To mark the 2024 International Women’s Day (IWD) with the theme: Count Her In: Invest in Women. Accelerate Progress, the office of the Senior Special Assistant (SSA) to the President on Women Affairs convened a Dialogue to address the pressing need for inclusive economic strategies with a resounding call for gender-responsive financing to combat poverty and uplift women in Nigeria, ENE OSHABA reports.
The stark gender disparities in access to financial services, with only 39 per cent of women compared to 48 per cent of men having formal financial access was the highlight of the address by the Senior Special Assistant to the President on Women Affairs, Fatima Abubakar-Faruk, at a one-day Dialogue organised by her office in Abuja to mark the 2024 International Women’s Day (IWD) with the theme: Count Her In: Invest in Women. Accelerate Progress.
Speaking on gender disparities in access to financial services, she maintained that this glaring inequality underscores the urgency of implementing gender-responsive financing mechanisms.
Lamenting that despite the remarkable strides made in various sectors, gender disparities persist, the presidential adviser stressed that gender-responsive financing would enable the allocation of financial resources to support gender equality, empower women, and address the unique needs and challenges they face.
“Approximately 50 per cent of Nigerian women live in poverty, according to the World Bank, highlighting the challenges faced by women in accessing economic opportunities and resources necessary to lift themselves and their families out of poverty.
“In the mood of celebrating the IWD I would like to draw your attention to the critical issue of poverty in women and gender-responsive financing. Gender-responsive financing refers to the allocation of financial resources to support gender equality, empower women, and address the unique needs and challenges they face.
“It recognises that investing in women and girls is not only a matter of social justice but also a smart economic decision that can yield remarkable benefits for societies at large.
“In Nigeria, women often encounter significant barriers in accessing financial services, with only 39 per cent of women in Nigeria having access to formal financial services compared to 48 per cent of men, according to the Enhancing Financial Innovation and Access (EFInA) survey. “Overcoming these barriers and promoting inclusive financial systems that cater to the needs of women is an urgent priority.”
She stressed that women’s entrepreneurship and access to credit are vital for economic growth, yet they are hindered by systemic gender biases.
“A study by the National Bureau of Statistics (NBS) revealed that women-led businesses receive significantly lower financing compared to those led by men. Closing this financing gap is crucial to empowering women as entrepreneurs and unlocking their potential for contributing to the nation’s development,” she added.
Delivering a keynote address, the Minister of State for FCT, Dr. Mariya Mahmud Bunkure, noted the persistent barriers and challenges that continue to hinder the full realisation of women’s rights and potential in the country.
Bunkure, who was represented by Hajiya Maijidda Adamu Kuku, stated that from systemic discrimination and gender-based violence to unequal access to education, healthcare, and economic opportunities, women around the world face multifaceted challenges that demand urgent action and concerted efforts to address.
“Today, as we reflect on the significant strides made toward gender equality and women’s empowerment, we must also acknowledge the persistent barriers and challenges that continue to hinder the full realization of women’s rights and potential,” she stated.
Economic empowerment through gender-responsive financing
Speaking further, the presidential adviser stressed that gender-responsive financing was pivotal in unleashing the full potential of Nigerian women.
“By ensuring equal access to financial resources, not only gender equality is promoted but also sustainable development and inclusive economic growth are driven forward,” she noted.
Abubakar-Faruk noted that, in the bid to lift women out of poverty, the SSA’s office was planning six upcoming projects that aim to empower young girls and women including, the HerTechHub Boot Camp, which promotes diversity and inclusivity in the tech sector and enhances digital literacy and entrepreneurship among women and girls.
“Others include the IWD Conference and Trade Exhibition, which will celebrate the Day and promote gender equality through economic empowerment, featuring expert speaker sessions and showcasing women-led businesses.
“The EquipHer Empowerment Initiative will provide startup materials to vulnerable women with existing businesses, fostering entrepreneurship and community development.
“Also, The TeensLeads Initiative will combat political apathy among young girls, educating them about political concepts and empowering them to actively participate in shaping their communities and country.
“The OrangeHope Outreach will raise awareness and provide support to victims of gender-based violence (GBV) through a national call to action.
“The Solar Initiative aims to promote economic empowerment among women through solar entrepreneurship, improve women’s health and safety in rural areas, enhance educational access for school-going girls in off-grid areas, and contribute to overall community development by providing dependable solar-powered lighting,” she disclosed.
According to her, these projects target different demographics and regions in Nigeria, with the aim of addressing specific needs and challenges related to gender equality and empowerment.
She stressed that their implementation will further drive progress towards a more inclusive society.
Inclusive access, supportive programmes
Emphasizing the importance of credit accessibility and women entrepreneurship, stakeholders made case for more inclusive financial services tailored to women’s needs.
Speaking, the Special Adviser to the President on Policy and Coordination and Head, Central Delivery Unit, Hadiza Bala-Usman, noted that empirical evidence consistently demonstrates that when women have access to financial resources, they prioritise investments that enrich their families and communities.
She stressed that the importance of gender-responsive financing and gender equality cannot be overstated in the nation’s pursuit of sustainable development.
“Nigerian women stand as indispensable catalysts propelling the growth, progress, and sustainable development of our nation. Their resilience, resourcefulness, and unwavering commitment to excellence serve as the bedrock upon which our collective aspirations for a brighter future are built.
“As we chart our course forward, it is imperative to recognize and harness the immense potential that women bring to the table. From bolstering agricultural productivity to nurturing innovation and entrepreneurship, Nigerian women are instrumental to advancing the priority areas of the Federal Government of Nigeria.
