Empowering Nigerian Women: A Strategic Pathway to Economic Prosperity
Nigeria is at a pivotal juncture in its ambition to become a $1 trillion economy by 2030. Yet, one of the most significant, yet often overlooked, drivers of this transformative journey is the economic empowerment of women. With women making up half of Nigeria’s population and bearing the brunt of socio-economic challenges, unlocking their potential is not just a matter of gender equity—it is an economic imperative.
Despite their central role in society, Nigerian women remain disproportionately excluded from financial systems. Current estimates indicate that up to 70% of Nigeria’s poor are women, many of whom lack access to basic financial services such as savings accounts, credit, and insurance. Regional disparities exacerbate this issue, particularly in the North, where financial exclusion rates can soar to 47% in certain states. These barriers do not just hinder women’s financial autonomy; they stifle Nigeria’s broader efforts to achieve inclusive economic growth and sustainability.
For Nigeria to reach its $1 trillion GDP target, it must dismantle the systemic barriers preventing women from accessing essential financial resources. As Vice President Kashim Shettima emphasized during the signing of the Accord, “Bridging the financial inclusion gap is not only an economic priority but a moral imperative. Women’s financial inclusion must be integral to Nigeria’s Renewed Hope Agenda, which envisions a nation where every citizen, regardless of gender, location, or socio-economic status, can participate fully in the economy.”
Dr. Nurudeen Abubakar Zauro, the Technical Adviser to the President on Economic and Financial Inclusion, has emerged as a leading advocate for this cause. A seasoned banker and policy expert, Dr. Zauro is at the forefront of Nigeria’s push to ensure financial services reach underserved communities, with particular emphasis on women, youth, small businesses, and rural populations.
Under Dr. Zauro’s leadership, the #ShesIncluded initiative is helping to redefine the financial landscape for Nigerian women. This groundbreaking project, launched under the Aso Accord on Economic and Financial Inclusion, goes beyond providing women with access to banking services. It aims to empower them with the knowledge, networks, and opportunities necessary to build a sustainable and prosperous economic future.
Dr. Zauro’s Vision: Unlocking the Full Potential of Women
Dr. Zauro’s approach to financial inclusion is comprehensive and visionary. It seeks not only to provide women with financial products but to create a gender-responsive financial ecosystem that accounts for the unique challenges women face. His focus on enhancing digital financial literacy, advocating for gender-sensitive policies, and fostering public-private partnerships is helping to lay the foundation for an inclusive financial system that benefits everyone.
As Dr. Zauro aptly puts it, “Financial inclusion is not just an economic goal; it is a moral imperative to unlock opportunities for every Nigerian to achieve their full potential.” By democratizing access to financial tools, he believes Nigeria can catalyze an entrepreneurial revolution, empowering women to launch businesses, create jobs, and contribute to national economic growth.
Vice President Shettima’s Commitment to Financial Inclusion
Vice President Shettima shares Dr. Zauro’s vision and has consistently emphasized the need to address the systemic inequalities within Nigeria’s financial systems. During his speech at the Development Partners Roundtable on Economic and Financial Inclusion, he highlighted the alarming low penetration of digital financial services among women as a significant barrier to inclusive growth.
He is also vocal about the socio-economic challenges that disproportionately affect women, such as low incomes, limited access to education, and restricted access to credit. Shettima believes that addressing these barriers is critical not only for achieving gender equity but also for building a more inclusive, sustainable financial system that aligns with Nigeria’s broader economic aspirations.
The #ShesIncluded Summit: A Defining Moment for Women’s Economic Empowerment
On January 30th and 31st, 2025, Nigeria will host the highly anticipated #ShesIncluded Summit, a landmark event set to reshape the financial landscape for women. Convened by Dr. Zauro, this summit will bring together policymakers, global development experts, financial leaders, and entrepreneurs from Nigeria and around the world to engage in high-level discussions on how best to integrate women into the financial system.
The summit will serve as a critical milestone in Nigeria’s journey to becoming a trillion-dollar economy, with women playing a central role in the nation’s economic transformation. Key topics of discussion will include:
• Gender-Responsive Policies: How can governments and institutions create policies that close the gender gap in access to financial services and resources?
• Digital Financial Literacy: What role can technology play in ensuring that Nigerian women, especially in rural areas, have access to mobile banking, insurance, and investment opportunities?
• Public-Private Partnerships: How can the government collaborate with the private sector to design products and services tailored to the unique needs of women?
• Inclusive Entrepreneurship: What measures can be taken to ensure that women have access to the capital, networks, and mentorship necessary to build and scale businesses?
Additionally, the summit will provide a unique platform for women entrepreneurs to engage directly with financial institutions, investors, and mentors—creating the potential for long-term partnerships that will drive the growth of women-owned businesses across Nigeria.
A Collaborative Vision for a Thriving Future
The #ShesIncluded Summit is more than just an event; it is a call to action. With Dr. Zauro at the helm and strong support from His Excellency President Bola Ahmed Tinubu and Vice President Kashim Shettima, the initiative underscores Nigeria’s commitment to ensuring that no woman is left behind in the country’s economic transformation.
As Nigeria looks toward its future, it is evident that integrating women into the economy is not only an issue of equity but a strategic economic move. Financial inclusion holds the key to unlocking the entrepreneurial potential of Nigerian women. When women are given the tools, resources, and support they need, they become powerful drivers of innovation, job creation, and national prosperity. Empowering women is, therefore, essential to building a more inclusive, sustainable, and prosperous Nigeria.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
