Women’s Financial Empowerment Key to Economic Development

The article emphasizes that financial empowerment for women is crucial for sustainable economic development in Nigeria. It outlines the need for retirement planning, noting that women often live longer than men and face career interruptions due to caregiving responsibilities.

For instance, a woman retiring at age 60 and living until 85 would need approximately N60 million to cover basic living expenses over 25 years. The article highlights the significant gender gap in pension participation, with women accounting for only 31% of registered pension contributors as of September 30, 2025, compared to 69% for men.

However, there has been a slight improvement, with female participation in new pension registrations increasing to 40.3%. The National Pension Commission (PenCom) is working to address these challenges by introducing flexible pension solutions and increasing financial awareness among women, particularly in the informal sector, where many women face irregular income patterns and multiple financial responsibilities.