Minister of Trade and Investment, Dr. Jumoke Oduwole, has said empowering women economically is a strategic economic imperative.
Oduwole made the remark recently in Lagos at the Women in Business luncheon Series 2, organised by the Franco-Nigerian Chamber of Commerce and Industry (FNCCI) and Zenith Bank Plc, alongside the Africa Women CEOs Network.
“As we navigate an evolving global business landscape, the role of women in fostering sustainability, driving economic growth, and shaping inclusive policies cannot be overstated,” Oduwole said.
Represented by Head of Gender Equality, Ministry of Industry, Trade and Investment, Hauwa Usman, the minister noted that women entrepreneurs and business leaders were breaking barriers, spearheading innovations, and leading sustainable business practices that drive long-term economic prosperity.
She said research had shown that empowering women economically was not only a matter of social justice but also a strategic economic imperative.
According to the World Economic Forum, closing gender gaps in the workforce could add over $12 trillion to the global GDP by 2025.
In Nigeria, women-owned businesses are driving employment and innovations, yet they still face challenges such as limited access to finance, market opportunities and leadership positions.
In her speech, the Deputy Governor of Ogun State, Noimot Salako-Oyedele, said systematic barriers still hold more women back, hence the reason to urgently formulate policies to change the narrative.
Salako-Oyedele listed some of the barriers women face in business, including entrepreneurial networks, gender-based violence, business leadership development, and access to finance.
The deputy governor said many women have a challenge of taking up unpaid care work compared to men.
She observed that when women succeed in business, the entire economy grows; hence, there is a need for more women’s inclusion in corporate governance and private sector institutions to grow the economy.
For Executive Director of Zenith Bank Plc, Adaobi Nwapa, sustainability remains a responsibility and not an action plan, thus the need to take responsibility in accelerating sustainability.
She said all stakeholders must implement sustainability issues in their day-to-day activities.
Earlier in his remarks, the Consul General of France in Lagos, Laurent Favier, said this year’s theme, “Accelerate Action for Sustainability,” highlights the critical role that women in business play in advancing sustainable development.
His words: “As we gather here today, empowering women and promoting gender equality are not only matters of principle, but also essential drivers of economic growth, prosperity, competitiveness, and sustainability for our societies.”
This commitment, he said, aligns with the vision of the President of France, Emmanuel Macron, who recently stated on International Women’s Day that Women’s dignity and freedom were inalienable and universal rights.