The Federal Government said its continued investment in women-led businesses and support for youths’ entrepreneurial skills aligned with the World Bank’s initiative.
Minister of Finance and Coordinating Minister for the Economy, Wale Edun, who spoke during a panel discussion at the ongoing World Bank/International Monetary Fund (IMF) Annual Meetings in Washington DC, said the government has ambitious plans for youths and women entrepreneurs.
The minister’s focus aligns with the World Bank Group’s mission of implementing Gender Strategy 2030, a set of actions and concrete goals that aim to boost economic opportunities for more women.
The targets, unveiled at a flagship event during the 2024 World Bank Group Annual Meetings, will focus on use of broadband, social protection, and access to capital. These efforts will contribute to one of the three pillars of the Gender Strategy, which is dedicated to expanding and enabling women’s participation in the global economy.
Speaking on the initiative, President of the World Bank Group, Ajay Banga, 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.”
By 2030, the World Bank Group aims to enable 300 million more women to use broadband, unlocking essential services, financial services, education, and job opportunities; support 250 million women with social protection programs, focusing especially on the poorest and most vulnerable and provide 80 million more women and women-led businesses with capital, addressing a critical constraint to entrepreneurship growth.
Edun said by empowering Nigerian female population and giving them the same access that is given to men, the whole society will be better for it.
He said: “In Nigeria, we have been deliberate. We have a national action plan for the economic empowerment of women. It was launched recently by the President. But what it points to is that it is a deliberate commitment, and it comes from the very top.”
He lauded the World Bank for the Nigeria for Women Project, which is currently in six states and to be rolled out in more states.
“It is one a project that people around the world should take the opportunity to come and see and learn from. What it does is it puts women in women affinity groups. And within those groups, about 22,000 women learn, train, get funding, education for their businesses,” he said.
Edun said women in the group fund themselves, through group savings schemes whereby they in turn lend to each other. “And that has proved a very successful model for helping those women to get on their feet, get a chance to be entrepreneurs, and of course, learn about life skills across the board,” he said.
He said in Nigeria, 49 per cent of the population are women, with the World Bank support, helping them to stay in education, provide training, support funding for those who want to become entrepreneurs, and provide skills development for others.
The minister said the government recognizes the importance of the digital space, and has committed around $600 million of funding into digital program called the Digital and Creative Enterprises sector.
He said around 30 per cent of the fund is earmarked for young women’s startup capital, technology training, and general skills development.
“These are very deliberate and targeted initiatives aimed at ensuring that we empower women over the normal schooling system, what the traditional system, and what the culture in which they are in would do for them,” he said.
He said the scheme is designed to empower entrepreneurs within the 15 and 35 years age bracket.
“And of course, the results are likely to be phenomenal, because these are talented, these are ambitious, these are energetic people, and what they want is that chance to show what they can do, that helps and that support to get on the ladder to success,” he said.
