Response of Economic Diversification To Gender Inequality: Evidence From Nigeria

Abstract

This study investigates the imperatives of gender equality in expanding the economic base of Nigeria, a country that has long remained a mono-product economy dependent on oil revenue. The purpose of this study is to explore how gender inequality affects economic diversification and to suggest policy recommendations to enhance gender equality and economic growth. The methodology employed includes the Engel-Granger and Error Correction Model within an endogenous growth framework. Data were sourced from relevant secondary sources such as textbooks, journal articles, and institutional reports. Findings from the study indicate that existing gender inequality negatively impacts Nigeria's economic diversification by reducing the potential pool of human capital and promoting opportunity gaps. Specifically, the study reveals that increased female self-employment, a higher ratio of female to male labour force participation, and a reduction in female vulnerability in employment are essential for policy formulation. The conclusion emphasizes the necessity for sustained efforts to eliminate patriarchal tendencies and enhance social protection mechanisms to reduce the vulnerabilities faced by women. These measures are crucial for improving gender equality, which in turn can significantly contribute to economic diversification and growth in Nigeria.