146 Women to access $50m grants as WTO partners with Nigeria’s Digital Trade- Presidency

… Customs promises to ease export obstacles

The World Trade Organisation (WTO) is partnering with the federal government of Nigeria to empower Women Exporters in Digital Economy (WEIDE) with a $50m fund.

The WTO initiative is expected to help in addressing traditional funding barriers that had over the years limited and stifle the creative talents of women entrepreneurs in Nigeria

These include lack of access to finance, networks, and poor 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.

Kwapchi Bata Hamman, the Special Assistant to the President on Media and ICT, said the
$50 million investment is to create opportunities for women entrepreneurs in the digital economy.

Oluremi Tinubu, First Lady of Nigeria, in her remarks at the unveiling of the fund on Thursday, acknowledged that the WEIDE Fund will address these long-standing funding barriers.

Read also: WTO flags internet gap as threat to Nigeria’s share in $4.25trn digital trade

The First Lady who was joined led by Ngozi Okonjo- Iweala, the WTO Director-General, at the event, described the initiative as laudable.

Under this first phase which was unveiled on Thursday, 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.

Nana Shettima, who represented the First Lady, noted that the programme aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which focuses on diversifying the economy and empowering women-led enterprises.

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, 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.

Jumoke Oduwole , Minister of Industry, Trade and Investment, described the project as a global declaration that women are equal partners in the digital marketplace, not mere spectators.

The Minister emphasized that Nigeria’s role as a pilot country highlights its commitment and potential for growth in digital trade.

Adewale Adeniyi, the Comptroller-General of Customs, 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.

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