The federal government and the World Bank have jointly urged for a swift acceleration of women’s empowerment initiatives in Nigeria, highlighting the critical role women play in driving economic growth. Speaking at the IMF-World Bank annual meetings in Washington DC, Nigeria’s Minister of Finance, Wale Edun, emphasized that progress in enhancing women’s lives and ensuring equal access to opportunities remains insufficient.
Edun noted that women represent nearly half of Nigeria’s population, making their empowerment essential for economic advancement. He compared the economy to a plane needing both engines to function effectively, stating, “By empowering women, we can propel Nigeria’s growth to new heights.”
The government’s National Action Plan for Women’s Economic Empowerment aims to provide structured support through affinity groups, currently benefiting over 22,000 women. These groups offer training, funding, and life skills, enabling women to start businesses and improve their livelihoods.
Efforts to support young girls, especially those aged 10 to 20, are also underway. Programs backed by the World Bank focus on keeping girls in education while providing entrepreneurial training and financial aid to combat early marriage and gender-based violence.
Additionally, Nigeria’s digital economy is being leveraged through a $600 million initiative targeting women aged 15 to 35. This program sets aside 30% of its funding for women, offering startup capital, technology training, and skills development in the digital and creative sectors.
Despite these initiatives, Edun acknowledged that significant challenges remain. By 2030, the World Bank Group aims to connect 300 million more women to broadband, support 250 million with social protection programs, and provide capital to 80 million women and women-led businesses.
Ajay Banga, President of the World Bank Group, stated, “When we increase women’s economic participation, it not only boosts the global economy but also strengthens families and communities.”
