Mr Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN), stated that the government’s main objective is to increase financial inclusion for women. Cardoso stated this during a question-and-answer session at the 30th Nigeria Economic Summit (NES30) in Abuja on Wednesday.
He stated that the CBN was taking steps to reduce the gender gap in the banking sector and empower women financially. According to him, women play critical roles in the country’s economy.
“Women provide a very big and significant portion of the workforce, and they contribute extensively across various sectors.
“Women’s resilience and silent influence go a long way in advancing economic activities, particularly in the country and other parts of Africa,” he said.
Cardoso said that some recent CBN initiatives were aimed at strengthening financial opportunities for women. “A week or so ago, the CBN signed a code for women entrepreneurs financing, and it is going to implement a framework that will hopefully lead to greater financial inclusion for women in the country.
“This new initiative, which is backed by partnerships with the Development Bank of Nigeria and the Bank of Industry, is designed to expand financial services access and improve economic opportunities for female entrepreneurs.
“We need to go back to addressing the fundamentals. Without a strong economic base, trade-offs will only offer short-term solutions,” the CBN governor said.
According to the News Agency, the session also discussed urgent economic concerns such as monetary policy and growing inflation in Nigeria.
According to Cardoso, recent monetary policy actions included boosting interest rates from 26.75 percent to 27.25 percent and adjusting commercial banks’ Cash Reserve Ratio (CRR) to 50 percent. He stated that the initiatives were targeted at reducing inflation. Cardoso stated that rising inflation weakened buying power, hindered investment, and eventually harmed the productive sector.
“Taming inflation is key because if you do not tame it, it has a major throwback. It can deter investment and significantly reduce purchasing power.
“We hope that as inflation begins to moderate, interest rates will start to come down,” he said.
He said that a balanced approach would eventually allow for lowered interest rates as inflation moderated, making it easier for businesses to thrive.
