Business
FIDA Seeks Gender-Based Banking For Rural Women
The International Federation of Women Lawyers (FIDA) has recommended gender based banking as a means of encouraging rural women to participate more in economic activities in the country.
FIDA’s National President Hauwa Shekarau told newsmen in Abuja last Thursday that rural women were usually faced with difficulty while trying to seek business loans.
Shekarau said that rural women needed encouragement from the banking sector through the reduction of requirements for opening bank accounts and seeking bank loans.
She said, “Women are a driving force in the economy, but their access to finance is still far too small.
“Gender based banking should be encouraged to address stringent account opening conditions, which currently exist.”
The FIDA president said that such stringent conditions had made it difficult, unattractive and discouraging for women, particularly those in the informal sector to open bank accounts in accessing loans.
“Doing this will increase the contributions of women-owned businesses to the Nigerian economy and can have a significant development impact,” she said.
Shekarau said it was important to address the economic inefficiencies and social inequities that would arise when an aspiring businesswoman could not realise her full potential because of gender inequality.
Speaking on education and women empowerment, Shekarau said women in Nigeria needed incentives that would encourage adult education.
She said that globally tested initiatives could be introduced for market women so as to enable them to have basic skills.
“Education is critical to economic empowerment and improved standard of living, incentives should be provided to encourage adult education.
“Other globally tested and tried initiatives, such as schools or evening classes for market women, should be introduced,” she said.
Shekarau said that governments at all levels needed to create an enabling environment for women to participate more in the political process, adding that efforts should be intensified to achieve such.
“Due to the undeniable connection between economic and political empowerment, the participation and representation of women in establishments where decisions concerning them are taken should be institutionalised,” she added.
According to the FIDA boss, economic empowerment of women is key to development.
She said, “Those important structures must be put in place to ensure that Nigerian women are properly equipped to contribute positively.”
She said that programmes and interventions by international donor agencies should trickle down to other levels of government and not only at the national level.
Our correspondent reports that FIDA is in the forefront in creating and promoting the welfare of women and children.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
