• Mon. May 29th, 2023

Nigeria Loses $26b Annually to Gender Inequality Gap, says Economic Group

ByJustice Godfrey Okamgba

Sep 30, 2022

The Nigerian Economic Summit Group (NESG) said Nigeria loses $26 billion per year as a result of gender inequality.

Research indicates that, on a per capita basis, gender inequality in earnings may result in a global wealth loss of $23,620 per person or an estimated loss of roughly $160 trillion of human capital wealth.

According to Laoye Jaiyeola, the Chief Executive Officer of NESG, Nigeria ranks 139 out of 149 countries on the global gender index indicating the need for coordinated efforts to reduce losses caused by gender inequality.

He said: “Although Nigeria remains the largest Joon in Africa, every Nigerian will acknowledge that there is still much work to be done as we strive to attain regional and global competitiveness.”

Data show that on a per capita basis, gender inequality in earnings could lead to a wealth loss of $23,620 per person globally, with an estimated global loss of about $160.2 trillion in human capital wealth, of which $26 billion could be recovered if Nigeria is able to close its existing gender inequality gap.

According to the World Economic Forum 2021, Nigeria ranks 139 out of 149 countries on the global gender index, pointing to the need for joint efforts toward abating gender-inequality-related losses.

The COVID-19 pandemic exacerbated the impact of gender inequalities.

“Women are disproportionately affected by unequal treatment on the basis of gender. Men are, however, not left out.

A recent analysis by the United Nations (UN) reported that by 2030, for every 100 men living in poverty, there will be 121 women if deliberate steps are not taken to counter the adverse impact of the COVID-19 pandemic.

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“The World Bank reports that about 14.9 percent of Nigerians live with some spectrum of disability, and a substantial proportion of people with disability lack access to essential services; attitudinal barriers represent a significant impediment to their socioeconomic inclusion.”



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