A research by McKinsey & Company said that advancing gender equality could add $12 trillion to the global GDP by 2025.
At a time the Nigerian economy is stuttering, female leaders have said the need to invest in women to unlock growth potential and spur development has become more urgent.
The theme of this year’s International Women’s Day (IWD),
‘Invest in Women: Accelerate Progress’, drives home the crucial role women play
in leading social, economic, and cultural progressions and accentuates the call
to invest in their empowerment.
Recent data from the World Economic Forum show that women
remain challenged in different aspects of their lives, from their earnings, to
access to quality education, and leadership positions. For instance, the global
gender pay gap is 16 percent, and only 26 percent of managerial positions are
filled by women. In addition, 130 million girls are out of school, and
globally, women hold only 25 percent of parliamentary seats.
Gender balance is a strategic imperative because it reduces
blind spots, eliminates groupthink and enhances decision making, according to
Ivana Osagie, CEO of PWR Advisory.
“In today’s complex business landscape, gender balance
becomes even more critical at the decision table. Our collective insight,
perspectives, and experiences are our compass through these challenging times,
ensuring superior outcomes for all stakeholders,” she said.
A research by McKinsey & Company said that advancing
gender equality could add $12 trillion to the global GDP by 2025.
“I firmly believe that investing in women is not only a
moral imperative but also a strategic necessity for accelerating progress and
fostering sustainable development,” said Chinwe Egwim, chief economist and head
of economic research at Coronation Merchant Bank.
She pointed out that investing in women means recognising
and addressing the multifaceted needs and aspirations of women across all
sectors of the economy.
This translates to providing equal access to education,
healthcare, financial services, and economic opportunities; and empowering
women to unleash their full potential and thrive in their respective fields,
according to her.
“I have conducted a series of primary research and analysed
anecdotal evidence that show the potential transformative impact that investing
in women can have on economic growth, poverty reduction, and social
well-being,” Egwim added.
For Ini Abimbola, vice president at Sustainability
Professionals Institute of Nigeria, the first thing to note is that inclusion
is not a favour done for women.
“Investing in women goes beyond empowerment, as we tend to
think of empowerment. Investing in women to accelerate progress would include,
amongst other things, redefining work cultures, implementing mandatory
unconscious bias training in the workplace, as well as clear safety initiatives
that protect women on all fronts,” she said.
In an exclusive interview with BusinessDay, Monique
Nsanzabaganwa, deputy chairperson for the African Union Commission, said the
IWD 2024 coincides with the launch of the second decade of implementation of
Agenda 2063.
She said: “Africa aspires for each of its countries to
achieve or exceed a middle income status by 2033, IWD 2024 theme reminds us
that the more we unlock women’s potential the faster we will achieve the
target.
“Women in Africa, like everywhere else, are the backbone of
society. Therefore, let us all commit to reversing the trends: curb avoidable
maternal mortality, grant access to education and skills, ensure parity in the
workplace and equal pay, secure land and property rights, let affordable
finance flow, open borders for her to trade and thrive, break the glass ceiling
for her to lead, and let her show the way to peace building and sustainable
security.”
Kemi Dasilva-Ibru, founder of Women At Risk International
Foundation, said the theme holds particular significance when viewed through
the lens of health, especially as it concerns female patients.
Statistically, women are more likely to seek health care,
and this underscores the urgent need to prioritise investments in women’s
health to propel societal advancement, she said.
According to her, women in Nigeria face multifaceted health
challenges ranging from illness, maternal mortality to access barriers in
healthcare services.
“Therefore, investing in women’s health is not only a moral
imperative but also an economic necessity for Nigeria’s progress,” she said.
“By ensuring women have access to quality healthcare services, including
reproductive health services and preventative care, the nation can unlock the
full potential of its female population.”
A lot has been said over the years on the need for inclusion
in all ramifications, so much that
Thelma Ekiyor-Solanke, chairperson at The Nigeria
Philanthropy Office, said ‘inclusion’ has become somewhat of a buzz word in the
corporate world, adding that its true importance was overlooked at times.
This year’s IWD theme is crucial for ensuring that inclusion
is a deliberate and continuous process that recognises that the status quo in
many organisations and society at large systematically exclude, according to
her.
She said: “We must all inspire inclusion by looking out for
those groups of people who are voiceless or overlooked.
“In this case, we are focusing on women but it can also be
the persons with disabilities, people suffering from mental illnesses or people
discriminated against as a result of their tribe or religion.”
Osayi Alile, CEO of Aspire Coronation Trust Foundation,
described investment in women as a strategic imperative for driving social,
economic, and environmental progress.
“Women are a powerful economic force,” she said, adding that
empowering them through education, skills development, and access to resources
translates to increased economic productivity, higher national incomes and a
broader tax base.
She said investing in women leads to better health outcomes
for all, and that when women have control over their health and reproductive
choices, they are more likely to invest in their children’s education and
well-being.
“Therefore, this creates a ripple effect of positive health
outcomes for future generations, reducing infant mortality and improving
overall health standards in communities,” Alile said.
According to her, studies have shown that countries with
greater gender equality experience lower levels of conflict and violence as a
woman’s leadership fosters a culture of peace and stability.
“Investing in women is not simply a matter of financial
resources, it’s about dismantling systemic barriers that hinder their full
potential. This includes dismantling discriminatory laws and policies,
promoting equal access to education, healthcare, and opportunities, and
tackling harmful cultural norms that perpetuate gender inequality,” she added.
Adesuwa Okunbo Rhodes, founder and managing partner of Aruwa
Capital Management, told BusinessDay that she made it her mission to challenge
the status quo and redefine the narrative of investment in women in Africa by
changing the outcomes of the fundraising ecosystem and closing the gender
funding gap.
She said: “At Aruwa Capital Management, we’re not just
another investment firm, we are agents of change, driven by a passion for
empowering women and fostering inclusive growth. Despite the biases (conscious
and unconscious), women-owned funds and businesses face across Africa and
globally, I am proud to run one of the few female-founded funds pursuing a
gender lens strategy investing in female-owned and female focused businesses to
empower women in Africa.
“I am proud to be pioneering a new era of investment — one
that prioritises gender diversity and social impact. We are not only driving
financial returns but also fostering economic growth and social development. My
vision extends beyond the boardroom and C-suite; it’s about creating a more
equitable world where every woman has the opportunity to thrive.”
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