By Ojugbele Omotunde
The Africa Enterprise Challenge Fund (AECF) has officially launched the CAN $15.7 million Investing in Women in Nigeria (IIW-Nigeria) initiative, which is financed by Global Affairs Canada (GAC).
The program aims to improve climate resilience, raise incomes, and change the lives of women in Kano State, Nigeria by changing their place in the agriculture value chains. The soy bean, groundnut, rice, maize, and poultry value chains are the targets.
The initiative will recognize original and creative business concepts with observable societal benefits. Investors who present creative answers in the target value chains will be found through a competitive procedure that offers equitable access to available funds in the form of non-repayable awards, all according to a challenge fund model.
In addition, IIW-Nigeria will offer non-financial technical support in the areas of business and management, human rights advocacy, gender equality, and climate-smart agriculture. Furthermore, the AECF Advisory Studio will offer customized technical support.
The program aims to establish close collaboration and partnership with various stakeholders, such as government ministries dealing with agriculture, women’s affairs, commerce, and cooperative development, financial institutions, community-based organizations, business membership organizations, and organizations advocating for women’s rights.
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As per the World Bank’s Nigeria Development Update, the Nigerian economy still heavily relies on the agriculture sector, which generates 25% of the country’s GDP and employs a substantial segment of the labor population. But the industry hasn’t fully recovered from 2020’s national recession.
It is often recognized that women have major obstacles when trying to obtain finance, technical assistance, and business capacity development possibilities in the agriculture industry, according to Victoria Sabula, CEO of the AECF.
Their capacity to grow sustainably and actively contribute to the economic development of our nation has been hampered by these obstacles.
“Investing in businesses and cooperatives operating in various agricultural value chains will enable us to promote women’s economic empowerment in the agriculture sector through the Investing in Women in Nigeria Programme,” she added.
“Today marks the dawn of a new era in Kano State,” declared Alh. Abba Kabiru Yusuf, the governor of Kano State. In addition to investing in the future of our agriculture industry, we are also investing in the strength, resiliency, and limitless potential of our women as we launch the “Investing in Women in Nigeria Programme” in collaboration with AECF.
“We empower not just our state but also our country when we empower our women. We will work together to grow a harvest of equality, wealth, and advancement where all women’s dreams come true and all fields bear the bounty of their labors. We will all benefit from a plentiful and inclusive tomorrow if we work together.”
