$1trn Economy: FG Plans Empowering 10m Women By 2027

The minister of Women Affairs, Hajia Imaan Sulaiman-Ibrahim has called on all stakeholders to take immediate and decisive action in empowering women through financial literacy and inclusion.

She stated that the federal government has set an ambitious goal to empower 10 million women by 2027 as part of its broader strategy to transform Nigeria into a $1 trillion economy by 2030.

The minister said this at an event to commemorate the International Women’s Day with the theme, ‘Accelerate Action, Empowering Women Through Financial Literacy & Inclusion’.

The event, organised by the Securities and Exchange Commission (SEC) and co-sponsored by United Capital Asset Management Limited and Stanbic IBTC Asset Management, saw the gathering of financial leaders, and women’s groups committed to advancing financial education and empowerment.

Sulaiman-Ibrahim stressed the transformative power of financial knowledge, explaining that financial literacy is not just about understanding money but about providing women with the tools to make informed decisions that affect their future.

She stated, “when women are financially literate, they have the power to influence their own economic destiny, secure their families’ future, and become change-makers in society.”

The minister noted that Nigerian women are already a driving force in the economy, owning around 40 per cent of small businesses in the country, a testament to their entrepreneurial spirit and resilience.

In response to the challenges women face, the Minister outlined key initiatives aimed at promoting women’s financial empowerment, highlighting the need to increase financial literacy among women, equipping them with the knowledge to make informed decisions about savings, investments, and wealth creation.

She also emphasised the importance of improving access to secure financial products tailored to women’s unique needs, including loans and investment opportunities.

She underscored the necessity of strengthening protections for women against financial exploitation, fraudulent schemes, and Ponzi schemes, which many women are vulnerable to.

The director general of the SEC, Dr. Emomotimi Agama described the celebration of a women’s day as an important event as women are the ones to move the market to the next level.

He said, “The objective of this government is to empower women, we must educate women and we will bring them to the fore of national recognition when it comes to the capital market.

“I also speak about the vulnerabilities of women, most of the ponzi schemes that we have in Nigeria, majority of the victims of these schemes are women, and the reason is very simple-the woman’s heart is empathetic. All that she thinks about is how to help her family; how to grow the provision of her family; that is all she thinks about.”

Agama commended the minister stating that the partnership between SEC and the ministry would provide financial education for women.”