Insights from the Sankalp West Africa Summit 2023
Imagine Fatima, a dynamic entrepreneur from Nigeria, who diligently crafts tasty and healthy soyachipsthat have soared in demand. Despite her unwavering efforts in ensuring quality packagingand effective marketing, she still grapples to keep her venture afloat. Fatima’s story echoes theexperiences of thousands of women entrepreneurs across Africa.
Women, frequently marginalized due to socio-economic factors, require proactive backing for thepromotion of inclusive business initiatives. Cultural norms and societal expectations curtailwomen’s assertiveness, while the responsibility of unpaid care work restricts their entrepreneurialaspirations. Compounded by limited financial literacy rates among uneducated women, andexacerbated by information gaps in rural regions, their business prospects often dim.
The International Development Research Centre (IDRC)and Sankalp recognized this repetitivecycle and led a focused dialogue at the Sankalp West Africa Summit 2023, intending to unearthsolutions. The session set out to examine the obstacles these entrepreneurs face, the policylevers to overcome them, andthe knowledge chasms that need to be bridged for a private sector-led push towards inclusive business.
The panel, comprising experts from diverse fields, proposed several insightful strategies:
- Creation and execution of funding programs tailored explicit ly for women and youth entrepreneurs, ensuring an equitable share in financial resources.
- Establishment of platforms that link rural women entrepreneurs with relevant players like retailers, financial bodies, and support organizations.
- Conception of holist ic mentorship and training schemes to bolster the financial acumen and business literacy of women and youth, equipping them with the confidence to take up entrepreneurial endeavours .
- Celebration of success stories of women and youth entrepreneurs through v arious media, illuminating their achievements, and fuelling inspiration for others.
- Engagement of indirect stakeholders like spouses and family members in entrepreneurship education, cultivating a supportive ecosystem.
The adoption of deliberate policies,provisioning of support mechanisms, and bridging ofknowledge gaps are essential for empowering women and youth entrepreneurs. Inclusivebusinesses, driven by collaborative undertakings and precise interventions, can spawnempowerment, unlock economic prospects, and construct a more balanced society.Sankalp is committed to nurturing these alliances annually, to extend a helping hand to Fatimaand countless others like her. Let’s equip them with the right resources to shine in theirentrepreneurial journey. After all, empowering them is not just about lending support, it’s aboutigniting change!
