While we are yet to explore the full potential of the women entrepreneurship in India so that we could not only grow economically but also for the holistic development of the society, a small country in the continent of Africa –Nigeria, with relatively a low GDP growth has taken a step which is being appreciated across the world. It all started in 2012 when then Governor of the Central Bank of Nigeria (CBN) –Alhaji Mohammadu Sanusi expressed that Nigerian women could create jobs and contribute to the overall development of the national GDP only if, they are given access to finance is enhanced.
The discussion was followed by a launch of a dedicated fund for women entrepreneurs at the single-digit interest rate in an announcement made by the Sanusi. The policy was further enhanced by the present Governor of CBN –Godwin Emefiele by steps such as revised Microfinance Policy, and Regulatory and Supervisory Framework in Nigeria. Emefiele increased the dedicated fund for women entrepreneurs to N220 billion. The movement was joined by the collaboration of the Bankers Committee, which is led by the chief of the executives of banks across Nigeria.
Well, we all know that merely announcing the fund isn’t enough. The Bankers Committee added several other supports systems along with the cash credit to the women entrepreneurs such as management toolkit so that they can work upon their financial planning and enhanced bankability of their projects. Support to them will also be provided to give women entrepreneurs the fiscal discipline that is required for an improved, sustained and mutually beneficial relationship with the banks and other financial institutions.
Till now, 60 per cent of the total fund has been disbursed to the women entrepreneurs, and it has resulted in the creation of thousands of successful women entrepreneurs in India. They have not only increased their net worth but have also contributed to creating employment which has helped in the overall growth of the nation through a significant contribution towards Nigeria’s GDP. Policymakers from across the world should take inspiration from Nigeria to implement similar policies in their respective countries.
India is a place where women face a lot of discrimination due to gender-biased that exist in our society. When it comes to entrepreneurship, women are not able to attract funds on the backdrop of them being the ‘women’. By not giving equal opportunities to the women in today’s world, we are barring further development of our society. As stated above, women entrepreneurship will not only enhance the economy of India but will also make our community livelier.