Moruf Oseni, the Chief Executive Officer of Wema Bank Plc, emphasized the urgency of implementing innovative solutions to address critical issues affecting micro, small, and medium enterprises (MSMEs) and women-led businesses, alongside the imperative of addressing climate change concerns.
During Wema Bank’s Donor Roundtable themed ‘Innovative Financing: Gender-lens and Climate Resilient Solution,’ Oseni highlighted the prevalent challenges faced by MSMEs, including limited access to capital, skill development gaps, market accessibility hurdles, logistical issues, a sluggish economy, and soaring inflation, which hinder their sustainability despite being the largest employers in Nigeria.
Expressing concern over the complexities of climate change, Oseni remarked on its substantial impact on societal behavior and dynamics, exacerbating prevailing challenges.
In response to these issues, he emphasized the necessity of crafting tailor-made and inventive financial models capable of bridging existing funding gaps. Oseni stressed the importance of ensuring flexibility and easy accessibility in these funding options, catering specifically to the distinctive needs of SMEs.
In his statement, Oseni highlighted the transformative nature of the current world, emphasizing the disruptive effects of the COVID-19 pandemic on global economies and supply chains, accompanied by persistent global growth challenges. He underscored how climate change and global conflicts have further compounded these growth obstacles, disproportionately affecting youth and women, particularly in terms of higher unemployment rates.
Additionally, Dr. Ama Onyerinma, Co-founder of Africa Sustainable Trade, echoed the need to address gender inequality, recognizing its inhibiting effect on the growth prospects of women entrepreneurs.
