Economy
Nearly 2.4bn women globally don’t have same economic rights as Men—WB
The World Bank has said that around 2.4 billion women of working age are not afforded equal economic opportunity and 178 countries maintain legal barriers that prevent their full economic participation. This is according to the World Bank’s Women, Business and the Law 2022 report. In 86 countries, women face some form of job restriction and 95 countries do not guarantee equal pay for equal work. The report said that “Sub-Saharan Africa has a wide range of performance on the Women, Business and the Law index, ranging from 89.4 in Mauritius to 29.4 in Sudan. The region implemented comprehensive reforms, achieving the second highest improvement in the index last year. Gabon stands out, with comprehensive reforms to its civil code and the enactment of a law on the elimination of violence against women. These reforms gave women the same rights to choose where to live as men, get jobs without permission from their husbands, removed the requirement for married women to obey their husbands and allows women to be head of household in the same way as men. Gabon granted spouses equal rights to immovable property and equal administrative authority over assets during marriage. Gabon also enacted legislation protecting women from domestic violence. Gabon’s reforms gave women the same rights to open a bank account as men and prohibited gender-based discrimination in financial services.
“Also in the Africa region, Angola enacted legislation criminalising sexual harassment in employment. Benin removed restrictions on women’s employment in construction, so that women can now work in all the same jobs in the same way as men. Burundi mandated equal remuneration for work of equal value. Sierra Leone made access to credit easier for women by prohibiting gender-based discrimination in financial services. Togo introduced new legislation which no longer prohibits the dismissal of pregnant workers, reducing women’s economic opportunities”. The report said “Globally, women still have only three quarters of the legal rights afforded to men — an aggregate score of 76.5 out of a possible 100, which denotes complete legal parity. However, despite the disproportionate effect on women’s lives and livelihood from the global pandemic, 23 countries reformed their laws in 2021 to take much-needed steps towards advancing women’s economic inclusion, according to the report. While progress has been made, the gap between men’s and women’s expected lifetime earnings globally is $172 trillion – nearly two times the world’s annual GDP,” said Mari Pangestu, World Bank Managing Director of Development Policy and Partnerships. “As we move forward to achieve green, resilient and inclusive development, governments need to accelerate the pace of legal reforms so that women can realise their full potential and benefit fully and equally.”
Women, Business and the Law 2022 measures laws and regulations across 190 countries in eight areas impacting women’s economic participation – mobility, workplace, pay, marriage, parenthood, entrepreneurship, assets, and pensions. The data offer objective and measurable benchmarks for global progress toward gender equality. Just 12 countries, all part of the OECD, have legal gender parity. New this year is a 95-country pilot survey of laws governing childcare — a critical area where support is needed for women to succeed in paid employment. A pilot analysis of how laws affecting women’s economic empowerment are actually implemented is also included, highlighting the difference between laws on the books and the reality experienced by women. The Middle East and North Africa and Sub-Saharan Africa regions showed the largest improvements in the WBL Index in 2021, though they continue to lag behind other parts of the world overall. Gabon stands out with comprehensive reforms to its civil code and the enactment of a law on the elimination of violence against women. Gabon’s score rose from 57.5 in 2020 to 82.5 in 2021. Globally, the highest number of reforms were made in the Parenthood, Pay, and Workplace indicators. Many reforms focused on protecting against sexual harassment in employment, prohibiting gender discrimination, increasing paid leave for new parents, and removing job restrictions for women. The Pay and Parenthood indicators have the lowest average scores in the index, but they have increased in the last year, rising 0.9 and 0.7 points, respectively, with average scores of 68.7 and 55.6. The gains in the Parenthood indicator have largely been around paternity leave and shared parental leave, but the low score highlights the need to accelerate reforms in this area.
