Revolutionizing Business: The WIRA Program Empowers Women Entrepreneurs in Nigeria

Development Bank of Nigeria and One Foundation logos, supporting empowering women entrepreneurs in Nigeria.

Empowering Women Entrepreneurs in Nigeria: A Game Changer

In a pioneering move aimed at strengthening Nigeria's economic fabric, the Development Bank of Nigeria (DBN) has partnered with the Sterling One Foundation to launch the Women Investment Readiness Accelerator (WIRA) program. This initiative is a crucial step toward empowering women entrepreneurs, who are often faced with substantial challenges in accessing finance and business support.

Bridging the Financing Gap

Women-owned businesses represent a significant segment of Nigeria's economy yet face a staggering $42 billion annual financing gap. Reports indicate that despite owning nearly 60% of small and medium enterprises (SMEs), women entrepreneurs receive less than 10% of the total investment and only 5% of venture capital funds when led by female CEOs. The WIRA program directly addresses these issues by providing essential mentorship, training, and funding access to women who aspire to expand their businesses.

A Focus on Skills and Resources

The WIRA initiative emphasizes practical training tailored to the unique needs of women entrepreneurs. With support from Agence Française de Développement (AFD), the program equips participants with tools and connections needed for scaling their businesses. As Olapeju Ibekwe, CEO of Sterling One Foundation, pointed out, “We are not just helping them stay afloat, but giving them the confidence to compete and succeed on a larger scale.”

Driving Economic Impact

Dr. Tony Okpanachi, Managing Director of DBN, stressed the importance of empowering women in business for Nigeria’s economic development. By dismantling barriers and creating pathways to success, the WIRA program stands to significantly bolster economic productivity and innovation in the nation.

Join the Movement to Empower Women Entrepreneurs

This initiative represents much more than just a support program. It is a movement towards equality, economic empowerment, and societal growth. Interested women entrepreneurs can apply for this transformative WIRA program and find out more at onefoundation.ng/wira.

Conclusion: Impact Beyond Limitations

As we witness the emergence of technologies reshaping industries in Africa, the empowerment of women entrepreneurs becomes a driving force for substantial change. The WIRA program is not just beneficial for those who participate; it creates ripples of impact across the economy, encouraging investment, innovation, and inclusivity.

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