Investing in Nigerian women could generate $22.9 billion for the country’s economy by closing gender gaps in agriculture, self-employment and wage employment, the World Bank has said.

Matthew Verghis, the World Bank Country Director for Nigeria, asserted on Sunday in Katsina during the official launch of the Community Investment Fund (CIF) under the Nigeria for Women Programme Scale-Up Project (NFWP-SU).

Verghis said the economic gains from closing the identified gender gaps represented about 5.8% of Nigeria’s Gross Domestic Product (GDP), highlighting the importance of women’s economic participation to national development.

“Investing in women is investing in Nigeria’s economy,” he said, noting that women already play significant economic roles as farmers, traders, processors, entrepreneurs and community leaders.

The NFWP-SU, a $540 million World Bank project being implemented across 32 states, is designed to directly reach five million women, indirectly benefit millions more and support the creation of 4.5 million jobs.

According to Verghis, the programme is intended to help women move “from economic survival to economic opportunity, from individual economic activities to stronger enterprises, and from isolated efforts to collective power.”

He said participating women had already mobilised and saved more than N20 billion from their own resources, describing the savings as evidence of discipline, trust, collective action and economic agency.

“These women are not simply beneficiaries of a development programme; they are investors in their businesses, their families and their communities,” he said.

The newly launched Community Investment Fund is expected to provide additional resources to women’s affinity groups to increase production, expand businesses, access new markets, create jobs and strengthen their economic resilience.

Verghis said the Women Affinity Groups (WAGs) were expected to develop beyond savings and credit platforms and become sustainable channels linking women with financial institutions, markets, business development services, government programmes and private-sector opportunities.

He commended the Katsina State Government for its commitment to the programme, particularly its decision to match every dollar invested in the project with another dollar from its own resources.

“This is much more than a financial contribution. It is a powerful demonstration that Katsina believes in its women and recognises that investing in women is investing in the future of the state,” he said.

He added that the state government’s commitment had created the basis for expanding the programme from six Local Government Areas to all 34 LGAs in Katsina State.

The World Bank country director also urged banks, financial institutions, aggregators, off-takers and technology companies to regard women-owned businesses as customers, suppliers, producers and business partners rather than beneficiaries of development interventions.

“The objective is not perpetual dependence on public or donor financing. The objective is to help women build viable and growing businesses that can access finance, compete in markets, create jobs and stand on their own,” he said.

Earlier, the Katsina State Commissioner for Women Affairs, Aisha Aminu Malumfashi, said the programme had strengthened women’s financial independence through training in financial literacy, savings and financial discipline.

She said the intervention had helped produce more stable incomes, improve household welfare and increase beneficiaries’ ability to support their children’s education and tackle malnutrition.

The State Project Coordinator of the NFWP-SU, Hajiya Aisha Mohammed Yusuf, said the women present at the event represented thousands of women across Katsina who had embraced collective economic opportunities, financial inclusion and empowerment.

She said the Community Investment Fund was designed to enable eligible and mature Women Affinity Groups to invest in economic activities capable of strengthening livelihoods and improving the wellbeing of families and communities.

The launch brought together government officials, development partners, women beneficiaries and other stakeholders to mark the commencement of CIF disbursement in Katsina State.

Source: BusinessDay