FG committed to job creation, financial inclusion for women, says CBN governor

The Federal Government has reiterated its commitment to entrepreneurship, job creation as well as financial inclusion strategy that focuses on empowering the Nigerian woman.

Godwin Emefiele, governor, Central Bank of Nigeria (CBN), delivering the summit theme address, ‘Entrepreneurship, Job Creation and Poverty Reduction’, at this year’s National Summit on Entrepreneurship and Innovation (NSEI) at the weekend in Lagos, stated that government alone cannot absorb the millions of graduates and non-graduates who enter the jobmarket every year.

Represented by Adebayo Adelabu, CBN deputy governor, corporate services, Emefiele pointed out that “major drivers of employment and job creation must be through the efforts of individuals and corporate organisations as a lack of employment is having a negative impact on our society. Promoting entrepreneurship is the most potent solution to these societal challenges as it is key to poverty reduction.”

The CBN governor also revealed that the apex bank had put in place a number of programmes to nurture and develop entrepreneurship that include its financial inclusion strategy and the setting up of six entrepreneurship development centres (EDCs) in each of the geopolitical zones across the country.

He explained that the CBN’s financial inclusion strategy was to make funds available to businesses and this includes the N220 billion Micro, Small and Medium Enterprises (MSME) funds which specially focuses on empowering women as 60 percent went to them as a matter of the bank’s policy.

Emefiele, who spoke on the challenges being faced by Nigerian entrepreneurs, admitted that access to finance was top of the list. He pointed out that lack of management and accounting skills continue to deny many of them access to available funds.

Aliko Dangote, president, Dangote Group and chairman of the occasion, represented by Mansur Ahmed, director, stakeholder relations and corporate communications, Dangote Group, warned that a growing economy which sits on top poverty portends very grave danger for the country.

According to him, in spite of her challenges, Nigeria was still the leading destination for investment, adding that “with unemployment at 24 percent, that is still millions of people without jobs. A situation where 80 percent of MSMEs are still being funded by personal savings is not good enough for the country.”

Speaking on efforts the Dangote Group was making towards wealth creation, he revealed that the Group currently has 28,000 Nigerians under its employ and plans to grow it to 150,000 in two to three years.

He also stated that the refinery it was building in Lekki, Lagos would now target 500,000 barrels per day (bpd) instead of the 300,000bpd it initially proposed.

In his remark at the summit, Pat Utomi, professor and political economist, stated that entrepreneurship was “the most important subject in our country today. All our troubles as a nation are traceable to a lack of job. This poverty and unemployment is disturbing social harmony.”