Nigerian CEOs have joined forces with UN Women to establish a $25 million Private Sector-Led Gender-Based Violence (GBV) Fund as part of moves towards gender equality and women’s empowerment.
This initiative transcends conventional corporate social responsibility, focusing on purposeful gender-responsive interventions that combat violence against women and girls while fostering women’s empowerment.
The ambitious project, officially launched in Lagos on September 19, 2023, is the brainchild of gender-responsive private sector organisations, spearheaded by Women in Successful Careers (WISCAR) and the Women in Management, Business, and Public Service (WIMBIZ). These non-profit organisations have a strong track record of promoting women-owned businesses and enhancing women’s business acumen.
UN Women Regional Director for West & Central Africa, Mr. Maxime Houinato, was in Nigeria for an executive visit and played a pivotal role in facilitating the fund’s launch. Houinato stressed the indispensable role of the private sector in advancing gender equality and women’s empowerment across various domains, including politics, economics, and addressing violence against women and girls. He urged the private sector to intensify its commitment to enhancing women’s livelihoods and providing them access to economic opportunities.
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A Solution to a Widespread Problem
Beatrice Eyong, UN Women Representative to Nigeria and ECOWAS emphasised that GBV has far-reaching financial implications. She maintained that reducing the prevalence of violence against women and girls is a catalyst for improved family incomes and economic prosperity at the societal level.
This initiative marks a pivotal moment in UN Women Nigeria’s endeavour to engage the private sector actively and encourage investment in Gender Equality and Women’s Empowerment (GEWE) initiatives. The private sector, often a major contributor to national income and employment, possesses the potential to drive technological advancements, enhance governance, foster research and development, and build workforce capacity.
A Vision for a Transformed Future
With the launch of the $25 million Private Sector-Led GBV Fund, UN Women has embarked on a transformative journey to address the pervasive challenges faced by women and girls in Nigeria. This commendable endeavour will provide critical resources for strategic GEWE interventions, offering survivors of GBV access to justice, livelihood opportunities, and other economic prospects at an unprecedented scale.
Unlocking Nigeria’s Economic Potential By Empowering Women Entrepreneurs
Statistics show that women business owners in Nigeria face various challenges, including limited access to funding and resources. According to a report by the International Finance Corporation (IFC), only 4.2% of women in Nigeria have access to bank loans and financial services, hindering their ability to establish and grow businesses.
The UN Women-led GBV Fund aims to directly tackle these issues, offering financial support, training, and resources to women entrepreneurs, thereby boosting their businesses and enhancing their lives. By empowering women business owners, this initiative is set to play a vital role in advancing Nigeria’s economy and fostering greater gender equality in the country.
This initiative is closely aligned with the UN Sustainable Development Goals (SDGs), particularly Goal 5, which seeks to achieve gender equality and empower all women and girls. Furthermore, studies have shown that empowering women economically can have a significant impact on national economies. A report by McKinsey & Company estimated that achieving gender equality in the workplace could add $28 trillion to the global economy by 2025.
The launch of the $25 million Private Sector-Led GBV Fund is not just a financial commitment but a testament to the potential for positive change when organisations and leaders come together to address complex societal issues.
In the spirit of collaboration and progress, the establishment of the fund represents a significant stride towards a more equitable and prosperous future for all Nigerian women and girls. As this initiative unfolds, it holds the promise of transforming lives, enhancing gender equality, and contributing to the economic growth of Nigeria.