The United Nations Global Compact Network Nigeria (UNGC), together with advocates for gender equality, has called for increased investment in women. This call was made during the 10th annual Ring The Bell for Gender Equality and Closing Gong ceremony held at the Nigeria Exchange Group (NGX) in Lagos State to commemorate International Women’s Day this year.
During the event, Oluwasoromidayo George, Chair of the UN Global Compact Network Board, emphasized the urgent need to narrow the gender gap, which has hindered progress towards achieving SDG 5 (Gender Equality) by 2030. Despite the widespread recognition of the importance of gender equality, advancements in women’s rights remain insufficient, according to George.
According to World Bank data from 2023, only 40 percent of adult women are involved in the labor force compared to over 70 percent of men, while the UN estimates that the gender pay gap costs the global economy $160 trillion annually.
Naomi Nwokolo, executive director of the UN Global Compact Network Nigeria, highlighted that women and girls in Nigeria are often overlooked, with only two SDG 5 indicators nearing their targets and none reaching the intended level of achievement.
In addition to acknowledging the private sector’s role in promoting gender equality, George, Nwokolo, and other stakeholders advocated for Gender Lens Investing (GLI), increased investment in women, the implementation of gender-responsive financing, and support for female changemakers. These efforts align with the theme of UN’s 2024 International Women’s Day, “Invest In Women: Accelerate Progress,” which aims to empower women for a more sustainable and prosperous future.
Nwokolo emphasized that impact funds could enhance Gender Lens Investing to promote inclusive and sustainable development that ensures no woman or girl is left behind.
The UN Global Compact Network Nigeria is one of 74 country offices of the United Nations Global Compact, the world’s largest corporate sustainability initiative. It assists companies and stakeholders in understanding how to operate responsibly within both global and local contexts and provides guidance on translating sustainability commitments into action through its Ten Principles and the 17 SDGs.