The World Trade Organisation (WTO) has launched the first phase of its Women Exporters in Digital Economy (WEIDE) Fund in Nigeria, targeting to invest $50 million to create opportunities for women entrepreneurs in the digital economy.
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 Oluremi Tinubu, who joined WTO Director-General, Dr Ngozi Okonjo-Iweala, at the event, described the initiative as laudable.
She said the programme aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which focuses on diversifying the economy and empowering women-led enterprises.
The First Lady, who was represented by the wife of the Vice President, Hajiya Nana Shettima, said 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.
The WTO Director-General, Dr Ngozi Okonjo-Iweala, said the first phase of the fund would 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, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said the project is a global declaration that women are equal partners in the digital marketplace, not mere spectators.
The minister said Nigeria’s role as a pilot country highlights its commitment and potential for growth in digital trade.
The Comptroller-General of Nigeria Customs Service, Mr Bashir Adewale Adeniyi, pledged to ease bureaucratic obstacles in exporting goods for women entrepreneurs.
He promised 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.
