Inclusive economic policy refers to measures, strategies, and initiatives that a government puts in place to create an environment for the growth of the economy with inclusiveness, meaning that everyone would have the privilege to access economic growth regardless of gender, disability, age, color, or any other status. These policies are oriented toward significant objectives and aims related to income and opportunity disparities of different categories and the establishment of balanced and rational economic development. Thus, these policies are in place to eliminate barriers, enhance resource availability, and provide equality of opportunities to as many persons as possible.
The formulation of such an economic policy in Nigeria will assist in the development of a fair and balanced environment where citizens can have their fair share and benefit from it. The policy should focus on eradicating the root causes of unfairness and guarantee basic requirements such that women will become constituents in the construction of wealth and overall promotion of a less biased world.
Despite the country’s endowment in natural resources and valuable economic potential, women in Nigeria still face many economic challenges with low or no access to education, healthcare, financial services, and job opportunities. To that end, women require inclusive economic policies to reduce these disparities and promote gender equality toward sustainable development.
The 2022 Multidimensional Poverty Index shows that at least 63% (or 133 million) Nigerians are multidimensionally poor. Women constitute about 70 percent of the extremely poor in the nation, though they only form 49.3% of the general population, according to the World Bank. This translates to a large proportion of Nigerian women living below the poverty line. At the same time, economic policies often tend to be drafted in such a manner that several of their needs remain outside the discourse.
High levels of unemployment, mainly among Nigerian women, significantly hinder economic inclusivity. Many of them are also underemployed in low-wage and insecure jobs which they have to do to survive.
For most women, opportunities to better one’s economic situation are limited since access to quality education and health remains uneven, especially in rural areas. Other constraining factors women face, such as significantly lesser access to financial services and formal employment opportunities, reduce their chances of participating in economic activities.
In line with former President Muhammadu Buhari’s initiative of lifting 100 million Nigerians out of poverty, the Federal Government of Nigeria embarked on a strategic, targeted, and intentional action plan to improve Nigerian women’s economic access and opportunity. However, a key gap that has emerged is the lack of a unified National Policy and Action Plan on Women’s Economic Empowerment (WEE) that sketches the path to achieving equal economic access for women and men in Nigeria.
Investing in education and vocational training is crucial for equipping Nigerian women with the skills needed for gainful employment. Policies should focus on reducing dropout rates, particularly among girls, and improving education quality.
Increasing the availability of health care services, being a crucial factor in the magnitude of disease and mortality, speaks to improving productivity and economic engagement, especially in underdeveloped regions. Healthy women are more endowed to help in the economic development of a nation.
SMEs are essential in the creation of employment opportunities and the diversification of the economy. Financial assistance, capacity building, and physical resources contribute to the improvement of women-owned SMEs’ performance, thus improving their economic value.
Policies on gender equality, such as those that give access to equal education and financial opportunities, empower women to participate fully in enhancing overall economic growth. This is how Nigeria can begin to move towards a more inclusive economic policy that works for its people, ensuring sustainable and equitable growth for all its citizens, particularly women.
Yes, there are several initiatives promoting women’s inclusive economic growth in Nigeria. However, the lack of implementation, monitoring, evaluation, and follow-up involving vulnerable women and women at the grassroots who should be beneficiaries is a challenge that needs to be addressed.
NSIP is an initiative of the Nigerian government. NSIP includes various schemes such as the Government Enterprise and Empowerment Program (GEEP), which provides microloans to women entrepreneurs, and the Conditional Cash Transfer program, which supports the poorest households.
CBN has introduced several programs to aid women-owned SMEs and promote financial inclusion, which includes the Women’s Entrepreneurship Development Program, extending loans and training to female entrepreneurs.
In conclusion, adopting pro-women economic policies is essential for creating inclusive economic policies that benefit all citizens, particularly women. By addressing existing barriers such as poverty, unemployment, limited access to education and healthcare, and gender inequality, Nigeria can anticipate significant positive changes in society. Achieving these goals requires implementing targeted policies that support education and healthcare, female-owned small and medium enterprises (SMEs), social protection floors, and gender parity. Ensuring gender equality is crucial for the nation’s economic growth and societal advancement.
Hassan Abdullahi writes in from Abuja, the Federal Capital Territory.
This opinion article is published in Partnership with the Dorothy Njemanze Foundation as part of its Improving Feminist Leadership Policy in Nigeria project funded by Heinrich-Böll-Stiftung to contribute to a more informed, engaging, and collaborative approach to feminist leadership policymaking in Nigeria by leveraging diverse perspectives, resources, and coalition building to address and bridge existing policy gender gaps and actions.
NB: Opinions expressed in this article are strictly attributable to the author, Hassan Abdullahi, and as it relates to the project stated above.
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