Connect with us

National News

AfDB Seeks $42 billion to Bridge Financing Gap Hindering African Women Enterprises

Published

8 months ago

on

AfDB Seeks $42 billion to Bridge Financing Gap Hindering African Women Enterprises

By: Michael Mike

The African Development Bank (ADB) has said it is presently seeking $42 billion to bridge the current financing gap hindering women-owned and women-led enterprises across the Africa continent.

The Director General, Nigerian Country Department of the bank, Dr Abdul Kamara made the disclosure on Tuesday in Abuja
at the High-Level Dialogue on Investment in Gender Equality and Ending Violence Against Women for Rights and Development organised by United Nations Women in partnership with ADB.

The event is part of the global “16 Days of Activism against Gender-Based Violence” campaign, which runs from November 25 (International Day for the Elimination of Violence against Women) to December 10th (Human Rights Day).

It brought together key stakeholders to address the pressing issue of gender-based violence in Nigeria, where women and girls continue to face various forms of discrimination and violence.

Kamara said the bank has a very clear stance on Gender Based Violence (GBV), stating that in 2024, ADB celebrated 25 years of gender mainstreaming in all its operations geared towards evidence based reduction in gender gaps and more importantly, in accelerating gender equality.

He said: “One area where the bank has made very visible impact in the economic empowerment in the last seven years is increasing access to finance through a special initiative called AFAWA which is an acronym for Affirmative Finance Action for Women in Africa.

“In the context of this Pan African Initiative, the African Development Bank seeks to bridge the financing gap of $42 billion currently hindering women-owned and women-led enterprises across the continent and I am glad to report that we disbursed over a billion dollars of this across Africa, seeking to increase access to finance for women.

“This is just one among many initiatives of the bank that are responding directly to the problem gender equality. In Nigeria, all our programmes and projects are gender mapped and have gender experts working with the government to design actions that will bridge gender gaps, looking to access to financing for women, access to market, access skills but most importantly access to jobs and incomes.

“Just last month, we approve here in the bank, $100 million in the programme called Youth Entrepreneurship Investment Bank for Nigeria. This is a non deposit bank, it is an access to finance. This operation will improve gender responsive, youth entrepreneurship and enterprise development by boosting financial services to foster a thriving entrepreneurial ecosystem and affirmative action for jobs focusing on women,” he said.

In his remarks, Minister of Budget and National Planning, Sen. Atiku Bagudu said GBV was a growing concern that required immediate attention and collective action, noting that despite progress made toward dealing with violence, women and girls continue to face violence, discrimination and marginalisation.

Bagudu, who was represented by Permanent Secretary in the ministry, Dr Vitalis Obi, said empowering women was crucial to breaking this cycle of violence and that can be done by creating and promoting gender responsive policies as well as practices.

He said: “We must take decisive action to prevent and protect our women from all forms of violence and to create a society where everyone feels safe irrespective of their gender. One of the ways by which we can bridge this persistent gap is by institutionalising gender responsive budgeting in all sectors of the economy.

“Gender responsive budgeting is the strategic approach that integrates gender perspectives into the entire budget cycle. Allocate adequate resources to the programmes that will address GBV, women empowerment and education,” he said.

On her part, the Chairperson, Nigerian Governors’ Spouses Forum, Prof. Olufolake Abdul-Razaq, said they remained steadfast in advocating gender responsive budgeting across the 36 states and FCT, spending institutional framework that integrate gender perspectives and championing initiatives to protect women rights.

The Kwara State First Lady said the forum was firmly committed to ensuring that all gender laws become a cornerstone of governance at the sub-national levels, adding that the well-being of women and girls remained a pivotal indicator of how well any nation was faring in driving her developmental plan.

“It is time to address the structural barriers that perpetrate inequality for women and girls to reach their full potentials. This is my believe and it is not only an act of justice but a strategic investment in resilience and productivity of our nation as this no doubt stands as a veritable gift to commemorate the 2024 16 days of activism against GBV.

“The Nigerian Governors Spouses Forum really made an effort in the last couple of years…We are also working to get women into leadership because we believe that when women are in leadership position they will help us to sustain this drive of bringing developments to women,” she added.

