The Nigerian government has unveiled an ambitious plan to empower 10 million women by 2027. This initiative forms a crucial part of the nation’s broader economic transformation strategy, aiming to elevate Nigeria to a $1 trillion economy by 2030. The government recognizes the pivotal role women play in economic development and seeks to equip them with the necessary tools and resources to become active participants in the nation’s financial growth. The announcement, made by the Minister of Women Affairs, Imaan Sulaiman-Ibrahim, during an International Women’s Day event, highlighted the significance of financial literacy and inclusion in empowering women. The theme of the event, “Accelerate Action—Empowering Women Through Financial Literacy & Inclusion,” underscores the urgency and importance of this initiative.
Empowering women financially isn’t merely about individual advancement; it’s about fostering societal progress. Sulaiman-Ibrahim emphasized the cascading effect of financial literacy, explaining that when women gain financial knowledge, they gain the power to shape their economic futures, secure their families’ well-being, and contribute meaningfully to societal transformation. This empowerment ripples outwards, impacting families, communities, and ultimately, national economic progress. The minister identified several key obstacles that currently hinder women’s full economic participation, including limited access to credit facilities, exclusion from formal financial systems, and susceptibility to fraudulent schemes. These barriers, she argues, require immediate and targeted interventions to create a level playing field for women in the economic arena.
A crucial aspect of the government’s empowerment strategy is recognizing and leveraging the existing entrepreneurial spirit of Nigerian women. The minister highlighted the fact that women own approximately 40% of small businesses in the country, showcasing their significant contribution to the economic landscape. By providing them with increased access to financial resources, education, and support, the government aims to amplify their impact and unlock their full entrepreneurial potential. This focus on supporting women-owned businesses aligns with the broader economic diversification goals and contributes to a more inclusive and robust economic ecosystem.
The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, echoed the minister’s sentiments, emphasizing the crucial role women play in the capital market and wealth distribution. He underscored the importance of financial education as a key driver of women’s empowerment, aligning with the government’s focus on equipping women with the knowledge and skills to navigate the financial landscape effectively. Agama stressed the need for targeted efforts to educate women and elevate their participation in the capital market, recognizing their potential to contribute significantly to national economic growth. He also addressed the vulnerability of women to Ponzi schemes, often due to their efforts to provide for their families, highlighting the need for increased awareness and protective measures.
The collaboration between the SEC and the Ministry of Women Affairs marks a crucial partnership in driving this empowerment initiative. The SEC’s commitment to training women in capital market activities, through its training arm, the Nigerian Capital Market Institute, provides a practical mechanism for equipping women with the necessary expertise. This hands-on training will empower women to participate actively and confidently in the capital market, further solidifying their role in national economic growth. This collaboration underscores the government’s multi-pronged approach to empower women, addressing both the need for financial literacy and practical skills development.
The government’s plan to empower 10 million women by 2027 is a significant step towards achieving the nation’s ambitious economic goals. By focusing on financial literacy, inclusion, and skill development, the initiative aims to unlock the vast potential of Nigerian women. This strategic investment in women’s economic empowerment is not just a social imperative, but a crucial economic catalyst for achieving sustainable and inclusive growth. The collaboration between various government agencies and the focus on practical training programs signals a strong commitment to translating this ambitious vision into tangible results. The success of this initiative will not only empower millions of women but will also contribute significantly to Nigeria’s economic transformation and its journey towards becoming a $1 trillion economy.
