[Nigeria Business Week] Andrea Ayemoba: Government, Industries move to expand women enterprise
With plunging profits in its prized sector, oil and gas, and an ever-climbing inflation, Nigeria is increasingly turning to what most of the world has been blind to – the potential of women in business. In the past several weeks, we have seen powerful industries refocus their resources toward empowering women in both rural and urban Nigeria. The Federal Government this week made a deal with a trade bank to welcome more women into the oil and gas sector and Wema Bank is in partnerships to further female entrepreneurship. Manufacturing is not left out, as Food giant Nestle continues with its project to economically strengthen women in rural parts of the country.
Small and medium sized businesses across the country are undoubtedly struggling in the face of the economic situation – inflation, high fuel prices, food shortage, etc. Funds have been disbursed this week, through export and commercial banks, to cushion this strain that has been largely caused by the pandemic. The Central Bank has approved a substantial disbursement that is expected to boost local food production and exports.
Nigeria is yet unable to get back to its glory oil years and for the past 12 months has experienced sinking oil revenues as well as falling productivity. The Nigeria National Petroleum Corporation (NNPC) has set and made public its target date for achieving energy sufficiency, resting on the fact that the Corporation’s assets are in excess of $60billion.
Aviation is also going over hurdles, having suffered substantial losses in the past year in maintenance and operations facilities. Commercial airlines are forging ahead and making a go of it, such as Dana Air that has formed a strategic alliance with a leading travel tech company as a distribution partner.
Another positive note is the celebration this week of Jumia’s 10th anniversary in Nigeria, marked by a campaign of sales and offers on a wide variety of products.
Andrea Ayemoba is a Senior Editor at Africa Business Communities.
