WTO launches $50m fund for women exporters in Nigeria, others
The World Trade Organization (WTO) on Thursday in Abuja launched a $50million fund tagged “Women Exporters in Digital Economy (WEIDE)” for women exporters in Nigeria and other developing countries. The initiative was officially launched by the first lady, Oluremi Tinubu who was represented by the wife of the vice president, Nana Shettima. Speaking at the […]
The World Trade Organization (WTO) on Thursday in Abuja launched a $50million fund tagged “Women Exporters in Digital Economy (WEIDE)” for women exporters in Nigeria and other developing countries.
The initiative was officially launched by the first lady, Oluremi Tinubu who was represented by the wife of the vice president, Nana Shettima.
Speaking at the launch in Abuja, the Director General of WTO, Dr. Ngozi Okonjo-Iweala stated that the $50m fund is a joint initiative of the WTO Secretariat and the International Trade Center (ITC) aimed at empowering women led MSMEs to thrive in digital economy by enhancing their access to finance and connecting them to global markets.
Speaking further, she stated that “In Nigeria, 67,000 women applied for the grant initially only 100 were to be selected but the quality of the submissions were too much, prompting us to increase to 146.”
“Today we are awarding them and will start as first cohorts. The money will be credited to them based on certification by NEPC. 16 of the businesses have been selected for booster track and will receive up to $30,000 and will receive an 18months technical assistance programme to understand export rules in different countries. Also 130 are in discovery track and will receive $5,000 and 12months training. They were selected in different sectors including Beauty, food and beverages, IT, Agriculture among others and Nigeria will be the flagship country to commence the initiative,” she said.
Also speaking, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole stated that Women led exporters are the driving force in Nigeria’s economy, adding that the initiative is the pathway for business to leverage on digital and international growth to drive innovation and expand Nigeria’s footprint in global trade.
She added, “The ministry is partnering with global institutions to fastrack market access for women led business and make them digital champions under the AfCFTA which will drive Nigeria’s $1trn economy target by 2030.”
Earlier in her address, the Executive Director of the Nigerian Export Promotion Council (NEPC) who are are the implementing partners for the fund, Nonye Ayeni stated that WEIDE championed by the NEPC aims to empower 10,000 women-owned export-ready businesses across Nigeria by 2030
She added that it will “Facilitate international market access for 3,000 women-led SMEs by 2027 and deliver grassroots export literacy through cluster hubs in all 36 states and the FCT as well as establish global value chain linkages through platforms such as AfCFTA, ECOWAS Trade Hub, ITC SheTrades, and UN Women partnerships