Gender Disparities in Financial Access and Economic Outcomes in Nigeria

This study examines the persistent gender disparities in financial access and their consequential effects on economic outcomes in Nigeria over the period 2005–2023. Despite notable policy interventions and institutional reforms aimed at financial inclusion, women in Nigeria continue to experience disproportionately limited access to formal financial services, credit facilities, savings instruments, and insurance products relative to their male counterparts. This paper employs a time series regression framework to investigate how gender-based financial access gaps influence aggregate economic outcomes, measured through gender-differentiated contributions to gross domestic product (GDP) per capita. The model incorporates seven control variables: Age (AGE), Educational Level (EDU), Income Level (INCM), Access to Financial Infrastructure (ACCF), Financial Literacy (FL), Employment Status (EMPS), and Regulatory Environment (RE). Data were sourced from the World Bank Global Findex Database, the Central Bank of Nigeria (CBN) Statistical Bulletin, the National Bureau of Statistics (NBS), and the Enhancing Financial Innovation and Access (EFInA) surveys. The findings reveal that gender disparities in financial access exert a statistically significant negative effect on economic outcomes in Nigeria. Specifically, the gender financial access gap (GFAG) has a coefficient of –0.3841 (p < 0.01), indicating that widening disparities are associated with reduced aggregate economic performance. Among the control variables, Educational Level, Income Level, Access to Financial Infrastructure, and Financial Literacy demonstrate significant positive relationships with economic outcomes, while the Regulatory Environment shows a weaker but still positive association. The post-estimation diagnostics confirm the robustness of the model, with no evidence of serial correlation, heteroskedasticity, or model misspecification. The study contributes to the literature by providing time series evidence on the macroeconomic cost of gender-based financial exclusion in Nigeria. The paper recommends gender-responsive financial policies, expanded financial infrastructure in underserved regions, targeted financial literacy programs for women, and regulatory reforms that address structural barriers to women's financial participation. Future research should explore subnational variations and employ panel data methodologies to capture regional heterogeneity.