In addition to other advocates for gender equality, the United Nations Global Compact Network Nigeria (UNGC) has pushed for increased funding for women.
The organization announced this during this year’s International Women’s Day celebrations at the Nigeria Exchange Group (NGX), Lagos State, during the tenth annual Ring The Bell for Gender Equality and Closing Gong event.
Oluwasoromidayo George, the Chair of the UN Global Compact Network Board, spoke to the attendees at the event. He emphasized the urgent need to close the gap that has impeded progress toward achieving SDG 5 (Gender Equality) by 2030 and stated that, despite awareness of the strong argument for gender equality, women’s rights have made little progress.
According to World Bank data from 2023, just 40% of adult women are employed, compared to over 70% of men. The UN estimates that the gender pay gap—the difference in pay between male and female workers in the same position or level at work—costs the world economy $160 trillion annually.
According to Naomi Nwokolo, executive director of the UN Global Compact Network Nigeria, women and girls in Nigeria are being neglected, with only two SDG 5 indicators operating close to goal and none operating at the desired level.
While acknowledging the private sector’s contribution to the advancement of gender equality, George, Nwokolo, and other stakeholders argued that Gender Lens Investing (GLI), investing in women, implementing gender-responsive financing, and assisting female changemakers would empower women for a more prosperous and sustainable future in line with the UN’s 2024 International Women’s Day theme, “Invest In Women: Accelerate Progress.”
According to Nwokolo, impact funds can support gender-lens investing to create inclusive, sustainable development that doesn’t leave any woman or girl behind.
The Global Compact Network of the UN The United Nations Global Compact, the world’s largest corporate sustainability initiative, has 74 country offices, including one in Nigeria. Its Ten Principles and the 17 SDGs offer guidance on how to turn sustainability commitments into action while also helping businesses and stakeholders understand how to operate responsibly in both local and global contexts.