In her opening remarks, the UN Women Country Representative to Nigeria and ECOWAS, Beatrice Eyong, said GBV was not just a human rights issue but also an economic issue a statistics showed that the menace was costing the Nigerian government 1.5% of its Gross Domestic Product.

“We are talking in terms of billions of dollars that the country is losing every year because of Gender Based Violence. So Gender Based Violence is linked to the achievement of Sustainable Development Goals. So if we do nothing, we will not get out of poverty and we will not get sustainable development.

“The World Economic Forum estimated in its global gender gaps report of 2022 that it will take about 132 years for the world to achieve gender equality. What does this mean for Nigeria? At this space, some of us, including our daughters might not experience gender equality in their time.

“This is therefore a call to collective actions by all international organisations, government agencies, community stakeholders and even the private sector to address the under-representation of women and barriers to gender equality,” she noted.

The UN Resident Coordinator in Nigeria Mohammed Fall, on his part said: “Gender inequality and violence against women remain among the greatest challenges to sustainable development, not just in Nigeria but globally. These issues incur heavy costs—socially, economically, and individually—limiting our collective potential for progress.”

He added that: “Violence and harmful practices against women and girls happen every day in Nigeria, and most of the time they are not reported. The Nigerian Demographic and Health Survey in 2018 found that 9 percent of women aged 15 to 49 had suffered sexual assault at least once in their lifetime and 31% had experienced physical violence. Restrictions and implications from the COVID-19 pandemic exacerbated the gender-based violence (GBV) in the nation.”

He said: “The United Nations remains steadfast in its support for Nigeria’s journey towards creating an inclusive society where every woman and girl can thrive. We are committed to coordinating partnerships, providing technical expertise, and facilitating dialogues to ensure measurable impacts in Nigeria.”

AfDB Seeks $42 billion to Bridge Financing Gap Hindering African Women Enterprises

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National News

VP SHETTIMA AT FIDAU PRAYER FOR BUHARI

Published

19 hours ago

on

July 18, 2025

By

VP SHETTIMA AT FIDAU PRAYER FOR BUHARI:

Late ex-President Pursued Justice With Sincerity

** Says Tinubu-led FG will continue to protect dignity of the Buhari family, Katsina people

By: Our Reporter

The Vice President, Senator Kashim Shettima, has said the late former President Muhammadu Buhari pursued justice with the utmost sincerity.

And in death, according to Senator Shettima, the late Buhari has also proved to the world that he was, indeed, one of the greatest sons of Africa.

The Vice President stated this on Thursday during the 3rd day prayers (Fidau) offered for the repose of the soul of the former Nigerian leader, at his residence in Daura, Katsina State.

“Ibn Khaldun reminds us that the goal of civilisation is the attainment of justice. Justice is the bone that holds human society together. It was justice, as he understood it, that President Muhammadu Buhari pursued – often misunderstood, but always with sincerity.

“When you are in power, your friends know you; when you are out of power, you know your friends. In death, President Muhammadu Buhari has proved to the world that he is, indeed, the greatest son of Africa. May Allah grant his soul eternal rest and reward him with Aljannah. May Allah forgive his shortcomings,” he prayed.

On behalf of his boss, President Bola Tinubu, VP Shettima expressed gratitude to Governor Dikko Radda of Katsina State for the reception and kind gesture accorded to the Federal Government delegation throughout their stay in the state.

“We have been together with the governor right from London to Nigeria. He gave a warm reception and all the necessary support,” he said, adding that President Tinubu is personally pained by the loss of his friend, brother and political soulmate.

The VP assured that the Federal Government, under the leadership of President Tinubu, “will continue to protect the image and dignity of Buhari’s family and the entire people of Katsina State.”

He revealed that he will proceed to Abuja with the family of the late former President to attend a Special Valedictory Federal Executive Council (FEC) in honour of the deceased.

Earlier, the governor of Katsina State, Malam Dikko Radda, said the deceased rendered selfless service to the nation, maintaining that nobody can dispute the fact that he was an honest and just person.

He thanked President Tinubu and Vice President Shettima for honouring the remains of late President Buhari, saying, “We, the people of Katsina State, don’t have a word to thank the Federal Republic of Nigeria.

