Mrs Funmilayo Arowoogun, the National President of NECA’s Network of Entrepreneurial Women (NNEW), has called for an improvement in the budget allocation for the economic empowerment of market women in Nigeria. During a training session organized for over 50 women in Mile 12 market in Lagos, Mrs Arowoogun highlighted the decreasing budget allocation for women’s economic empowerment, which has resulted in increased poverty and advised the government to assist women in funding their businesses.
The training session, titled “Basic Costing and Financial Planning,” was executed in conjunction with ActionAid Nigeria/Canada and aimed at helping women in the market to understand better how to cost their goods and have better financial understanding. Mrs Arowoogun, who is also the project coordinator for ActionAid’s Women’s Voice Nigeria project, said that NNEW is intervening by looking for avenues to help women access grants and build the capacity to develop better structures in their businesses.
The facilitators of the training, Mrs Eniola Mayowa and Mrs Rosamond Toluwanimi emphasized the importance of prioritizing costing in business, as it helps to set prices, reduce costs, and make better decisions about the direction of the business. Mrs Yeyedupe Ojo, the lyaloja of Mile 12 market, said that the training will provide women with insight on how to trade, cope with inflation in the market, and make more profits.
Mrs Arowoogun urged women to participate actively in this year’s election by collecting their Permanent Voter Cards (PVCs) and voting for the candidates of their choice. She also called on the Lagos State government to reduce the interest rate on empowerment loans for traders, cut down the requirements, and expand the repayment period.
