Closing the gender finance gap unlocks $6trn economic potential — Expert
Unlocking Economic Potential Through Gender Equity
Jessica Espinosa, the Chief Executive Officer of 2xGlobal, recently highlighted the immense economic potential that lies in closing the gender finance gap. During her keynote address at the third Gender Impact Investment Summit and the launch of the Gender Equity and Social Inclusion (GESI) Roadmap 2025–203 in Lagos, she emphasized that addressing this gap could unlock a staggering $6tn in global economic opportunity.
The summit, hosted by the Impact Investors Foundation, was themed “Investing in Equity: Advancing Gender-Led Solutions for Inclusive Development.” The foundation aims to raise $8bn in inclusive capital over the next decade, focusing on initiatives that promote gender equity and social inclusion.
Espinosa pointed out that supporting women as entrepreneurs, business owners, and leaders consistently enhances financial performance. She explained that closing the gender gap in the workforce could lead to significant gains in global GDP. Additionally, investing in women as suppliers and supply chain workers not only strengthens risk resilience but also aligns with global environmental, social, and governance standards.
According to the International Labour Organisation, women-led Micro, Small, and Medium Enterprises (MSMEs) make up a substantial portion of Nigeria’s business landscape. Estimates suggest that between 32.9% and 40% of MSME ownership in the country is led by women. This highlights the critical role that women play in driving economic growth and development.
Advocating for Inclusion in the Financial Sector
His Highness Khalifa Muhammad Sanusi II, the Emir of Kano, emphasized the importance of inclusion in the financial sector, particularly through the disbursement of loans to women-led businesses. He called for more representation of women in political and leadership positions, pointing out that there are only four women senators among the 109 members of the National Assembly.
“We have a constitution that says you must have a minister from every state. Why is diversity in Nigeria only a matter of states? Why can’t the constitution say you must have 30 per cent of your cabinet as women or 40 per cent? Why is diversity only geographical?” he questioned. He suggested that reserving some elective positions for women could help push forward laws that are beneficial for women.
Sanusi proposed that at least one senatorial district in each state should be contested by women only, with the arrangement rotating every eight years. This, he argued, would ensure greater representation and influence for women in the political arena.
A New Framework for Inclusive Growth
Frank Aigbogun, the Chairman of the Impact Investors Foundation, highlighted the launch of the GESI Roadmap, developed in collaboration with PwC Nigeria. He described it as a transformative initiative that aims to bring about a seismic shift in Nigeria’s economic and social landscape.
“The targets we have set underscore the urgency of this challenge and the scale of our ambition,” Aigbogun said. The foundation aims to mobilize $8bn in cumulative gender-inclusive capital, with $1.5bn coming directly from domestic capital pools. The goal is to achieve 90% integration of GESI principles among general partners.
To support these targets, the foundation launched the Nigeria Inclusive Capital Commitment 2035 campaign. This initiative is designed to drive momentum and ensure that the goals of the GESI Roadmap are met.
Empowering Women for Equitable Society
Ibukun Awosika, Chair of GSG Nigeria Partner and Vice Chair of GSG Impact, emphasized that when a nation creates opportunities for its women and disabled people, it fosters an equitable society where everyone can contribute to the economy.
“We only gain when we use the best of our people, male or female, and when we create an equitable society for all of our citizens to give the best of what they have, without anyone being subject to a stereotype or a mindset that says to them, you can’t,” she stated.
Awosika’s remarks reflect the growing recognition that gender equity is not just a moral imperative but also a powerful driver of economic growth and social progress.
Focus on Women-Led Businesses in Nigeria
The summit focused on Nigeria, where women-led MSMEs account for an estimated 32.9% to 40% of all MSME ownership. This underscores the need for targeted investments and policies that support women entrepreneurs and help them thrive in the business ecosystem.
By prioritizing gender equity and social inclusion, stakeholders in Nigeria and beyond can unlock new avenues for growth, innovation, and sustainable development.
