The International Monetary Fund (IMF) has urged Nigeria and other Sub-Saharan African countries to close gender gaps, saying, greater economic inclusion for women could boost GDP by as much as 30 per cent in countries with the most pronounced disparities.
Speaking at the Lagos Business School(LBS) during the presentation of the IMF’s Regional Economic Outlook for Sub-Saharan Africa: Fall 2024, deputy director of the IMF’s African Department, Catherine Pattillo, and Athene Laws, an economist with the same department, emphasised the transformative potential of empowering women economically.
Highlighting the progress made across the region in narrowing gender inequalities over the last two decades, Laws pointed out that persistent barriers, ranging from unequal access to education, healthcare, and financial services to restrictive legal frameworks, continue to constrain women’s potential.
“Closing gender gaps in female labor force participation alone could lift GDP by 10 per cent, and up to 30 per cent in countries with the largest disparities. To achieve this, policies must address legal constraints, improve girls’ access to education, eliminate harmful practices such as child marriage, and enhance financial and digital access for women. Applying a gender lens to macroeconomic policies and reforms will significantly enhance policy outcomes,” she said.
On his part, chief economist at the Nigeria Economic Summit Group, Olusegun Omisakin stressed that, agriculture and non-traditional services account for 80 per cent of Nigeria’s jobs, urging policymakers to adopt sector-specific strategies to bridge the gap between economic growth and employment opportunities.
“Income disparities, such as the stark contrast between Maiduguri’s $800 per capita income and Abuja’s $9,000, fuel social tensions and underscore the urgency of redistributive policies,” he said.
Mr Franklin Ngwu, of the
Lagos Business School, advocated for an Africa-centric development strategy centered on energy, agriculture, and industrialisation. He also highlighted the potential of the African Continental Free Trade Area (AfCFTA) to drive intra-African trade and enhance regional competitivenes
