‘Gender equality could add $28t to global GDP by 2025’

From Franca Ochigbo and Joseph Iorakosu, Abuja

Available statistics indicate that advancing women’s equality could add $28trillion to global GDP by 2025, enabling economies to unlock their full potentials, the Minister of State, Industry Trade and Investment, Amb. Mariam Katagum disclosed at the weekend.

Katagum disclosed this at the Shetrade Policy Dialogue on Women Owned Businesses and Public Procurement in Nigeria, stating that gender equality and the empowerment of women is a prerequisite for achieving development agenda to 2030.

According to her, in Nigeria, this thrust is reflected in the National Gender Policy which focuses on women empowerment, while also making a commitment to eliminate discriminatory practices that are hampering women’s businesses. However, it is unfortunate that Nigerian women, as well as their counterparts around the world, continue to face significant challenges in their socio-economic endeavours.

Globally, when compared to their male counterparts, women entrepreneurs face disproportionate and complex barriers to accessing equal economic opportunities. These range from legal and regulatory hurdles to socio-cultural norms and gender biases. For instance, women own or manage only one in five exporting firms even though they own an estimated 38% of all small and medium sized enterprises (SMEs). Women spend at least twice as much time on domestic and care work as a man, which means the time they could spend on remunerated opportunities is reduced. It is imperative that all of these issues are addressed to unleash the full potentials of women.

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She added that as a signatory to the Beijing Declaration and Platform for Action of 1995, Nigeria is committed to gender-responsive procurement and strategies to ensure that women have equal access to jobs and contracts. Nigeria has also reiterated its commitment at the international level by ratifying the African Charter on Human and Peoples Rights. We are also committed to the Joint Declaration of the 2017 Buenos Aires WTO Ministerial Conference on Trade and Women’s Economic Empowerment which, amongst others, acknowledges that ‘improving women’s access to opportunities and removing barriers to their participation in national and international economies contributes to sustainable economic development.”

Speaking, the Executive Director, CEO Nigerian Export Promotion Council, NEPC, Olusegun Awolowo said when women are economically empowered they contribute significantly to employment generation, poverty reduction and increases the standard of living.

Awolowo maintained that in its combined role as a buyer and policy maker, government has the opportunity to help shape and increase the participation of women owned businesses in procurement markets.