The Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso, has highlighted the government’s commitment to enhancing financial inclusion for women, describing it as a top priority. He made this statement during a question-and-answer session at the 30th Nigeria Economic Summit (NES30) held in Abuja on Wednesday.
Cardoso underscored the importance of women in the Nigerian economy, noting their significant contributions across various sectors. He stated, “Women provide a very big and significant portion of the workforce, and they contribute extensively across various sectors.” He further acknowledged women’s resilience and their silent influence, which he believes play a crucial role in advancing economic activities both in Nigeria and across Africa.
To address the gender gap in the banking sector, Cardoso announced that the CBN is implementing several initiatives aimed at empowering women economically. Recently, the bank signed a code for financing women entrepreneurs, which is part of a broader framework intended to increase financial inclusion for women in the country. This initiative is supported by partnerships with the Development Bank of Nigeria and the Bank of Industry, aiming to expand access to financial services and improve economic opportunities for female entrepreneurs.
Cardoso emphasized the need to strengthen the economic base, stating, “Without a strong economic base, trade-offs will only offer short-term solutions.”
During the session, he also discussed pressing economic issues in Nigeria, including monetary policy and rising inflation. He revealed that recent monetary policy decisions included raising interest rates from 26.75% to 27.25% and adjusting the Cash Reserve Ratio (CRR) to 50% for commercial banks, measures intended to combat inflation.