A report by the International Finance Company and the Nigerian Exchange Limited has revealed despite 67 per cent of working parents, only five per cent of Nigeria’s private sector employees invest in childcare.
According to the survey titled; Investing in Childcare: A Game Changer for Businesses and the Nigerian Economy, it was submitted that improving family-friendly workplace policies in Nigeria, including access to quality childcare for parents, could boost private sector productivity and benefits employees, children, and businesses in the country.
“Childcare that is affordable, of good quality, and convenient is a game changer for working parents of both genders, but especially for women who are more likely to be limited in their careers if their childcare is inadequate.
"Childcare can bring peace of mind, and it enables women to enhance productivity.
"If Nigeria can maximise the achievements of women—both as workers and as leaders—companies will generate more revenue, and the nation will follow.
"A key part of the solution is tackling Nigeria’s childcare deficit and providing the necessary affordable financing", part of the report stated.
It was revealed that closing these gaps requires the intervention of multiple stakeholders—employers, childcare providers, governments, industry associations, and investors who can tap into a N15 trillion ($35 billion) market opportunity based on UN Women 2021 data.
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