People walk through Balogun market in streets around Lagos Island, South-west Nigeria. Lagos is the world's 10th largest city with between 17 and 22 million people. (Photo credit: STEFAN HEUNIS/AFP)

Nigerian Economy projected to grow by $229bn 2025

On Aug 10, 2021

Nigeria’s economy could grow by $229 billion by 2025 if it reduced gender inequality in the labour market, in economic participation, and in political representation, a report has shown.

The report by Nigeria2Equal is an International Finance Corporation(IFC)-led, multi-stakeholder programme in partnership with the Nigerian Exchange (NGX),

The programme aims to reduce gender gaps across employment and entrepreneurship in the private sector.

It brings leading companies together to make specific, measurable, and time-bound commitments to increase women’s participation in Nigeria’s private sector as leaders, employees, and as entrepreneurs in the corporate value chain by 2023.

The study said if Nigeria reduced gender inequality in the labour market, in economic participation, and in political representation, the economy could grow on average by as much as 1.25 percent more and in gross domestic product (GDP) too.

According to the report, the growth estimates present, a strong business case for reducing gender gaps in Nigeria and building a stronger inclusive economy.

It observed: “Addressing gender gaps in Nigeria’s private sector, which impact women’s ability to participate equally as men, takes on added urgency when considering the country’s rapid population growth—and that inaction will only exacerbate poverty.’’

Nation/Hauwa Abu