Wale Edun: World Bank Support Critical for Empowering Nigerian Women-led Businesses

*Bank unfolds measures to improve economic opportunities for women

Eromosele Abiodun and Nume Ekeghe in Washington DC

Minister of Finance, and Coordinating Minister of the Economy, Wale Edun, yesterday, emphasised the pivotal role of the World Bank in supporting Nigeria’s ongoing efforts to empower women.
According to Edun, strategic interventions in female entrepreneurship and education would foster both social justice and economic growth.
Speaking at the flagship event, ‘Women Transforming the World’ at the ongoing International Monetary Fund (IMF) and World Bank annual meetings in Washington, Edun reiterated the need for greater progress in improving the lives of women.
Edun said: “If we empower our female population and give them the same access that we have given our men, society will be better off for it. And I think that goes without saying.

“In Nigeria, we have been deliberate, we have a national action plan for the economic empowerment of women. It was launched a year or two ago by the President. But what it points to is that it is a deliberate commitment, and it puts women in what we call women affinity groups, essentially self-help groups.
“And within those groups are about 22,000 women. They learn, train, get funding, education, assistance and of course strengthen themselves.
“Of course, they now become a focal point at which the likes of donors and government can access them.”
“Thanks very much again, Ajay, it is World Bank supported, and what it does is that it helps those groups to stay in education, to stay within the formal purview of education, training, support, and funding for those who want to become entrepreneurs, skills development for others.”

Edun, outlined the economic imperative of empowering Nigeria’s female population, which accounts for 49 per cent of the country’s citizens, stressing the importance of equal opportunity for women to fully contribute to the nation’s development
He said: “In Nigeria, 49 per cent of the population are women. And so, apart from the social justice aspect, just the pure economics of it, if you have a plane and it has two engines, and you decide to fly on one engine, compare that with if you decide to give both engines a chance, you will go farther and faster, you will go higher, you will go better. And it’s as simple as that.”

Edun revealed that Nigeria’s $600 million digital and creative enterprise sector initiative targets youths aged 15 to 35, with 30 per cent of the funding earmarked for women.
The program provides startup capital, technology training, and skills development to support aspiring female entrepreneurs in the digital space.

He added: “We also in the digital space, the all-important digital space that, as we know, can be so empowering. We have around $600 million of funding going into the digital program called the digital and creative enterprise sector, and it’s aimed at 15 to 35-year-old population, so from those still at school that are trying to be entrepreneurs, on the way to the age of 35 and around 30 per cent is the amount for young women.

“It helps them with startup capital, it helps them with technology training and it helps them with general skills development.”
Meanwhile, the World Bank Group yesterday, took steps toward implementing Gender Strategy 2030, announcing a set of actions and concrete goals that aim to boost economic opportunities for more women.
The targets, unveiled yesterday, focuses on the use of broadband, social protection and access to capital. These efforts would 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.

Managing Director of the World Bank, Ajay Banga noted the initiative to empower women would enable 300 million more women use broadband, unlock essential services, financial services, education and job opportunities.

Furthermore, it would support 250 million women with social protection programs, focusing especially on the poorest and most vulnerable; provide 80 million more women and women-led businesses with capital, addressing a critical constraint to entrepreneurship growth.

The World Bank chief explained: “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.

“To achieve these targets, the bank will focus on key efforts that will drive long-term, sustainable change. In the area of broadband access, the bank will prioritise investments in countries with the largest connectivity and financial gaps, emphasising gender equality in digital inclusion.

“The bank will also advocate for policy reforms to facilitate private investment and build infrastructure in underserved areas.

“The bank will also expand social protection programs by investing in digital social registries, which are essential for improving efficiency, reducing bureaucratic barriers, and ensuring direct assistance to women.”