Article 1 of the Universal Declaration of Human Rights provides that all human beings are born free and equal in dignity and rights. However, women experience gender discrimination in both the public and private spheres, which profoundly impacts their life, including their financial stability and status.
The World Bank reports that Nigeria has one of the highest rates of out-of-school girls worldwide. Without adequate education, women’s chances of securing formal employment and escaping low-wage, informal sectors are severely restricted, leaving them vulnerable to financial instability.
Additionally, the gender wage gap still exists despite the Nigerian Labour Act prohibiting wage discrimination based on gender. The World Bank estimates that women in Nigeria make an average of 30% less money than males. The lack of equal pay makes it more difficult for women to save money, invest it, and ensure their financial future.
In Nigeria, there is a sizable gender difference in account ownership, with fewer women than males having access to formal financial services, according to the World Bank’s Global Findex Database.
The bias against women hinders their potential to establish or expand businesses, engage in politics, save finances, and participate in entrepreneurial activities. This, in turn, sustains the vicious cycle of poverty. Additionally, women’s economic empowerment, safety, and autonomy are hindered by gender discrimination, which impacts the country’s GDP and economy.
The World Bank states that achieving gender equality in financial inclusion can help accomplish eight of the 17 United Nations Sustainable Development Goals. This can be achieved through implementing genuine policies and practices promoting gender equality.
By working together to tear down the barriers of gender discrimination in Nigeria, the government, civil society, international organizations, and individuals can change this narrative.
Speak Wednesday is an initiative of CFHI to address issues around gender-based violence and gender bias.
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