The Federal Government has set aside $180 million to support young Nigerian women in the technology and creative sectors.

The program supports young Nigerians aged 15 to 35 who are entrepreneurs and involved from the early stages in creative, innovative and technological businesses.

Speaking in Washington at the World Bank’s 2024 Annual Meetings, Wale Edun, Minister of Finance and Coordinating Minister for the Nigerian Economy, said the government was doing a lot to advance the situation of women who he said represent 49 percent of the country’s population. population and are essential to the progress of development.

He acknowledged, however, that in terms of improving women’s lives, social justice, equality and access to opportunities, including finance, there is still much to be done, as the necessary progress is not being made. sufficiently achieved.

“If we empower our female population and give them the same access that we have given to our men, society will be better off,” Edun noted, while acknowledging the World Bank’s support so far for help the government promote gender balance. in the country.

He further said that the government had made deliberate efforts to improve the condition of Nigerian women, including a national action plan aimed at their empowerment.

Meanwhile, the World Bank Group on Thursday took the first steps towards the implementation of the “Gender Strategy 2030”, announcing a set of concrete actions and objectives aimed at increasing economic opportunities for more of women.

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The goals, unveiled at a flagship event at the World Bank Group’s 2024 Annual Meetings, will focus on broadband use, social protection and access to capital to support women. These efforts will contribute to one of the three pillars of the gender strategy, which aims to expand and enable women’s participation in the global economy.

By 2030, the World Bank Group aims to enable 300 million more women to use broadband, essential services, financial services, education and employment opportunities. The bank plans to support 250 million women through social protection programs, focusing particularly on the poorest and most vulnerable, and provide capital to an additional 80 million women and women-led businesses.

“When we increase women’s economic participation, it not only boosts the global economy, but also strengthens families and communities,” said Ajay Banga, President of the World Bank Group. “Through economic empowerment, we build a ladder out of poverty and extend hope and dignity as much as possible. »

To achieve these goals, the global lender will focus on key efforts that will generate long-term sustainable change. In the area of ​​broadband access, the bank will prioritize investments in countries with the largest connectivity and financing gaps, with a focus on gender equality in digital inclusion. The bank will also advocate for policy reforms to facilitate private investment and build infrastructure in underserved areas.

The bank will also expand social protection programs by investing in digital social registries, key to improving efficiency, reducing bureaucratic barriers and ensuring direct assistance to women.

The bank will also leverage digital cash transfers, linking them to skills training, business capital, coaching and market access, to equip women with the tools for sustainable economic opportunities beyond support temporary financial.

Additionally, to facilitate access to capital for women and women-led businesses, the bank will collaborate with regulators, financial institutions, fintech companies, incubators, accelerators and private equity funds to prevent gender bias in lending practices, build the capacity of women entrepreneurs, and improve access to credit and equity.

Working closely with development finance institutions and investors, the bank also intends to mobilize resources through gender bonds and other financial instruments, while generating knowledge to justify necessary regulatory reforms.