World Bank highlights gender gap in Nigeria's economy, launches $540 million program
Matthew Verghis, World Bank Country Director for Nigeria, emphasized the importance of investing in women for Nigeria's economic growth.
In Brief
- •Matthew Verghis, World Bank Country Director for Nigeria, emphasized the importance of investing in women for Nigeria's economic growth.
- •Closing gender gaps in agriculture, self-employment, and wage employment could generate $22.9 billion, or 5.8% of Nigeria's GDP.
- •The Nigeria for Women Programme Scale-Up Project (NFWP-SU) aims to reach five million women and create 4.5 million jobs.
- •The Community Investment Fund under NFWP-SU will provide additional resources to women's affinity groups to expand businesses and create jobs.
- •Katsina State Government has pledged to match every dollar invested in the project with another dollar from its own resources.
Why It Matters
Investing in women is critical to Nigeria's economic development, as women are major contributors to the economy in various sectors. The World Bank's initiative aims to help women move from economic survival to economic opportunity, thereby boosting the country's GDP and creating jobs. This program is expected to benefit millions of women and their communities, fostering financial independence and economic resilience.
Key Details
- Potential GDP Growth
- $22.9 billion
- GDP Percentage
- 5.8%
- Project Budget
- $540 million
- Target Women Reached
- 5 million
- Jobs to be Created
- 4.5 million
- Katsina State Matching Fund
- $1 for every $1 invested
Context & Background
The World Bank has been working on various programs to address gender gaps and promote economic growth in Nigeria. The Nigeria for Women Programme Scale-Up Project is part of these efforts, aiming to empower women and enhance their economic opportunities.
Original Reporting & Sources
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