NAFC and dRPC will hold a symposium on sustaining women’s economic cooperatives in Nigeria

the Cooperative Financing Agency of Nigeria (CFAN) in collaboration with the Research and Development Projects Center (dRPC) is scheduled to hold a national symposium to commemorate the 2022 global cooperative day. The day marked on the first Saturday of July each year is an opportunity to promote the cooperative movement throughout the world and showcase the successes, challenges and opportunities of cooperatives as a business model. The organizations, in a statement obtained by PREMIUM TIMES, said the symposium is scheduled for Tuesday. Its aim is to highlight the importance of maintaining Women’s Economic Cooperatives (WEC) in Nigeria. The organizations noted that the women have learned to cooperate with others with whom they live to alleviate difficult physical and financial burdens together. She said that through cooperatives, women have continued to contribute to the nation’s economic growth despite a lack of access to funds. “The standard of living of women members of cooperatives has been raised, thus guaranteeing a better quality of life.” The organizations said that several cooperatives, associations and women’s groups have come to stay, addressing the challenges of their members through financial support, savings and disbursement of loans to members. How the cooperative works Women in cooperatives have access to unsecured loans after a certain duration of their contributions. The amount contributed, popularly called “Ajo” in the Yoruba language, “Isusu” in the Igbo language and “Adashe” in the Hausa language, is a compulsory contribution savings plan “in which a group of people gathers to save an amount of money agreed daily”. , weekly or monthly, and then at the end of each month someone in the group takes all the money (without interest) saved for that month.” This is subsequently rotated among all group members throughout the contribution. Many women have expanded their businesses and even become employers of labor through this method. Cooperatives changing lives The organization explained that the Micro, Small and Medium Enterprises (MSME) sector contributes around 48 percent to the country’s economic growth and that women own around 41 percent. “This contribution to the nation economic growth is significant regardless of the problems women entrepreneurs face, such as lack of access to finance.” Despite this obstacle, millions of Nigerian women in the informal sector, particularly MSMEs, have learned to be self-disciplined to personally fund their businesses through cooperatives, savings and loans. According to dRPC, 60 percent of cooperative members in Nigeria are women and “45 percent of cooperative leadership is held by women.” The organizations said that cooperatives have greatly contributed to national production through the mass production of goods and services. “Cooperative members easily benefited from expert advisory services from government and non-government organizations in a variety of ways. “The cooperative enjoys the benefits of soft loans from governments, banks and other similar institutions for the operation of their joint or individual businesses and the functional cooperative education and training provided to members enables them to succeed in their businesses,” he said. the symposium This symposium is supported by dRPC, Association for the Advancement of Women in Economic Development (PAWED) and funded by the Bill & Melinda Gates Foundation (BMGF). At the event scheduled to begin Tuesday at 8:00 am, key stakeholders will hear evidence from high-level panels and hear from women who are members of cooperatives. Key stakeholders will come from government MDAs, academia, civil society organizations, women’s economic cooperatives, and the media. Organizers said the learnings from this will inform the reshaping of investments that support women’s cooperative businesses. Read More Related News Here Let here it in the comment below if you do have an opinion on this; NAFC and dRPC will hold a symposium on sustaining women’s economic cooperatives in Nigeria