Africa To Invest $40 Billion Yearly To Bridge Gender Gap
To close the gender equality gap, Nigeria and the entire African continent must invest $40 billion yearly to ensure women’s empowerment development and prevent 340 million people from falling into extreme poverty by 2030.
This was disclosed at a women’s empowerment webinar organised by First Bank Group and United Nations (UN) Women, themed, ‘Invest in Women: Accelerate Progress’.
The Country Representative to UN Women Nigeria and the Economic Community of West African States (ECOWAS), Beatrice Eyong, explained the significance for substantial investment in the area, saying globally, $360 billion is needed yearly to bridge gender equality and promote women’s empowerment development.
She noted that Nigeria and Africa require $40 billion, stressing that without investment in the areas by 2030, over 340 million people could face extreme poverty.
Eyong further requested a re-evaluation of fiscal policies, particularly taxes on women’s consumables. She noted a decrease in funding for gender equality and empowerment development.
Similarly, the Head of Youth/Women Banking at FirstBank Group, Aderonke Adeyinka, expressed the bank’s efforts to implement financial instruments that foster gender equity, inclusion, and diversification to support women’s socio-economic development.
To combat the lack of funding for women, Adeyinka stated that the bank has targeted industries dominated by women as well as those with fewer women, offering them nine per cent interest loans without collateral to enhance their businesses.
The Director of Sustainability and Climate Change at PwC West Africa, Marilyn Obaiisa-Osula, also commented on the invisibility, unpaid, and underpaid labour of women in the supply chain trade, despite their innovation and importance.
She blamed the African Continental Free Trade Agreement for the lack of gender inclusiveness in its supply chain sector and called for the Export Promotion Council and the Investment Promotion Commission to facilitate women’s access to trade investment in the AfCFTA.
The Founder of Women in Successful Careers (WISCAR), Amina Oyagbola, has advised the President Bola Ahmed Tinubu to issue an Executive Order on female inclusion and diversity in both government and the private sector, noting the absence of enabling legislation for women’s empowerment in Nigeria.
She said the passage of the neglected gender bill would significantly advance women’s economic development.
Also, the Managing Director/Chief Executive Officer of PAN Nigeria Limited, Taiwo Oluleye, urged financial institutions to close the gender equality gap, noting that their gender-sensitive financial products do not meet women’s needs.
She advised the Federal Government to establish a gender-based national fund for women and vulnerable groups to overcome financial challenges in both the short and long term.