‘Gender parity in entrepreneurship could add $5-6 trillion to global economy’

The Chief Executive Officer, Kobo360, Cikü Mugambi, said that it is estimated that gender parity in entrepreneurship could add $5 to 6 trillion in net value to the global economy, with each women-led firm six times more likely to hire female employees than male-led ones.

Mugambi added that at an estimated 24 per cent, African women have the highest rate of entrepreneurial activity in the world with more women likely to start businesses in Africa than their counterparts in other regions in the world.

Delivering a keynote address at the 2023 Nimbus Aid Project where 20 inspiring women-led businesses were supported with N40m free advertising support, Mugambi maintained that empowering women in Africa is not just a matter of fairness, but an economic imperative that makes commercial sense.

She said: “It is estimated that gender parity in entrepreneurship could add US$ 5-6 trillion in net value to the global economy – and each women-led firm is six times more likely to hire female employees than male-led ones.

“Women make up a significant portion of Africa’s workforce. By investing in their education and vocational training, we can enhance their skills and employability. A more skilled and educated female workforce means greater productivity and innovation across all sectors.

“When women have access to financial resources, they become engines of economic growth. By providing women with equal access to financial services, microloans, and entrepreneurship support, we enable them to start and grow businesses.”

Mugambi said studies showed that women are more likely to invest their earnings in the health, education, and well-being of their families with ripple effect benefits for the entire community which strengthens the social fabric of society.

The 20 women-led enterprises got N2m advertising voucher each. Beneficiaries from last year’s award testified to how the support boosted their businesses.

In his welcome addresss, the CEO of Nimbus Media Limited, Mr Wale Adegoke, said that in the face of the many challenges that businesses face, it’s natural to ask who can provide relief and support to them.
“We are each others greatest allies, and it’s within our own communities that we find strength and support. Indeed, the heart of our economy lies in the entrepreneurs and business leaders who work tirelessly day in and day out. Women-led businesses, in particular, are the backbone of our nation.

“Their unwavering commitment and sheer determination have allowed them to rise above the most trying circumstances. But they deserve more than just praise for their resilience; they deserve our collective support, our community.

“The Nimbus Aid Project exemplifies our shared commitment to this responsibility. It’s a testament to what we can achieve when we come together to uplift and empower one another. Tonight, as we celebrate the remarkable achievements of our 20 finalists, we must remember that we are part of something greater than ourselves, and we can tap into this support on an ongoing basis.”