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The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has noted that Nigeria women entrepreneurial activity exceeded that of the men by four percent.
He however, noted that 75 percent of the women potential market in Nigeria remains either unserved or underserved, resulting in a financing gap of N294 billion, despite the vast untapped market potential.
Addressing this issue, Cardoso announced the launch of the Women Entrepreneurs Finance (We-Fi) Code initiative, a collaborative effort between the CBN, the Bank of Industry (BoI), and the Development Bank of Nigeria (DBN).
The We-Fi Code aims to boost funding for women-owned and women-led Micro, Small, and Medium Enterprises (WMSMEs).
Cardoso described the initiative as a critical step in closing Nigeria’s gender financing gap, aligning with global efforts to enhance women’s financial inclusion.
Speaking at the public declaration of commitment in Abuja, Cardoso expressed pride in fulfilling a promise he made during his Senate confirmation hearing to champion gender equality.
He noted that women entrepreneurs globally represent a $1.7 trillion growth opportunity, urging banks to explore this “new goldmine” and develop innovative financial products to support women-led businesses.
The initiative, now part of the CBN’s broader financial inclusion strategy, is coordinated by the Financial Inclusion Delivery Unit.
Cardoso emphasized that this effort should not be seen as mere rhetoric but a transformative move to unlock women’s economic potential.
“We are committing to leading by example and urging stakeholders in the financial ecosystem to adopt this code,” he said.
“This is a decisive step toward empowering women and fostering inclusive economic growth in Nigeria,” he added.
