Nigeria risks economic loss by excluding widows from finance, HOGWIN warns

By Chinenye Anuforo

Nigeria is stifling its own economic growth by shutting millions of widows out of the financial system, the Hands of God Widows Support Initiative (HOGWIN) has warned, as it unveiled a new Widows Financial Inclusion (WiFin) Project to push policymakers and banks into action.

At the launch, HOGWIN’s Executive Director, Phranklin Audu, argued that Nigeria’s millions of widows represent an untapped economic resource that the country can ill afford to waste. He stressed that structural barriers ranging from stigma to lack of access to credit exclude widows from mainstream financial systems, undermining not only their livelihoods but also Nigeria’s broader economic development.

“Financial inclusion for widows is not only a matter of social justice but an economic imperative. We cannot achieve sustainable national development while leaving such a significant segment of our population behind. Empowering widows is empowering Nigeria”, Audu said.

The WiFin Project will focus on expanding access to microfinance and savings products designed for widows, alongside financial literacy, digital skills, and entrepreneurship training. HOGWIN said it will also create cooperatives and peer-support structures to strengthen widows’ participation in the economy.

Crucially, the initiative is aligned with the United Nations Sustainable Development Goals (SDGs) 1, 5, 8, 10 and 17, which target poverty eradication, gender equality, decent work, reduced inequalities, and global partnerships.

Audu urged policymakers, regulators, financial institutions, and development partners to treat the project as a lever for inclusive economic growth. “The WiFin Project is more than a welfare intervention—it is an economic growth strategy. We call on banks, fintech innovators, policymakers, and the donor community to partner with us in delivering inclusive, life-changing solutions for widows,” he said.

Policy experts say the project dovetails with the Central Bank of Nigeria’s (CBN) National Financial Inclusion Strategy, which aims to bring excluded groups into the financial system.

Similarly, development economists argue that the WiFin Project could plug into ongoing government efforts to lift 100 million Nigerians out of poverty. “Widows are typically left behind in financial access policies. By directly targeting them, HOGWIN is creating a model the government and financial institutions can scale”, said Dr. Ifeoma Okeke, a Lagos-based gender and development expert.

Industry players are also beginning to take notice. A senior executive at a leading microfinance bank told this newspaper that widows form a low-risk but underserved customer base with potential for sustainable credit schemes if supported with the right financial literacy.

By reframing widow empowerment as an economic and development policy issue, HOGWIN is pushing for widows to be recognized as stakeholders in Nigeria’s growth trajectory rather than dependents on charity.