“Their contributions in reforming the economy, enhancing education and healthcare and fostering inclusive growth underscore their indispensable role as architects of our nation’s destiny,” she said.
“Gender inclusion and women’s empowerment stand as cornerstone priorities of this administration and pivotal catalysts for sustainable growth,” she added.
Similarly, the Executive Director, Development Research and Projects Centre (dRPC), Dr. Judith-Ann Walker, emphasized the significance of addressing gender equality, education, digital literacy, and agricultural engagement to advance women’s economic empowerment.
Gender equality in investment decisions
Bala-Usman, further underscored the indispensable role of gender-responsive financing in driving sustainable development.
She emphasized the importance of women’s access to financial resources, as investments enrich families and communities, serving as catalysts for national progress.
On her part, Fatima Abubakar-Faruk maintained that to address these challenges, work must be geared towards providing more inclusive access to financial services, ensuring that banking and microfinance institutions cater to women’s unique needs such as targeted efforts to expand financial education for women, enhance their financial literacy and management skills.
“We also need to prioritise financing programs that directly support women’s economic empowerment and entrepreneurship.
“By increasing access to affordable credit, fostering mentorship networks, and providing training and capacity-building programs, we can empower women to establish and grow their businesses, fostering economic independence and reducing poverty levels.
“We must encourage gender equality in both public and private financing realms. This necessitates a gender lens in budgetary allocation while promoting corporate practices that embrace diversity and equity in investment decisions.
“By supporting organisations that demonstrate gender-responsive practices we can create an enabling environment for women’s economic empowerment,” the SSA urged.
Addressing key areas
At the forum, stakeholders reiterated the need for targeted programmes supporting women’s economic collectives and advocacy for issues affecting women’s economic empowerment.
The need to prioritise financing programmes directly supporting women’s entrepreneurship and economic empowerment was highlighted as essential for fostering an enabling environment.
The FCT minister of state advocated for gender equality, highlighting the challenges faced by women globally.
She lauded President Bola Tinubu-led administration’s commitment to advance the women’s agenda for an inclusive future.
“We recognise that investing in women and girls is not only a matter of social justice but also a prerequisite for sustainable development, economic growth, and peace.
“Through targeted policies, programmes, and initiatives, the administration is working tirelessly to promote gender equality, empower women and girls, and create an enabling environment for their full participation and leadership in all sectors of society.
“From promoting access to quality education and healthcare to fostering economic empowerment and political representation, we are dedicated to ensuring that every woman and girl in Nigeria has the opportunity to thrive and fulfill her potential.”
She called for more commitment to advancing gender equality and women’s right.
” Let us amplify the voices of women advocates and changemakers who are tirelessly working to break down barriers, challenge stereotypes, and drive positive change in their communities and beyond. “Together, let us reflect on the progress made and chart a way forward towards a more just, equitable, and inclusive future for all,” she maintained.
Similarly, Wife of the Deputy Speaker,
House of Representatives, Dr. Ezinne Kalu, in her speech maintained that investment in women was investment in society.
Kalu said that women often serve as the primary educators and role models for their children, instilling values, morals, and beliefs that shape their development and character. They teach important life skills, provide guidance on decision-making, and offer support and encouragement as their children navigate the challenges of growing up.
“Women’s influence as mothers, grandmothers, aunts, and sisters leaves a lasting impact on the next generation and helps shape the future of society.
“In times of crisis or hardship, women are often the ones who hold the family together, providing strength, resilience, and a sense of unity.
“Their ability to remain calm under pressure, problem-solve effectively, and offer unwavering support to their loved ones is invaluable during challenging times. Women’s emotional intelligence, empathy, and compassion help create a sense of unity and solidarity within the family, fostering a strong sense of connection and belonging.
“Overall, women’s contributions towards their duties as the strong pillar of the family are essential for the well-being and happiness of their loved ones.
“Their love, support, and dedication create a nurturing and supportive environment that allows their family members to thrive and grow. It is important to recognize and appreciate the vital role that women play in the family unit and to continue to support and empower them in their important responsibilities.
“Therefore, any investment in the welfare, well-being and education of women is generally an investment in the building of society. It is the woman who raises a child, who will in turn play a leadership role in society. A good child is an asset to the society and a good child is raised by a woman,” she added.
Govt commitment, challenges
While acknowledging strides towards gender equality and women’s empowerment, the FCT minister of state
emphasized the persistent barriers hindering the realization of women’s rights and potential.
She called for concerted efforts to address these challenges and ensure the full inclusion and empowerment of women in Nigeria’s economic landscape.
It is worthy to note that the call for gender-responsive financing reverberates as a clarion call for inclusive economic policies that prioritize women’s empowerment and poverty alleviation.
With unwavering commitment and collective action, stakeholders envision a future where Nigerian women thrive, contribute, and lead across all spheres of society.
“Gender-responsive financing holds the key to unlocking the full potential of women in Nigeria. By ensuring women have equal access to financial resources, we not only promote gender equality but also drive sustainable development and inclusive economic growth.
“Let us unite, advocate, and take decisive action to make gender-responsive financing a reality in Nigeria. Together, we can create a future where Nigerian women thrive, contribute, and lead in all spheres of life,” the SSA charged.
“I call upon all stakeholders, government, civil society, private sector, and individuals, to join hands in the pursuit of gender equality and women’s empowerment.
“Let us harness the power of collective action and solidarity to accelerate progress towards a world where every woman and girl can live with dignity, equality, and freedom in line with the aspirations of the President Tinubu administration`s agenda,” Kuku added.
