FG to take hard look at World Bank $500m loan on women empowerment 

The Federal Government has announced plans to restructure an existing $500 million World Bank loan aimed at empowering Nigerian women.  This was disclosed by the Minister of Women Affairs, Barr Uju Kennedy Ohanenye, during a media engagement.  The Minister said that President Bola Ahmed Tinubu has approved the restructuring of the loan to ensure maximum direct benefits to the target beneficiaries. The restructuring aims to eliminate unnecessary expenditures such as consultancies and advocacy programmes, focusing instead on direct socio-economic empowerment for Nigerian women. 

“There’s renewed hope for Nigerian women and children, especially with the unwavering support of our President,” the Minister stated. She clarified that the loan, part of the Nigeria For Women Project, was offered to the Federal Ministry of Women Affairs upon her assumption of office. This loan represents a significant increase from previous allocations of around $100 million for women’s economic productivity initiatives. The Minister addressed concerns about the loan’s implementation, asserting that she is receiving full cooperation from all parties involved. She emphasised that claims of victimisation regarding the loan were “absolutely false.” 

To facilitate access to the funds, the Minister encouraged women’s affinity groups and cooperatives to register on the Nigerian Women E-market portal. This registration will enable them to access the funds and broaden their socio-economic opportunities. The Minister expressed optimism about the project’s future, citing the strong support from President Bola Tinubu as a key factor in its potential success.