The Federal Government of Nigeria recently unveiled an ambitious plan to empower 10 million women by 2027, aligning with its broader vision to elevate the country into a $1 trillion economy by 2030. This groundbreaking initiative was announced by the Minister of Women Affairs, Imaan Sulaiman-Ibrahim, at a special event commemorating International Women’s Day. The theme of the event, ‘Accelerate Action—Empowering Women Through Financial Literacy & Inclusion,’ underscored the importance of equipping women with the knowledge and resources to thrive in the economic landscape.
Sulaiman-Ibrahim emphasized the urgency of enhancing financial literacy and inclusion for women, citing the pivotal role that financial knowledge plays in shaping their economic decisions. She articulated that when women are empowered with financial literacy, they gain the ability to chart their economic destinies, ensure the security of their families’ futures, and catalyze positive change within society. However, she also highlighted the existing barriers that impede women’s full participation in the economy, such as limited access to credit, exclusion from formal financial systems, and susceptibility to fraudulent practices. To overcome these obstacles, she called for swift interventions to create a more inclusive and supportive environment for women.
Furthermore, Sulaiman-Ibrahim underscored the significant contribution of Nigerian women to the nation’s economy, with women owning approximately 40% of small businesses in the country. This statistic underscores the pivotal role that women play in driving economic growth and underscores the imperative of empowering them through targeted initiatives.
At the same event, Emomotimi Agama, the Director-General of the Security and Exchange Commission (SEC), emphasized the critical importance of women in the capital market and wealth distribution. Agama stressed that financial education serves as a cornerstone in empowering women, enabling them to navigate the complexities of the financial landscape effectively. He reiterated the government’s commitment to empowering women and advocated for elevating women’s visibility and influence within the capital market. Agama also drew attention to the vulnerability of women to Ponzi schemes, emphasizing the need for heightened awareness and financial safeguards to protect women from exploitative practices.
In recognition of these challenges and opportunities, the SEC announced its intention to provide training in capital market activities for selected women through its educational arm, the Nigerian Capital Market Institute. This initiative aims to equip women with the necessary knowledge and skills to actively participate in the capital market, fostering their financial independence and resilience.
Through a strategic partnership between the SEC and the Ministry of Women Affairs, these training programs will be expanded to reach women across the country, amplifying the impact of financial literacy initiatives and advancing women’s empowerment on a national scale. This collaboration underscores the government’s commitment to creating a more inclusive and equitable economic landscape, where women are empowered to realize their full potential and contribute meaningfully to the nation’s prosperity.
