Nigeria could gain up to 1.7 million working mothers by 2030 if the country invests in affordable, quality childcare.
This is according to new findings from Economist Impact’s Childcare Dividend Initiative, a report unveiled on Wednesday.
The report is supported by the William and Flora Hewlett Foundation and generated from a high-level forum alongside the G20 Women’s Economic Empowerment Working Group Ministerial Meeting in Johannesburg, South Africa.
The study revealed that childcare is not only a social service but also a critical driver of inclusive economic growth and national productivity.
“Nigeria could experience the largest increase as a percentage of the population, with 1.7 million mothers joining the workforce, equivalent to 2.7% of the country’s workforce,” says the report.
It is estimated that universal childcare coverage can boost Nigeria’s GDP by 1.09 per cent through increased female labour participation, higher household incomes, and expanded tax revenues supporting national development priorities.
To highlight these opportunities, Economist Impact hosted a high-level forum on the sidelines of the G20 meeting, bringing together policymakers, funders, care providers, and civil society organisations.
Discussions focused on how strategic investment in childcare can fuel inclusive growth, advance gender equality, and support child development, aligning with the G20 agenda on women’s economic empowerment and decent work.
Speaking, Ms Katherine Stewart, Lead Researcher for the CDI at Economist Impact, said affordable childcare must be viewed as an economic necessity rather than a luxury accessible only to privileged households and communities.
Stewart urged governments to prioritise the care economy in fiscal planning, adding that the study found that inadequate childcare services cost the economies of South Africa, Kenya, and Nigeria billions in lost income during 2022 alone.
(NAN)
