The Nigerian federal government has earmarked $180 million to support young women aged 15 to 35 in technology and creative industries. This initiative aims to bolster female entrepreneurs engaged in early-stage innovative and technology-driven ventures.
During the World Bank’s Annual Meetings 2024 in Washington, Wale Edun, the finance minister and coordinating minister of the Nigerian economy, emphasized the importance of empowering women, who represent 49 percent of Nigeria’s population and play a crucial role in the nation’s development. He acknowledged that despite ongoing efforts, there is still a significant need for improvement in social justice, equality, and access to opportunities, particularly in financing for women.
Edun stated, “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.” He highlighted the government’s commitment to enhancing the lives of Nigerian women through initiatives like a national action plan specifically targeting female empowerment.
In tandem with Nigeria’s efforts, the World Bank Group announced its ‘Gender Strategy 2030’ during the meetings, detailing actions and goals to enhance economic opportunities for women globally. Key objectives include enabling 300 million additional women to use broadband by 2030, providing social protection to 250 million women, and extending capital access to 80 million women and women-led businesses.
Ajay Banga, president of the World Bank Group, noted, “When we increase women’s economic participation, it not only boosts the global economy but also strengthens families and communities.” He stressed that empowering women through economic opportunities helps alleviate poverty and fosters hope and dignity.
To achieve these ambitious targets, the World Bank will focus on investments in countries with significant connectivity and financial gaps, advocating for policy reforms that promote private investment and improve infrastructure in underserved areas. Additionally, the organization plans to enhance social protection programs by investing in digital registries to streamline assistance for women.
Furthermore, the bank will leverage digital cash transfers linked with skills training, business capital, and market access to provide sustainable economic opportunities. It will also collaborate with financial institutions and regulators to address gender biases in lending and improve access to credit for female entrepreneurs.
Through these initiatives, the Nigerian government and the World Bank aim to create a more equitable environment for women in business, ultimately fostering a robust economy that benefits all sectors of society.
