Stakeholders want to close the gender gap in finance.

Stakeholders have called for an end to gender finance gap and the creation of inclusive investment opportunities. They noted that a redesign in terms of approach and strategies was required in the fight against gender inequality.

This was the thrust of discussions at the first Gender Impact Investment Summit, themed ‘Closing the Gender Financing Gap in Nigeria’ organised by Impact Investors Foundation (IIF) and Nigeria National Board for Impact Investment (NABII) in Lagos.

Chief Executive Officer (CEO) of IIF, Ms Etemore Glover, harped on the need to design solutions that break barriers for women in the career space.

She noted that the summit marks an important milestone in collectively addressing the $320 billion financing gap facing African female fund managers and entrepreneurs.

“IIF remains committed to driving gender-inclusive practices in Nigeria’s impact investing ecosystem,” she said.Chair, IIF, Afolabi Oladele, an engineer, said the battle on gender parity was an ongoing one, adding that if women are allowed to play their role in the economy, the global GDP will increase by at least 25 per cent.

Oladele, who is also the Vice Chair, NABII, said that there was a problem with widespread access to finance, especially for women in northern Nigeria.

“Women still struggle with baseline needs, particularly in the North and this affects the balance. Women generally earn less than men even when they do the same job as the men,” he said.

Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, emphasised the need for gender lens investing. Edu, who was represented by Special Adviser (Strategy) to the Honourable Minister, Carol Nelson-Atuonwo, said: “Closing the financial gap for women in Nigeria is achievable and will entail concerted efforts in policy making, capacity building on gender mainstreaming and continuous engagement with all actors with focus on tackling the root causes.”

Chairperson, Nigerian NABII, Ibukun Awosika, said the fight for gender inclusivity doesn’t just address women but also the nation and its development, adding that the nation could not ignore the fact that 50 per cent of its population are women and that it needs to fully maximise its potentials.

Speaking on The Nigerian NABII Agenda on Gender and Financing Women through the Wholesale Impact Investment Fund (WIIF), Chair SME.NG, Ms Thelma Ekiyor Olu-Solanke, said the WIIF was designed to address specific issues around building the ecosystem for impact financing in Nigeria.

She said the Nigerian NABII was intentional about incorporating women-led impact projects and would support women in new and underserved markets.

“The Federal Government has committed 50 per cent to the fund. We are looking forward to reaching the $1 billion benchmark by the first quarter of 2024,” she added.