FG earmarks $180 million for young Nigerian women in the digital space

The Federal Government has set aside $180 million to support young Nigerian women in the technology and creative sectors.

The program supports young Nigerians aged 15 to 35, early-stage entrepreneurs involved in creative, innovative and technology-enabled ventures.

Wale Edun, Minister of Finance and Coordinating Minister of Nigeria’s Economy, said in Washington at the 2024 World Bank Annual Meetings that the government is doing a lot to advance the trajectory of women, who he said make up 49 percent of the country’s population to finish. population and are crucial for promoting development.

However, he acknowledged that more needs to be done in improving the lives of women, social justice, equality and access to opportunities, including finance, as sufficient progress is not being made as required.

“If we empower our women population and give them the same access as we have given our men, society will be better off,” Edun noted, while acknowledging the World Bank’s support so far in helping the government in promoting gender balance. in the country.

He further said that the government has made deliberate efforts to empower Nigerian women, including a national action plan aimed at empowering them.

Meanwhile, the World Bank Group on Thursday took the first steps towards implementing the ‘Gender Strategy 2030’, announcing a series of actions and concrete targets aimed at increasing economic opportunities for more women.

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The goals, unveiled at a flagship event at the World Bank Group’s 2024 annual meetings, will focus on the use of broadband, social protection and access to capital to support women. These efforts will contribute to one of the three pillars of the gender strategy, which aims to increase and enable women’s participation in the global economy.

By 2030, the World Bank Group aims to enable an additional 300 million women to use broadband and access essential services, financial services, education and employment. The bank plans to support 250 million women with social protection programs, with a particular focus on the poorest and most vulnerable, and provide capital to another 80 million women and women-led businesses.

“Increasing women’s economic participation not only boosts the global economy, but also strengthens families and communities,” said Ajay Banga, President of the World Bank Group. “Through economic empowerment, we build a ladder out of poverty and extend hope and dignity as far as possible.”

To achieve these goals, the global lender will focus on key efforts that will create long-term, sustainable change. In broadband access, the bank will prioritize investments in countries with the largest connectivity and financial gaps, focusing on 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.

The bank will also leverage digital money transfers, linking them to skills training, business capital, coaching and market access to equip women with the tools for sustainable economic opportunities beyond temporary financial support.

In addition, to improve access to capital for women and women-led businesses, the bank will work with regulators, financial institutions, fintech companies, incubators, accelerators and private equity funds to prevent gender bias in lending practices, enhance the capacity of women strengthen entrepreneurs, and improve access to credit and equity.

Working closely with development finance institutions and investors, the bank also aims to mobilize resources through gender bonds and other financial instruments, while generating knowledge to make the business case for necessary regulatory reforms.