Hon. (Dr.) Florence Gbinigie, a former commissioner at the Ministry of Women Affairs and Social Development in Edo State, has urged women recipients of the Forum of Nigeria Women in Politics (FONWIP) N1 million interest-free loan not to venture into unfamiliar businesses simply because others have found success in them. She emphasized that the loan is meant for businesses that beneficiaries are familiar with and capable of managing successfully.
Speaking at the presentation of the fourth batch of interest-free loans to nine women in Benin City, Edo State, Hon. Gbinigie highlighted the theme of the event, “Empower Women, Prevent Violence.” She explained that the loans are provided based on the beneficiaries’ ability to manage and utilize the funds in line with their current business operations.
Gbinigie advised the beneficiaries to stick with ventures they know well and have the skills to manage effectively. “Focus on businesses you are familiar with and capable of handling. Most importantly, put God at the forefront of everything you do, including your business, for greater success,” she said. Reflecting on the success stories of previous beneficiaries, she pointed out that many women have been able to support their families despite challenges, particularly from partners or others around them.
The former commissioner noted that FONWIP is committed to addressing violence against women and girls by strengthening their economic independence. She emphasized that the initiative is especially beneficial to widows, single mothers, survivors of violence, and women from economically disadvantaged backgrounds.
In her address, she further explained that to qualify for the loan, women must demonstrate their ability to manage and grow a business. She commended the program’s success, noting the positive outcomes from previous loan batches and urging the new beneficiaries to continue pushing forward in their entrepreneurial journeys. “You are on the path to becoming factory owners, wholesalers, and distributors if you stay committed,” she encouraged.
In addition, Gbinigie provided key advice for women in business. “Stay committed, spend wisely, and be steadfast in your journey. Avoid using business funds for personal expenses. Only the profits you earn from your business should be used for personal spending. Do not imitate others in their mistakes; focus on being innovative and true to yourself,” she advised.
Earlier in the event, Hon. Favour Oseki, chair of the selection committee, expressed gratitude to Gbinigie for trusting them to select the beneficiaries. She noted that while 10 women applied for the loan, only nine were selected based on their eligibility. “This is the fourth batch of beneficiaries, and they will be expected to repay the loan within six months, with the first month serving as a grace period. Those who consistently repay their loans will be eligible for additional funding,” Oseki explained.
Two of the previous loan recipients shared their success stories, explaining how the interest-free loans had enabled them to establish their businesses. They contrasted their experiences with previous loans that carried steep interest rates, sometimes as high as 30%.
