Hajiya Imaan Sulaiman-Ibrahim, Nigeria’s Honourable Minister of Women Affairs, has put forward a proposal to establish a microfinance bank specifically aimed at supporting women entrepreneurs in the country.

The Minister shared this idea during a recent discussion with Mr Simpson Eimiakhena, the CEO of LOHI Consulting. The meeting focused on exploring the feasibility of setting up a financial institution that would prioritise women’s empowerment and financial inclusion.

In a statement issued by the Minister’s Special Adviser on Media and Publicity, Mr Jonathan Eze, Sulaiman-Ibrahim explained that the proposed microfinance bank would help bridge the financial gap many women face, particularly those in underserved communities. She pointed out that women make up a significant portion of this group, highlighting the importance of creating opportunities for them to access much-needed financial support.

Sulaiman-Ibrahim also noted that microfinance services could play a vital role in boosting women’s decision-making power, ultimately improving their socio-economic standing. She expressed her commitment to advancing initiatives that empower women and help them support their families. The Minister described the proposal as both timely and essential, underscoring its potential to drive change through increased financial inclusion and expanded economic opportunities.

The statement further quoted her saying, “Establishing a National Microfinance Bank for Women is a critical step towards promoting gender equality and economic growth in Nigeria. My commitment to this initiative demonstrates my dedication to President Bola Ahmed Tinubu’s Renewed Hope Agenda, which focuses on empowering women and improving their socio-economic status.” 

If realised, the microfinance bank could prove transformative for women across Nigeria, helping them to build stronger financial foundations and contribute more significantly to the nation’s economic development.