The World Trade Organisation (WTO) has launched the first phase of its Women Exporters in Digital Economy (WEIDE) Fund in Nigeria, with a target to invest $50 million to create opportunities for women entrepreneurs in the digital economy across the country.
Under this phase, 16 Nigerian women entrepreneurs will receive $30,000 and 18 months of technical support, while each of the 130 beneficiaries will receive $5,000 and 12 months of dedicated business support.
The WEIDE Fund is a joint initiative of the WTO and the International Trade Centre (ITC) aimed at empowering women-led MSMEs to thrive in the digital economy by enhancing access to finance, building competitiveness, and connecting to global markets.
Speaking during the launch of the Fund in Abuja, the nation’s capital, First Lady of Nigeria, Oluremi Tinubu, who joined WTO Director-General, Dr. Ngozi Okonjo-Iweala, at the event, described the initiative as laudable.
The First Lady, represented by the wife of the Vice President, Hajiya Nana Shettima, noted that the programme aligns with President Bola Tinubu’s Renewed Hope Agenda, which focuses on diversifying the economy and empowering women-led enterprises.
Mrs Tinubu acknowledged that the WEIDE Fund addresses long-standing barriers such as limited access to finance, networks, and digital infrastructure that have hindered women from reaching their full economic potential.
She commended the WTO and ITC for shaping this groundbreaking initiative to foster inclusive global trade and enable Nigerian women entrepreneurs to take their innovations beyond the nation’s borders.
WTO’s Director-General, Dr. Okonjo-Iweala, announced that the first phase of the fund will invest $50 million to create opportunities for women entrepreneurs in the digital economy.
She said under this phase, 146 women entrepreneurs were selected, with 16 “booster track” participants getting $30,000 and 18 months of technical support, while 130 beneficiaries will each receive $5,000 and 12 months of dedicated business support.
Global Declaration
Also, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the project as a global declaration that women are equal partners in the digital marketplace, not mere spectators.
The Minister emphasised that Nigeria’s role as a pilot country highlights its commitment and potential for growth in digital trade.
The Comptroller-General of Customs, Bashir Adeniyi, pledged to ease bureaucratic obstacles in exporting goods for women entrepreneurs, promising to fast-track export processes and open the gates for them to access global markets with their products.
Others who delivered goodwill messages at the event included the Minister of Women Affairs, Iman Suleiman-Ibrahim, and the Minister of Innovation and Digital Economy, Bosun Tijjani.
Funded by the FIFA World Cup 2022 Legacy Fund, the Government of Bahrain, and the United Arab Emirates, the WEIDE Fund was launched in February 2024 in Abu Dhabi to bridge critical gaps and unlock opportunities for women to engage in and benefit from digital trade.
Following a selection process that attracted 600 applications, the Nigerian Export Promotion Council (NEPC) emerged as one of the partners of the WEIDE Fund under the first funding cycle.
Source – Voice of Nigeria
(vitalnewsngr.com)
