In a significant move to boost women’s participation in the manufacturing sector, the Federal Government has approved N500 million to support women entrepreneurs interested in leather goods and footwear production. The announcement was made on Monday by the Minister of Women Affairs, Hajia Imaan Sulaiman-Ibrahim, following discussions at the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu.
Empowering Women in Manufacturing
Sulaiman-Ibrahim revealed that the initiative grants the Ministry of Innovation, Science, and Technology the mandate to provide starter packs for leather and footwear manufacturing. She emphasized the critical role women play in this sector and described the initiative as a game-changer for female entrepreneurs.
“We pushed for a portion of this intervention to be allocated to women, ensuring they have the necessary tools to expand their businesses and contribute to local production,” the minister stated. “This is an exciting opportunity for women to thrive in an industry with immense potential for economic growth.”
The initiative is expected to not only empower women but also boost Nigeria’s Gross Domestic Product (GDP) by increasing local production and reducing reliance on imported goods.
Decline in Food Prices During Ramadan
In a separate remark, Sulaiman-Ibrahim highlighted an unprecedented trend during this year’s Ramadan-the decline in food prices. She attributed this positive development to the administration’s well-thought-out policies, which have been praised during both the caucus and National Economic Council (NEC) meetings.
“For the first time, even during Ramadan, food prices are going down. This is a testament to the success of our policies, and Mr. President was applauded for this achievement,” she said.
The minister reaffirmed President Tinubu’s commitment to the welfare of all citizens, particularly women, and expressed gratitude for policies that ensure the affordability and accessibility of food during the fasting period.
“This means that during Ramadan, families can cook and put food on the table, which is very important,” she added.
A Dual Win for Women and the Economy
The N500 million allocation for women in leather and footwear manufacturing, coupled with the decline in food prices, underscores the Tinubu administration’s focus on empowering women and improving the living standards of Nigerians. The initiatives are expected to have a ripple effect on the economy, creating jobs, boosting local production, and ensuring food security.
As the government continues to roll out policies aimed at economic revitalization, stakeholders have lauded these efforts, describing them as timely and impactful.