This was revealed by the Commissioner for Finance and Chief Economic Adviser, to the Governor, Mr. Dapo Okubadejo, during a review meeting with contractors and fabricators, on successful completion of the NFWP hubs, at the Ministry of Finance Conference Room, Oke-Mosan, Abeokuta.
Mr. Okubadejo said NFWP goes beyond providing financial aid but aimed at enhancing the livelihood and economic capability of women, adding that the new phase was necessitated by the need to encourage value addition to the production of their raw materials.
He pointed out that the first project cycle focused on identifying the most effective economic interventions for women with the establishment of Women Affinity Groups (WAGs), each group comprising 15 to 25 women with similar economic profiles from the same area, thereby facilitating a culture of saving and providing technical supports to the groups.
The Commissioner further noted that the project includes extensive training on business operations, basic profit and loss management, saving culture and maintaining cash registers.
"The training is crucial because many women see cash flow but do not realise whether they are making profits, which leads to business failures. The saving culture enables women to lend to each other, with groups retaining 10 percent of their total contributions, transforming their lives and making them economically and financially independent”, he said.
In her remarks, the State Project Coordinator, NFWP, Mrs. Bolanle Fadairo, explained that the Project is a women's economic empowerment initiative, aimed at improving women's livelihoods in targeted areas.
She disclosed that the project now focuses on collective livelihood grants, providing equipment, building business hubs and supporting three value chains which were cassava, maize and rice processing, along with tailoring.
Speaking on behalf of other contractors, the President of Tbag Associates, Mr. Goke Olateru, appreciated the state government for giving them the rare opportunity to be part of the life-changing project, promising to deliver on time without compromising quality.
