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As we celebrate this year’s International Women’s Day, it is important to discuss how it all started in 1911, the reason for this year’s theme, the statistics showing gender inequality in Nigeria, the power of financial literacy in bridging gender inequality gaps, the stories of women who achieved financial independence through hard work, and the strategies to promote financial independence among women.
So, relax, read and don’t forget to share with people in your circle.
Happy reading!
P.S: We have a special package for you at the end of today’s newsletter.
International Women’s Day (IWD) is celebrated annually on March 8 to recognise the social, economic, cultural, and political achievements of women worldwide. It is also a day to highlight the ongoing struggle for gender equality and women’s rights.
How It All Started
The first International Women’s Day was observed in 1911 in Austria, Denmark, Germany, and Switzerland. Since then, it has grown to become a global event with celebrations, marches, and rallies held in many countries. Each year, IWD has a different theme that focuses on a particular aspect of women’s rights and empowerment.
International Women’s Day 2023 Theme and Why
The theme for IWD 2023 is “DigitALL: Innovation and Technology for Gender Equality.” Women face unique financial challenges due to gender inequalities present in most African countries. These challenges include limited access to financial services, lower levels of financial literacy, and cultural and societal norms that limit women’s financial freedom.
Statistics of Gender Inequality in Nigeria
Gender inequality is a significant issue in Nigeria’s financial sector and here are some interesting statistics to highlight the extent of the problem.
- According to a 2019 report by the World Bank, only 40% of women in Nigeria have a bank account, compared to 50% of men.
- According to the same World Bank report, only 5% of women in Nigeria have access to credit from formal financial institutions, compared to 10% of men.
- Women in Nigeria are also less likely to own land or property, which can make it more difficult for them to access credit and other financial services.
- Women in Nigeria are underrepresented in leadership positions in the financial sector. According to a 2019 report by the Central Bank of Nigeria, women make up only 19% of executive directors in the banking sector.
These statistics highlight the gender disparities that exist in Nigeria’s financial sector and the urgent need to promote gender equality and financial inclusion for women. It also points to how important financial literacy is for women.
The Power of Financial Literacy in Bridging Gender Inequality Gaps
Financial literacy means having the knowledge and skills to effectively manage personal finances, make informed financial decisions, and build wealth over time. It involves understanding concepts such as budgeting, saving, investing, debt management, retirement planning, and insurance.
Financial literacy can help Nigerian women overcome financial challenges by equipping them with the skills and knowledge to manage their finances effectively, build wealth, and achieve financial independence. Overall, financial literacy is essential for women to take control of their financial lives, achieve their financial goals, and contribute to the economic development of the country.
Inspiring Stories of Some Nigerian Women
Today’s newsletter will not be complete without recognising women who have achieved financial independence through hard work, determination, and strategic financial planning. Here are a few inspiring stories:
Mo Abudu: Mo Abudu is a media entrepreneur and founder of EbonyLife TV, a media company that produces TV shows and films. She started her career as a human resources executive before branching out into media. Today, Mo Abudu is one of the most successful media entrepreneurs in Nigeria with a net worth of over $10 million.
Ibukun Awosika: Ibukun Awosika is the founder and CEO of The Chair Centre Group, a conglomerate that includes companies in the furniture, real estate, and hospitality sectors. She started her career as a banker before venturing into entrepreneurship. Today, Ibukun Awosika is one of the most successful businesswomen in Nigeria with a net worth of over $42 million.
Oluwatoyin Onigbanjo: Oluwatoyin Onigbanjo is the founder of August Secrets, a baby food company that produces healthy, organic baby food. She started the company in her kitchen, and it has since grown to become a successful business. Today, August Secrets products are sold in several stores across Nigeria.
Funmi Oyatogun: Funmi Oyatogun is the founder of TVP Adventures, a travel company that provides tours and travel experiences in Nigeria and other African countries. She started the company after quitting her job in the oil and gas sector. Today, TVP Adventures is a successful business that has won several awards for its innovative travel experiences.
These women are just a few examples of the many Nigerian women who have achieved financial independence and success through entrepreneurship and strategic financial planning. They serve as inspiring role models for other Nigerian women looking to take control of their financial lives and achieve their financial goals.
Strategies to Promote Financial Independence among Women
Overcoming gender inequality in finance requires a concerted effort by policymakers, financial institutions, and society as a whole. Here are some strategies that can be implemented:
- Promoting financial literacy: This can be achieved through financial education programmes and workshops, targeted outreach to women, and promoting financial literacy in schools and universities.
- Encouraging women’s participation in the financial sector: This can be achieved through policies that promote equal pay, gender-neutral hiring practices, and flexible work arrangements.
- Addressing gender biases and discrimination: This can be achieved through diversity and inclusion initiatives, unconscious bias training, and policies that address gender-based discrimination and harassment.
- Improving access to financial services: Improving access to financial services such as bank accounts, credit and investment opportunities, can help promote financial inclusion and empower women to achieve financial independence.
By implementing these strategies, we can work towards overcoming gender inequality in finance and empowering Nigerian women to achieve financial independence and contribute to the country’s economic growth.
**Our Gifts**
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