Stakeholders seek increased opportunities for women-owned businesses

By Tosin Kolade and Sheila Offiong

The Nigerian government and other stakeholders, have been called upon to create an enabling environment that would increase women-owned businesses in the country.

This was the thrust of the ongoing 2023 Africa Regional Conference, with the theme; “Impact Through Connection’ in Abuja on Wednesday.

The conference was organised by WEConnect International, an organisation that helps drive money into the hands of women business owners,, by enabling them to compete in the global marketplace.

Mrs Pamela Shodipo, Executive Director, Fidelity Bank Plc, said women accounted for 50 per cent of the world’s population, saying in spite of this, they were the largest percentage of people living in extreme poverty.

According to Shodipo, Africa is a continent brimming with entrepreneurial potential, and one of the key demographics that holds significant untapped potential is its women.

“This high level of poverty is due to the fact that women are constantly confronted by discrimination and inequality.

“All over the world, women face violence, exclusion, abuse, and unequal treatment at work, at home, and in their wider communities, they are often denied opportunities to learn, to earn and to lead.

“It is worthy of note that compared to their male counterparts, women have lower access to resources, make less money, have greater health and safety risks, and hold fewer political offices.

“To bridge this gap, policymakers and financial institutions must create an enabling environment that facilitates access to financial services for women entrepreneurs.

“This can be achieved by developing targeted financial products, and training programmes, that are aligned with the specific needs of women.”

Shodipo called for an increase in financial support for women-owned businesses, saying the Gender Gap Report, released by the World Economic Forum, placed Nigeria 139th out of 156 countries.

She said several international bodies had been advocating support for women in all spheres of life, but most significantly, women in business.

On her part, the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, said addressing the challenges being faced by women in business was crucial for social economic development.

According to Ahmed, WEConnect International’s goal to increase financial freedom for women business owners is impressive, noting that this would help them compete in global markets.

The minister, who was represented by Mrs Olushola Dada, a director in the ministry, said access to finance would boost the morale of women globally, harness their entrepreneurial skills for effective management of their businesses.

She said the conference had attracted the attention of corporate, multinational and government agencies with qualified women-owned businesses and entrepreneurs across the world.

“This conference would create an enabling environment, as well as increase collaboration among stakeholders, I am particularly enthused about the theme, Impact Through Connection’.

“This aligns with the commitment towards enhancing gender inclusiveness and connecting women-owned businesses with opportunities from 180 of the world’s largest corporations.

“It is therefore my expectation that this conference will examine best practices and strategies to support and encourage more participation of women-owned businesses to thrive, and be competitive globally.

The minister expressed hope that the conference would help bridge the gaps between women-owned businesses and global buyers, and also serve as a tool for social cohesion.

She added that it was an opportunity for the realisation of the sustainable development goals to end extreme poverty, inequality, and ensure better life for all, especially women.

Ahmed said women’s involvement in income generation boosts family income, children’s education and contribute to national economic development.

According to the WEConnect International Country Director, Mr Yeshua Russel, the organisation reduces barriers that prevent women business owners from connecting to each other, and to new market opportunities.

He said WEConnect was in the business of educating women business owners on accessing new markets and growing their companies, and also buyers on how to identify and source from women-owned businesses.

Highlights of the conference were panel discussions on diversity and inclusion for women, access to financial services and opportunities, and strategic use of agri-businesses for economic development.

Panelists spoke on why women should have mentors in businesses, show commitment and resilience for their dreams, and make use of technology to improve their lives.

(NAN)