“We appreciate President Bola Ahmed Tinubu, who has shown compassion, respect for the people of Katsina State and the nation entirely. Tinubu has allowed 25 members of his cabinet, under the leadership of Vice President Shettima, to be in Katsina State. The 25 Ministers supported us at this trying moment, and we also thank the President for declaring a public holiday on the day Buhari was laid to rest,” Governor Radda added.

Also, the Minister of Information and National Orientation, Alhaji Mohammed Idris, said the late Buhari has an important place in the national history of Nigeria, appealing to all Nigerians to continue to pray for the repose of the soul of the former President, as reminded by Islamic clerics.

“We want to thank all of you on behalf of the 25 ministers, as directed by Mr President, for finding time to offer prayers for our President and also participate in this national assignment. Indeed, former President Buhari belongs to Daura, Katsina, Nigeria, and the world,” the minister said.

Earlier, the prayer session was opened by the former Minister of Communication and Digital Economy, Prof. Ali Pantami, who emphasised the need for constant prayers for all the departed souls, including late President Buhari.

Pantami further observed that prayer for the departed soul should not be restricted to a number of days.

Similarly, the Minister of State Agriculture, Senator Aliyu Abudullahi, on behalf of the members of the Federal Executive Council (FEC), prayed Almighty Allah to cover the grave of Buhari with mercy and admit him into Aljannah.

Islamic scholars who offered prayer include Prof. Ibrahim Makari of the Abuja National Mosque; Sheikh Yahaya Jingir, Bishop of Katsina; Mamman Musa; Khalifa Mohammad Nasir; and Malam Hassan Daura, among others.

Other dignitaries present at the prayer session are former Vice President Namadi Sambo; Governor Babagana Zulum of Borno State; former Secretary to Government of the Federation, Ambassador Babagana Kingibe; former Minister of Justice, Abubakar Malami (SAN); Ambassador Adamu Daura; former Katsina State Governor, Aminu Masari; former Zamfara State Governor, Senator Abdulaziz Yar’adu, and former National Security Adviser, Babagana Monguno.

Others are former Director-General, National Intelligence Agency (NIA), Ahmed Rufai; Business Mogul, Mohammed Indimi; Buhari’s nephew, Mamman Daura, former FCT Minister, Muhammad Bello, the Emirs of Katsina, Daura and Bade; the Sultan of Maradi from the Niger Republic, and thousands of sympathisers from various walks of life.

VP SHETTIMA AT FIDAU PRAYER FOR BUHARI

Continue Reading

National News

Vice President Shettima Joins President Tinubu, African Leaders for Burial of Former President Buhari in Daura

Published

3 days ago

on

July 16, 2025

By

Vice President Shettima Joins President Tinubu, African Leaders for Burial of Former President Buhari in Daura

By: Our Reporter

Vice President Kashim Shettima on Tuesday joined President Bola Ahmed Tinubu and other African leaders in Daura, Katsina State, for the burial of former President Muhammadu Buhari, who passed away on Sunday, 13 July 2025, in a London hospital.

Earlier in the day, President Tinubu received the remains of the former President at the Umaru Musa Yar’Adua International Airport in Katsina, where he inspected a military guard of honour before the Nigerian Air Force jet conveying the casket arrived at 1:51 p.m.

The casket, draped in the Nigerian flag, was conveyed by a senior military pallbearer team led by Major General Mike Alechenu, and wheeled in a solemn procession to the hymn “God Be With You Till We Meet Again,” flanked by a full military guard of honour.

Vice President Shettima had accompanied the body of the late President from London, alongside the Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila, the late President’s widow, Hajiya Aisha Buhari, and close family members.

Upon arrival in Daura, the remains of President Buhari were received by a large crowd of mourners chanting praises of Allah and offering prayers for his soul. The body was later interred at his private residence in a ceremony attended by a cross-section of dignitaries and ordinary citizens alike.

President Tinubu and Vice President Shettima were joined at the burial by former Vice President Yemi Osinbajo, President Umaro Sissoco Embaló of Guinea-Bissau, Prime Minister of Niger Republic Ali Lamine Zeine, and former President of Niger Issoufou Mahamadou. Also in attendance were governors, ministers, service chiefs, former governors, captains of industry, Islamic clerics, and representatives from across the continent, including an envoy of the President of Chad.

