Amplifying Women's Impact on Private Sector Development in Nigeria

As the world strives to achieve the United Nations Sustainable Development Goals (SDGs) by 2030, the need for gender equality and empowerment for all women and girls (SDG 5) is more urgent than ever. However, the Goal’s targets , including ending gender discriminatory practices, ensuring equal opportunities for women, granting women economic rights, and adopting effective policies that promote gender equality, are still unrealized in many countries.

In Nigeria, low?participation of women in private sector development significantly contributes to the stagnation of the SDG 5 goal and with just six years left to achieve the global goals, Nigeria's population and influence make its progress towards gender equality crucial in shaping its development trajectory and the attainment of the global agenda.

In the following discourse, I explore some strategies for increasing female engagement in private sector development to achieve gender equality and inclusive economic growth in Nigeria.?

Increased Government Action

The Nigerian government has taken steps towards reducing gender inequality by adopting a National Gender Policy which acknowledges the importance of partnering with the private sector to achieve gender equality in Nigeria and advocates for empowering women to take part in private sector development, particularly in certain sectors. Many Nigerian states have also implemented state-level Gender Policies.

However, Nigeria's ranking as 130th out of 146 countries in the 2023 World Economic Forum Global Gender Gap Report shows the need for more aggressive action to attain gender equality in Nigeria. To encourage women participation in private sector development, regulatory measures promoting funding for female entrepreneurs could be implemented. This could involve setting up a trust fund sponsored by private organizations to support women-led innovations. Additionally, increased data collection from the private sector is essential to inform policy making and address gender disparities effectively. Also, the government needs to enact and implement better gender-sensitive labor laws that promote flexible and temporary employment or working arrangements, and parental leave policies; and also provide adequate facilities to support work-family reconciliation, such as public childcare facilities.?

Responsible and proactive corporate advocacy

The private sector is the largest employer of labor in Nigeria. However, according to the 2023 World Economic Forum Gender Gap report , only 13.9% of firms in Nigeria have female top managers, and the rate of advancement of women to leadership positions is only 4.35%. This highlights the limited participation of women in decision making processes in the private sector. Additionally, gender inequality often manifests in corporations through occupational segregation, particularly in STEM professions, which further reduces job opportunities for women. Furthermore, pay secrecy in several organizations continues to contribute to the widening income gap.

While some corporations adopt voluntary measures to bridge the gap, such as aligning their corporate practices with the United Nations Equileap Gender Equality Scorecard and implementing increased corporate governance measures, more needs to be done. Corporations can promote gender equality in the workplace by implementing pro-gender equality policies and frameworks that cover key issues, such as factoring gender balance into employment processes and ensuring pay transparency to level the playing field. Secondly, offering mentorship and leadership development programs specifically targeted at women can empower them to advance into leadership roles. Also, providing flexible work arrangements and childcare support can enable women to balance their professional and personal responsibilities effectively. Finally establishing diversity and inclusion committees within corporations can ensure ongoing monitoring and evaluation of gender equality initiatives, fostering a culture of accountability and continuous improvement.?

Empowering women entrepreneurs

The International Labour Organization's (ILO) assessment of women's entrepreneurship development in Nigeria revealed that women entrepreneurs face several challenges that prevent them from growing sustainably and on an equal opportunity basis. One significant obstacle is the lack of resources and support, particularly in terms of access to finance. Women often struggle to secure credit facilities, grants, and equity financing because of self-selection out of funding opportunities, lack of awareness about available resources, and systemic biases. Additionally, the requirement for sufficient collateral poses a significant challenge for many women, especially those operating in informal sectors.

To foster a more supportive ecosystem for women entrepreneurs, several measures could be implemented such as designing financial products specifically for female entrepreneurs, which can help bridge the funding gap for women-owned businesses. Another initiative is to organize boot camps and training programs tailored to female entrepreneurs or female startup founders. These programs can provide valuable support and guidance, including practical skills training, mentorship opportunities, access to networks and resources, and tailored advice on business management and growth strategies.

In conclusion, achieving gender equality in Nigeria's private sector requires a multi-faceted approach and engagement of different stakeholders. By implementing these strategies and fostering a culture of inclusivity, diversity, and equality, we can create a future where women have equal opportunities to thrive as entrepreneurs, leaders, and contributors to the nation's economic prosperity.?