Effect of gender inequality on economic growth in Nigeria

Gender equality is a key factor in contributing to the economic growth of a nation. The United Nations Population Fund believe that economic growth and social equality should go hand in hand, arguing that “gender inequality holds back growth of individuals, development of countries, and the evolution of societies, to the disadvantage of men and women”. The discrimination against women remains a common occurrence in today’s society and serves to hinder economic prosperity. The empowerment of women through such things as the promotion of women’s rights and an increase in the access of women to resources and education proves to be key to the advancement of economic development. Namely, gender equality in the work force and in social relationships are the two primary factors that instill economic growth. The influential role of gender equality on economic growth is most directly illustrated in the participation of women in the labor force. When women are not involved in the workforce, only part of the able workforce is being utilized and, thus, economic resources are wasted. Gender equality allows for an increase in women in the working sector, thereby leading to an expansion of the labor force and an increase in economic productivity. Figure 1 illustrates the increasing contribution of women to the gross domestic product (GDP) as well as to the economic growth of specific countries proving that an increase in female participation in the workforce undoubtedly will create economic growth.