The Federal Government of Nigeria has unveiled an ambitious plan to empower 10 million women by 2027 as part of its broader strategy to transform the country into a $1 trillion economy by 2030.
This was disclosed by the Minister of Women Affairs, Imaan Sulaiman-Ibrahim, during an event marking International Women's Day, themed 'Accelerate Action—Empowering Women Through Financial Literacy & Inclusion.'
Financial Literacy as a Tool for Economic Growth
Sulaiman-Ibrahim stressed the need for immediate action to enhance financial literacy and inclusion for women, highlighting its importance in enabling them to make informed economic decisions and secure their financial future.
"When women are financially literate, they can influence their own economic destiny, secure their families' future, and become change-makers in society," she stated.
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She identified key barriers limiting women's participation in the economy, such as:
- Limited access to credit
- Exclusion from formal financial systems
- Vulnerability to fraudulent schemes**
She called for urgent interventions to address these challenges, noting that women own about 40% of small businesses in Nigeria, making them pivotal to economic growth.
SEC Backs Women's Financial Empowerment
At the event, the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, underscored the vital role women play in the capital market and wealth distribution.
"The objective of this government is to empower women. We must educate women and bring them to the forefront of national recognition when it comes to the capital market," he said.
Agama also pointed out that many women fall victim to Ponzi schemes in their efforts to provide for their families, calling for greater financial awareness and protection.
He commended the Ministry of Women Affairs for its commitment to women's empowerment and pledged SEC's support in driving financial literacy initiatives across the country.
With this initiative, the Federal Government aims to equip millions of women with financial knowledge and resources, ensuring they play a central role in achieving Nigeria's economic transformation goals.
