The World Trade Organisation (WTO) has launched the first phase of its Women Exporters in Digital Economy (WEIDE) Fund in Nigeria, with a $50 million investment to empower women entrepreneurs in the digital economy.
The initiative is a joint effort between the WTO and the International Trade Centre (ITC) aimed at enhancing access to finance, building competitiveness, and connecting women-led MSMEs to global markets.
Sixteen Nigerian women entrepreneurs would receive $30,000 each and 18 months of technical support, while 130 beneficiaries will get $5,000 each and 12 months of dedicated business support.
The programme aligned with President Bola Tinubu’s Renewed Hope Agenda, focusing on diversifying the economy and empowering women-led enterprises.
The WEIDE Fund would address long-standing barriers such as limited access to finance, networks, and digital infrastructure that have hindered women from reaching their full economic potential.
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 the nation’s capital, Abuja, wife of the President, Senator 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.
On her part, WTO Director-General, Dr. Okonjo-Iweala, announced that the first phase of the fund would l 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.
Also speaking, 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.
She emphasised that Nigeria’s role as a pilot country highlights its commitment and potential for growth in digital trade.
On his part, Comptroller-General of Customs, Bashir Adewale 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.
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.
