By Tony Obiechina, Abuja
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has has observed that women’s participation and empowerment is a key driver of over all economic growth and improved development.
Speaking at a two-day APC National Women Conference themed “One Voice Women Uniting for Progress” in Abuja on Tuesday, the Minister also noted that involving women in national development will also lead to greater social inclusion.
She said, “we are at a critical crossroads when it comes to women’s participation and economic empowerment. The data is resoundingly clear – women’s economic participation and empowerment is a key driver of overall economic growth and improved development outcomes, ultimately leading to improved economic resiliency and greater social inclusion.
“Even so, women remain vulnerable, and as global and domestic data has shown, women have disproportionately borne the impact of the COVID-19 pandemic. This is against the backdrop of recent human capital and gender parity indices which provide a sobering reality – that we have a long journey ahead when it comes to achieving gender equity.
“The economic and social empowerment of women and girls is therefore critical to our collective vision of a prosperous and resilient Nigeria. It is therefore imperative that we prioritize the advancement of women in all spheres of society, and specifically in areas relating to their socio-economic empowerment.
Mrs Ahmed pointed out that although significant progress has been made in addressing gender equity issues both globally and domestically, “we still have a lot more work to do. Global research shows that, despite their contributions, many women remain economically disempowered”.
She further stated that women are especially vulnerable to poverty between the ages of 25 and 34, and are more likely to be affected by poor service delivery and instability.
According to her, the World Economic Forum’s 2021 Global Gender Gap Report estimates that it will now take approximately 135.6 years to close the global gender gap, as compared to the 108 years it would have taken in 2018, adding that “the economic participation and opportunity gender gap will need 267.6 years to close, while the gender gap in political empowerment will need an approximate 145.5 years to close.
The Minister said, “Here in Nigeria, the factors inhibiting women’s economic empowerment mirror what is happening on the global scene. Women face challenges when it comes to accessing resources, including financial services, property, and other assets.
“Additionally, women are less likely to receive critical education, skills and training opportunities. These challenges are compounded by issues of work-life balance, with many women opting out of leadership tracks due to important home commitments and inadequate support at work.
“These challenges are amplified by several underlying factors, including: (1) an inadequate policies and regulatory frameworks aimed at identifying and protecting the rights of women, and ensuring equal representation and access across various sectors; and (2) socio-economic norms and cultural factors.
She however argued that Nigeria, like most countries is experiencing a new economic and social reality as a result of the COVID-19 crisis, adding that “We must therefore heed the call to action for the development and implementation of government policies and initiatives aimed at promoting women’s participation and economic empowerment”.
The Minister therefore enjoined stakeholders across the private sector and civil society to work together with government to ensure that “we move towards our goal of improving women’s participation and empowerment, and in turn achieving inclusive and sustainable development”.
