The Nigerian Export-Import Bank (NEXIM) has launched a ₦10 billion export facility targeted at women and youth entrepreneurs.
The initiative aims to help them tap into global trade opportunities and expand their participation in Nigeria’s export value chain.
Facility Introduced Under WAYEF Scheme
Stella Okotete, Executive Director of Business Development at NEXIM, made the announcement during the official presentation of the Women and Youth Export Facility (WAYEF) on Tuesday in Abuja.
According to her, the scheme is designed to boost the economic contributions of women and youth in Nigeria’s international trade ecosystem. She also revealed that the interest rate for the facility, currently at 9%, is expected to drop to 5% by 2022.
“There’s no better time than now to take advantage of these products,” she said. “If you become an aggregator, you can increase your export capacity and create more jobs for women and young people across Nigeria.”
Focus on Inclusion and Economic Empowerment
Managing Director of NEXIM, Abba Bello, emphasized the bank’s broader goal of supporting export-oriented industries and businesses owned by women and youth.
“We have provided regular support for export-driven industries that employ women and youth. However, this initiative goes further by supporting women and youth-owned businesses along every stage of the export value chain,” he said.
He noted that the WAYEF program aligns with the government’s efforts to promote inclusive economic empowerment and ensure that women and youth have access to meaningful opportunities in the global market.
Background: Unemployment and Gender Gap
According to data from the National Bureau of Statistics (NBS), the female unemployment rate in Nigeria rose to 35.2% in Q4 2020, up from 31.6% in Q2 2020.
Out of 61.63 million women in the working-age population (15–64 years), only 30.15 million were active in the labour force, representing 43.3% of the national labour force during the period under review.