Vice President Shettima Joins President Tinubu, African Leaders for Burial of Former President Buhari in Daura

Continue Reading

National News

Accion MfB Launches AccionMonie App to Transform Digital Banking in Nigeria

Published

3 days ago

on

July 15, 2025

By

Accion MfB Launches AccionMonie App to Transform Digital Banking in Nigeria

By: Michael Michael

Nigeria’s leading microfinance institution, Accion Microfinance Bank (MfB) has launched AccionMonie, a transformative digital financial services platform designed to empower individuals, micro, small and medium enterprises (MSMEs) and low-income households.

A statement on Tuesday said through AccionMonie, the microfinance bank is expanding digital capabilities for financial
access and empowerment across the spectrum of underserved individuals and businesses. The user-friendly platform offers instant access to essential services, including loans, savings, capital,
and other forms of support.

It started that the launch of AccionMonie is a key part of the bank’s “Always there to lend you a hand” campaign, which reinforces its long-standing commitment to small business growth and the
welfare of low-income households. The campaign positions Accion MFB not just as a financial provider but as a trusted partner in its customers’ journey towards business success and economic empowerment.

In Nigeria, micro, small and medium enterprises (MSMEs) are one of the key growth drivers of the economy. Estimated at about 37 million, MSMEs currently account for 86 per cent of employment and 48 per cent of Gross Domestic Product (GDP).

However, despite their strong
potential, the MSMEs continue to be impacted by existential challenges, notably access to capital and finance, infrastructure and an enabling business environment.

Chief Executive Officer (CEO) of Accion MfB, Taiwo Joda, described the launch of
AccionMonie as an important milestone and a testament to the bank’s culture of innovation; one that ensures its products and offerings continue to reflect the evolving needs of its customers.

He said: “At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond.”

On his part, the Chief Commercial Officer (CCO) of the bank, Stephen Olalere, stated that AccionMonie and the combination of the bank’s extensive network of over 74 branches in 12 states will address the persistent challenge of limited access to financial services faced by many small businesses in Nigeria. He added that the platform’s user-friendly features will simplify payments and offer much-needed support for both businesses and individuals.

The Chief Digital Officer of the bank,
Paul Ehiagbonare, said this is a bold move towards digital leadership, maturity and excellence. He stated that: “For us, AccionMonie is a reflection of the much needed customer empowerment through digital tools and technologies. We are not only providing access to finance but standing beside our customers as partners, supporting their ambitions when others
may not and doing so timely and more efficiently. Our goal is to be a reliable ally on their journey toward growth, stability, and long-term success.”

He stated that AccionMonie offers a range of customer-focused features designed to promote financial inclusion and empower users. One of its unique offerings is Save2Loan, which allows customers
to save between N50,000 and N250,000 over 90 days and qualify for a loan worth twice their savings. He noted that this feature is expected to encourage a stronger culture of saving while expanding access to credit.

He explained that customers can also fund their AccionMonie accounts directly using any debit card, which is an easy, seamless process that eliminates the need for long queues at banking halls. Another key
feature is the targeted saving option and locked savings, which helps users plan and save for long-term goals such as tuition, rent, or investment while earning competitive interest.

He noted that customers can also earn for referring others, adding that account management features include on demand
bank statement, account upgrade features, secure access, transfer limit management amongst others.

The AccionMonie app is now available for download on the Apple App Store, Google Play Store, or directly via this link: https://onelink.to/57z27p.

Accion Microfinance Bank has been in operation for over 16 years and is a pioneer in Nigeria’s microfinance sector, providing innovative financial solutions. The bank’s long history of supporting entrepreneurs and small businesses has greatly contributed to economic growth and
development.

The bank has solid shareholder investments from three major banks – Ecobank, Zenith Bank and Citi Bank – as well as International Finance Corporation, a World Bank member, and Accion Investments, all of which contribute to its strong financial base and allow it to serve an ever-increasing number of customers.

Accion MfB Launches AccionMonie App to Transform Digital Banking in Nigeria

Continue Reading

Trending

Verified by MonsterInsights