“Women cannot achieve equality in the workplace if they are on an unequal footing at home,” said Carmen Reinhart, Senior Vice President and Chief Economist of the World Bank Group. “That means levelling the playing field and ensuring that having children doesn’t mean women are excluded from full participation in the economy and realising their hopes and ambitions.” Across the world, 118 economies guarantee 14 weeks of paid leave for mothers. More than half (114) of the economies measured mandate paid leave for fathers, but the median duration is just one week. In the past year, Hong Kong SAR, China—which previously provided 10 weeks of paid maternity leave—introduced the recommended 14-week minimum duration. Armenia, Switzerland, and Ukraine introduced paid paternity leave. Colombia, Georgia, Greece, and Spain introduced paid parental leave, which offer both parents some form of paid leave to care for a child following birth. Laws promoting paid leave for fathers can reduce discrimination in the workplace and improve work-life balance. Women, Business and the Law 2022 introduces pilot research behind two new areas: legal environment for childcare services and implementation of laws. A growing number of economies are investing in childcare to enhance children’s skills and recognise unpaid care work by women, who often take on more caregiving duties. The pilot research analysed laws in 95 economies and finds that most OECD high-income and Europe and Central Asia economies regulate public childcare services while in the Middle East and North Africa and South Asia regulations mandate the private sector or employers to provide care services for children of working parents. To make childcare more affordable and widely used, some countries offer financial support to parents or childcare providers. The research also looked at quality aspects regulated such as teacher-to-child ratio, maximum group sizes, training requirements for teachers, as well as licensing, inspections and reporting requirements for service providers. More evidence is needed on what constitutes good quality and what aspects of quality might determine parental uptake of services.
This edition also explores the operation of Women, Business and the Law indicators in practice in 25 economies. An analysis of the laws’ implementation schemes reveals a substantial gap between legislation on the books and legal operation. Laws alone are not enough to improve gender equality; factors at play include not only their implementation and enforcement, but also social, cultural, and religious norms. These gaps will be further explored in future cycles of Women, Business and the Law reports. It said that the Advanced economies continue to make progress on the indicators. Greece, Spain and Switzerland reformed laws in 2021, all focusing on improving paid leave for new parents. Twelve advanced economies are the world’s only economies that score 100 – Belgium, Canada, Denmark, France, Greece, Iceland, Ireland, Latvia, Luxembourg, Portugal, Spain and Sweden. The East Asia and the Pacific region continues to reform its legislation towards gender equality, but at a slow pace. Two economies from East Asia reformed last year. Cambodia introduced an old-age pension system that sets equal ages at which women and men can retire with full pension benefits. Vietnam eliminated all restrictions on women’s employment. The Europe and Central Asia (ECA) region is the second highest scoring region, with an average score of 84.1. Four economies reformed last year. Armenia and Ukraine introduced paid paternity leave, and Georgia introduced paid parental leave. Ukraine also equalised the ages at which women and men can retire with full pension benefits. Cyprus allowed women to apply for a passport in the same way as men. Important challenges remain in the areas of Pay and Pension which have the lowest average scores in this region. For example, almost half of the economies in ECA do not mandate equal remuneration for work of equal value, and the ages for full pension benefits are still unequal in 17 economies. Women in Latin America and the Caribbean have less than three-quarters of the legal rights of men. Two of the region’s 32 economies enacted reforms in the past year. Argentina explicitly accounted for periods of absence due to childcare in pension benefits. Colombia became the first country in Latin America to introduce paid parental leave, aiming to reduce discrimination against women in the workplace. Only half of the economies in the region guarantee any paid leave for fathers.
Also Women in the Middle East and North Africa have, on average, only half of the legal rights that men do. However, the region improved its laws the most due to reforms in five economies. Bahrain mandated equal pay for work of equal value and lifted restrictions on women’s ability to work at night. It also repealed provisions giving the relevant authority the power to prohibit or restrict women from working in certain jobs or industries. Egypt enacted legislation protecting women from domestic violence and made access to credit easier for women by prohibiting gender-based discrimination in financial services. Kuwait prohibited gender discrimination in employment and adopted legislation on sexual harassment in employment. Lebanon enacted legislation criminalising sexual harassment in employment. Oman allowed women to apply for a passport in the same way as men. Women in South Asia have only two-thirds of the legal rights of men in the region. Only one economy in the region reformed. Pakistan lifted restrictions on women’s ability to work at night.
Economy
Nigeria champions African-Arab trade to boost agribusiness, industrial growth
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Economy
FEC approves 2026–2028 MTEF, projects N34.33trn revenue
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
Economy
CBN hikes interest on treasury Bills above inflation rate
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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