FG Launches N100bn Initiative for Women Entrepreneurs

The Nigerian government has supported the National Credit Guarantee Company’s (NCGC) GuaranteeHer initiative, a credit guarantee scheme aimed at providing over N100 billion in financing for women-owned and women-led businesses over the next five years. This initiative is expected to assist more than 20,000 micro, small, and medium enterprises (MSMEs) and create or sustain over 150,000 direct and indirect jobs across Nigeria.

The announcement was made at an NCGC stakeholders’ forum in Lagos, where Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, highlighted the challenges women-led enterprises face in accessing affordable capital. The initiative aims to reduce collateral requirements and improve loan affordability and repayment terms.

Minister of Women Affairs and Social Development, Imaan Suleiman-Ibrahim, emphasized the need to overcome financial barriers for women entrepreneurs. NCGC Managing Director Bonaventure Okhaimo reported that in its first year, the company enabled 67,112 enterprises to access finance, creating or sustaining 601,209 jobs, with over 11,374 women-owned businesses benefiting from its interventions.