The World Trade Organisation (WTO) has launched the first phase of a $50 million Women Exporters in Digital Economy (WEIDE) fund, set to benefit 146 Nigerian women entrepreneurs.
This new programme aim to tackle barriers like limited access to finance, weak digital infrastructure, and poor networking opportunities that have held back many women-led businesses in Nigeria’s growing digital economy.
The WEIDE Fund, created jointly by the WTO and the International Trade Centre (ITC), supports women-led micro, small, and medium enterprises (MSMEs) by improving access to funding, building skills, and opening connections to international markets.
At the unveiling event on Thursday, Nigeria’s First Lady, Oluremi Tinubu, praised the fund as a vital step toward breaking down long-standing financial hurdles for women entrepreneurs. She was joined by WTO Director-General Ngozi Okonjo-Iweala, who confirmed that the first phase of the fund will provide $30,000 grants plus 18 months of technical support to 16 “booster track” participants, while the remaining 130 beneficiaries will each receive $5,000 and 12 months of business support.
Special Assistant to the President on Media and ICT, Kwapchi Bata Hamman, described the $50 million investment as a significant opportunity for women to grow their digital businesses.
Nana Shettima, representing the First Lady, stressed how the programme matches President Bola Ahmed Tinubu’s Renewed Hope Agenda to diversify Nigeria’s economy and empower women entrepreneurs. She also thanked the WTO and ITC for their role in launching this trailblazing project.
Minister of Industry, Trade and Investment, Jumoke Oduwole, called the fund a global statement that women are key players in digital trade. Meanwhile, Customs Comptroller-General Adewale Adeniyi promised to simplify export procedures, making it easier for women-led businesses to reach global markets.
The WEIDE Fund is backed by the FIFA World Cup 2022 Legacy Fund, along with the governments of Bahrain and the UAE. Since its launch in February 2024, it has attracted hundreds of applications, with Nigeria’s Export Promotion Council partnering in this first funding cycle.
This injection of capital and support could be a game-changer for female entrepreneurs in Nigeria, helping them innovate and compete more effectively on the world stage.
