The Minister of Women Affairs and Social Development, Senator Aisha Jummai Alhassan has announced the roll out of a N1.6 billion special intervention fund tagged, National Women Empowerment Fund, NAWEF, which is in partnership with the Ministry and Bank of Industry, BOI.
This is to facilitate growth and entrepreneurial development at grassroots level, and in line with the federal government’s Social Investment Programmes,
The Minister, who spoke at a stakeholder’s consultative meeting for the implementation of the NAWEF, organised by the ministry yesterday in Abuja, reeled out the outline for the pilot phase, which will cut across 8 states; Abia, Adamawa, Akwa Ibom, Borno, Jigawa, Nassarawa, Osun and Yobe.
According to the details, to enhance income generation while providing micro-credit financing, the micro-credit scheme will be disbursed as a loan from between N20,000 to N50,000, with a 5 per cent admin fee to credible registered women groups, payable within 6 months.
About 10,000 women are expected to be registered in each of the 8 states, with a road show planned in participating areas as an advocacy tool for targeted market women, women artisans, and women farmers amid others.
Alhassan said: “Nigerian women have never had it this good.” She detailed that sequel to the approval of President Muhammadu Buhari’s five-pronged social investment programme, the administration had approved the ‘Government Enterprise and Empowerment Programme’ (GEEP), and NAWEF as measures to support women’s financial inclusion and access to credit.
The Executive Director, Financial Inclusion, BOI, Mrs. Toyin Adeniji, who highlighted that the pilot states were chosen at random, explained that the BOI expected to commence nationwide access of the programme by the first quarter of 2017
