President of the Institute of Professional Economists and Policy Management (IPEPM), Prof Kenneth Ife, has said that closing gender gaps and fully unlocking women’s economic potential could add 12 trillion dollars to the global economy. He warned that Nigeria cannot achieve inclusive or sustainable growth without prioritising women’s participation. Ife spoke during the launch of the Women in Economics and Development Foundation (WEDF), themed “A Catalyst for Inclusive Growth and Sustainable Development”, alongside the unveiling of the organisation’s empowerment programme in Abuja.
Meanwhile, Founder of WEDF, Dr Annette Mubarak, said the Foundation emerged from a burning desire to see women rise as catalysts for economic transformation and digital innovation. She noted that women’s contributions from classrooms, corporate offices, or ministries have often been undervalued.
Mubarak said the Foundation would focus on capacity development, mentorship, entrepreneurship, access to finance, and policy advocacy. She described the initiative as the beginning of a revolution of minds, opportunities, and transformation, adding that women are not waiting for change, but “they are the catalysts of change”.
Ife, a global economic analyst, observed that women contribute 43 per cent of agricultural labour and represent one in three businesses, yet they receive less than 10 per cent of available venture capital. He lamented that in Nigeria, women constitute roughly 49 per cent of the population but hold only 22 per cent of senior economic leadership positions. According to him, these structural inequities come at a high cost, saying closing the gender gap in economic participation could contribute an additional 12 trillion dollars to global economic output.
He stressed that improving gender parity could strengthen governance and national economic resilience. Ife explained that countries with more equitable participation of women in economic decision-making experience higher GDP growth and progress toward Sustainable Development Goals (SDGs), including poverty reduction, gender equality, decent work, and strong institutions. He urged policymakers, institutions, and private sector actors to create platforms and strategies that integrate women into key economic decision-making spaces.
According to him, unlocking women’s economic power is central to Nigeria’s growth and Africa’s development. He said: “The opportunity of unlocking women’s economic power allows you to boost GDP, give you stronger SMEs, create more resilient households, increase employment and also improve governance.”
