Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has praised the World Bank’s support for women empowerment as a critical factor in Nigeria’s economic growth.
Edun, while speaking at the flagship event ‘Women Transforming the World’ at the ongoing International Monetary Fund (IMF) and World Bank annual meetings in Washington, noted strategic interventions in female entrepreneurship and education will foster both social justice and economic growth.
This comes as the World Bank Group announced actions and concrete goals that aim to boost economic opportunities for more women, as part of the first steps toward implementing Gender Strategy 2030.
Edun said: “If we empower our female population and give them the same access that we have given our men, society will be better off for it. And I think that goes without saying. In Nigeria, we have been deliberate, we have a national action plan for the empowerment, the economic empowerment of women. It was launched a year or two ago, by the President. But what it points to is that it is a deliberate commitment, and it puts women in what we call women affinity groups, essentially self-help groups.
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“And within those groups, are about 22,000, and within those groups, women learn, they train, they get funding, they get education, they get assistance, and of course, between themselves, they strengthen themselves.”
Edun outlined the economic imperative of empowering Nigeria’s female population, which accounts for 49 per cent of the country’s citizens, stressing the importance of equal opportunity for women to fully contribute to the nation’s development
He said: “In Nigeria, 49 per cent of the population are women. And so, apart from the social justice aspect, just the pure economics of it, if you have a plane and it has two engines, and you decide to fly on one engine, compare that with if you decide to give both engines a chance, you will go farther, you go faster, you will go higher, you will go better. And it’s as simple as that.”
Edun revealed that Nigeria’s $600 million Digital and Creative Enterprise sector initiative targets youths aged 15 to 35, with 30 per cent of the funding earmarked for women. The program provides startup capital, technology training, and skills development to support aspiring female entrepreneurs in the digital space.
President of the World Bank Group, Ajay Banga noted the initiative to empower women would enable 300 million more women to use broadband, unlocking essential services, financial services, education, and job opportunities.
He said: “When we increase women’s economic participation, it not only boosts the global economy, but also strengthens families and communities. Through economic empowerment we are building a ladder out of poverty and extending hope and dignity as far as possible.”
To achieve these targets, the Bank will focus on key efforts that will drive long-term, sustainable change. In the area of broadband access, the Bank will prioritize investments in countries with the largest connectivity and financial gaps, emphasising gender equality in digital inclusion. The Bank will also advocate for policy reforms to facilitate private investment and build infrastructure in underserved areas.
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