WTO Launches $50 Million WEIDE Fund in Nigeria to Support Women Entrepreneurs in Digital Economy

• The World Trade Organisation (WTO) has introduced the first phase of the Women Exporters in Digital Economy (WEIDE) Fund in Nigeria
• The initiative will invest $50 million in opening up opportunities for women entrepreneurs in the digital economy

The World Trade Organisation (WTO) has initiated the first phase of its Women Exporters in Digital Economy (WEIDE) Fund in Nigeria, with an investment of $50 million in supporting women business owners in the digital economy.

In this initial phase, 16 Nigerian women business owners will receive $30,000 and 18 months of technical assistance, while a further 130 beneficiaries will receive $5,000 and 12 months of intensive business guidance.

The WEIDE Fund, which is jointly financed by the WTO and the International Trade Centre (ITC), has the objective of building the capacity of women-owned MSMEs through increased access to finance, competitiveness, and access to world markets.

In Abuja, during the launch, Nigeria's First Lady Senator Oluremi Tinubu, through Hajiya Nana Shettima, lauded the initiative, mentioning that it resonates with President Bola Tinubu's Renewed Hope Agenda's emphasis on economic diversification and women's empowerment.

She emphasized that the fund addresses long-standing obstacles of limited access to finance, networks, and digital infrastructure that have a tendency to limit women's economic prospects.

WTO Director General Dr. Ngozi Okonjo-Iweala confirmed that 146 women have been chosen for the initial phase, and 16 were put in the "booster track" while the rest of 130 were given specific business assistance.

Nigeria's Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, referred to the program as acknowledgment of women as equal partners in the digital economy.

Comptroller General of Customs, Bashir Adewale Adeniyi, promised to minimize bureaucratic bottlenecks for women exporters by accelerating processes to widen their access to international markets.

The WEIDE Fund, backed by the FIFA World Cup 2022 Legacy Fund, the Government of Bahrain, and the United Arab Emirates, was initially rolled out in February 2024 in Abu Dhabi.

The Nigerian Export Promotion Council (NEPC) is among its local partners after undergoing a competitive selection process where it received 600 applications.