The Nigerian government has announced a significant investment of $180 million aimed at supporting young women entrepreneurs in the technology and creative industries. This initiative targets young Nigerians aged 15 to 35, focusing on those in the early stages of innovative and technology-enabled ventures.

At the World Bank’s Annual Meetings 2024 in Washington, Wale Edun, Nigeria’s finance minister and coordinating minister of the economy, emphasized the critical role women play in the nation’s development, representing 49% of the population. Despite this, he acknowledged that more work is needed to ensure social justice, equality, and access to financial opportunities for women.

“If we empower our female population with the same resources as men, our society will benefit significantly,” Edun stated, highlighting the ongoing support from the World Bank in promoting gender balance in Nigeria. The government is implementing a national action plan to further empower women and enhance their economic prospects.

In parallel, the World Bank Group has initiated its ‘Gender Strategy 2030,’ outlining actions aimed at enhancing economic opportunities for women. Key targets include enabling 300 million more women to access broadband, supporting 250 million women through social protection programs, and providing capital to 80 million women and women-led businesses.

Ajay Banga, president of the World Bank Group, remarked, “Increasing women’s economic participation not only boosts the global economy but also strengthens families and communities.” The strategy emphasizes sustainable change through investments in broadband access, policy reforms to attract private investment, and the expansion of digital social protection programs.

The World Bank will also prioritize initiatives that improve access to capital for women entrepreneurs, collaborating with financial institutions and leveraging gender bonds to promote equitable lending practices. This comprehensive approach aims to dismantle barriers to women’s economic empowerment and foster long-term growth in the sector.

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