Women group raises N1.9bn, disburses over N1bn to fight poverty

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3 years ago

A Nigerian women group across six states in the country has disclosed that the group have raised about N1.9bn in a social investment scheme, out of which over N1bn has been disbursed to members in its Women Affinity Groups (WAG), supervised by the Nigerian for Women Project (NFWP), an initiative of the World Bank and the Nigerian Government.

Tribune Online can exclusively report that the has made contributions of N1,921,134,615 since its formation in 2021.

The amount represented a 41 per cent increase in contributions, generated by about 300,000 Women Affinity Groups across the six states of Abia, Kebbi, Niger, Ogun, Taraba and Akwa-Ibom states.

The group also noted that 237,392 women associations of WAG had made a contribution of N1,135,306,305 as of February 2022, from which it loaned out N657,054,663 to its rural women.

The latest contributions by the women showed a northward rise of 41% from N1.1bn to N1.92bn within six months.

The latest figure, obtained by the Tribune Online, showed that the Women Affinity Group has loaned out over N1bn, as of July 2022, this showed a loan increase of N442,945,337 or 40% from the WAG capacity of N657,054,663, an amount it was able to loan out in February to its members.

Our correspondent also gathered that Akwa Ibom State as a new entrant in the programme, has recorded 25,454 Women Affinity Group (WAG) in 18 local governments in the state.

Checks by the Tribune Online further showed that the Federal government had in its new budgetary line, initiated to fight poverty at the grassroots in Nigeria made provision for the initiative in the 2022 Appropriation Act.

The project, domiciled under the Federal Ministry of Women Affairs, with the code Economic Recovery Growth Plan (ERGP) 1180321 and entitled “Multilateral/Bilateral Project-Tied Loans – Nigeria for Women Project.”

The 2022 fiscal year had through the budget which came into force on January 1, 2022, appropriated N12,304,500.00 for the new project, the same amount proposed for the project by the Ministry of Women Affairs.

The project is a partnership with the World Bank to drive an empirical process at combating extreme poverty to a standstill in the rural community while developing a saving culture among rural women.

The appropriated figure is separate from the N2bn raised by the women in their respective trade as contributions, from which they loan themselves to cash, to do businesses and support one another to eradicate extreme poverty amongst rural women across Nigeria.

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