TheCable

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says 50 percent of its intervention programmes have been reserved for female-owned businesses.

Olawale Fasanya, director-general of SMEDAN, spoke on Wednesday at a meeting organised in collaboration with the International Labour Organisation (ILO) in Abuja.

He said: “SMEDAN now has a gender desk and has reserved 50 percent of its intervention programmes for women.”

The SMEDAN DG said data from the National Bureau of Statistics (NBS) shows that 40 percent of businesses in the country are owned by women.

“These businesses led by visionary women entrepreneurs are emerging as pivotal drivers of Nigeria’s economic resurgence,” NAN quoted Fasanya as saying.

“And they are contributing significantly to the nation’s development across diverse sectors.

“Considering the impacts, female-led businesses continue to make progress in spite of the challenges they face.

“The government and ecosystem players take a more intentional approach to supporting the demographic segment for greater impact, particularly since investing in female-led businesses produces ripple benefits that trigger employment generation, poverty reduction, and wealth creation.”

The director-general said many businesses owned by women have excelled despite COVID-19 and climate change impacts and have also played a role in the economic development of the nation.