactful opportunities for women that can stem the tide of poverty and inequality in Nigeria. The initiative represents a gratitude-driven recognition of women’s potential in societal development and affirms their indispensable role. The commitment from both the Ministry and the bank illustrates a holistic attempt to integrate economic empowerment into the broader agenda of national development, thereby ensuring that women not only contribute sustainably to their households but also to the country’s future prosperity.
