Women’s Financial Inclusion Can Trigger Economic Growth

Stakeholders were urged to promote women’s access to financial services and socio-economic empowerment programs, as this can unleash a powerful force for innovation, productivity and economic growth.

The financial sector deepening organization, Enhancing Financial Innovation and Access, EFInA, said in a statement that women are more likely than men to invest resources and profits in children’s health and education.

The organization said it will collaborate with the Development Research and Projects Center, dRPC, under the Partnership for Advancement of Women in Economic Development, PAWED, to organize a dialogue and dissemination event. of the report on women’s economic empowerment in Nigeria.

The event to be held on Wednesday, as stated in the statement, is an opportunity for stakeholders in the financial inclusion space to learn about the progress made over the years in Nigeria, particularly with regard to concerns women and owners of micro-enterprises.

EFInA’s Chief Executive Officer, Isaiah Owolabi, in his statement, expressed the need to accelerate the investment and impact of women-led businesses.

According to him, EFInA has, through its work, proven that women in Nigeria are underrepresented in formal wage jobs requiring higher education and specialized skills, and overrepresented in vulnerable or informal jobs.

“The majority of women in Nigeria lack access to health care, education, water and sanitation, financial services and ICT; all of which are necessary for economic growth,” he said.

Owolabi further implied that the traditional involvement of Nigerian women in livelihood activities essentially means that they are historically endowed with entrepreneurial skills, know-how and experience that can be leveraged for a inclusive growth and sustainable national prosperity.

“Women still face significant challenges in accessing markets due to lack of finance, societal challenges, lack of essential business skills and prevailing gender norms.

“Learnings from the report and conversations from the event would inform the redesign of investments that support women’s enterprises and bring greater empowerment and economic opportunity to women,” he added.

He noted that the dialogue that would be moderated by Dr. Oluwatomi Eromosele, Director of Research at EFInA, would also include: Dr. Zakariya’u Lawal mni, Director, Department of Monitoring and Evaluation – Federal Ministry of Finance, Budget and National Planning; Lawyer Vera Ndanusa, National President – National Association of Women Entrepreneurs, NAWE; Uzoma Dozie, Sparkle CEO; Sophie Abu, Head Gender Desk – Financial Inclusion Delivery Unit of CBN and Emezino Afiegbe, Senior Relationship Manager – Women’s World Banking.

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