- What’s a WOB? According to ACCI, it’s a business where women own more than 51%.
- Why now? ACCI wants to close the economic gap for female entrepreneurs.
- What’s the goal? To create a level playing field where women can thrive as business leaders and contribute to Nigeria’s economy.
Why This Matters: The Big Picture
You might be wondering, “Why is this definition so important?” Well, it’s all about creating opportunities and ensuring that women-led businesses get the recognition and support they deserve. Imagine a world where women entrepreneurs have equal access to funding, policy discussions, and business support programs. That’s the vision ACCI is working towards.
The ACCI’s Bold Move: Defining Women-Owned Businesses
The Abuja Chamber of Commerce and Industry (ACCI) didn’t just wake up one morning and decide to define WOBs. This was a carefully considered decision, driven by the need to address the unique challenges faced by women entrepreneurs. By setting a clear definition, ACCI is laying the groundwork for a more inclusive and equitable business environment.
So, what exactly is a Women-Owned Business according to ACCI? It’s any business – whether a sole proprietorship, company, or partnership – where women hold a majority stake (more than 51%). This definition provides a clear benchmark for identifying and supporting women-led enterprises.
Inside the 2nd Public-Private Dialogue (PPD) Workshop
The announcement came during the 2nd Public-Private Dialogue (PPD) workshop on Public-Private Partnership (PPP) and Public Procurement, organized by ACCI with support from the Investment Climate Reform Facility (ICRF). This workshop brought together key players from both the public and private sectors to discuss ways to promote economic growth and development. It was the perfect platform to introduce this game-changing definition.
Nwosu Speaks: Bridging the Economic Gap
Barr. Roseline Obiageli Nwosu, the Vice President of ACCI Women Development and Gender Matters, was a driving force behind this initiative. She emphasized that defining WOBs is essential for bridging the economic gap for female entrepreneurs. Her words resonated with the audience, highlighting the importance of creating an inclusive business environment where women can thrive.
“The definition sets a standard for recognizing and empowering women-led enterprises to ensure they receive adequate representation in policy discussions, business support programmes, and funding opportunities,” she declared.
What This Means for Nigerian Women
This definition is a game-changer for women entrepreneurs in Nigeria. It means:
- More Recognition: WOBs will be easily identified and recognized for their contributions to the economy.
- Targeted Support: Women-led businesses will have access to tailored support programs and resources.
- Equal Opportunities: This initiative promotes gender equality and ensures that women have a fair chance to succeed in business.
Nigeria Needs More Women in Power!
Let’s face it: Nigeria has some catching up to do when it comes to gender equality in business. According to a World Bank report, women-owned businesses often face significant challenges in accessing finance, markets, and business development services. By defining WOBs, ACCI is taking a crucial step towards leveling the playing field and empowering women to reach their full potential.
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