….WEIDE Fund offers $5,000 to $30,000 grant to 146 women entrepreneurs
The World Trade Organisation (WTO) has warned that Nigeria’s low internet penetration could undermine the country’s ability to tap into the rapidly expanding global digital trade market, valued at $4.25 trillion.
Ngozi Okonjo-Iweala, Director-General, World Trade Organisation (WTO), speaking at the launch of the Women Exporters in the Digital Economy (WEIDE) Fund on Thursday in Abuja, noted that only 45 percent of Nigerians are connected to the internet, far below the global average of 67 percent.
“Today, total global trade is $30.4 trillion, or about 27% of global GDP, which is $14 trillion. Digital trade is the fastest-growing segment of global commerce. In fact, digitally-delivered services trade is a segment of digital trade that involves outsourcing things like business process services, consulting and IT services, legal, medical, educational and other services.
“It’s the fastest-growing segment of trade. At $4.25 trillion, it has grown fourfold since 2005. But Africa’s share of this most important part of digital trade is medium-scale, at less than 1 per cent.
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“When it comes to digitisation and infrastructure needed, globally, 67 per cent of the population of about 5.4 million people are now online. So 67 per cent online. But in Nigeria, the figure is much lower, about 45 per cent. That means that more than half of Nigerians are still not connected. A great deal of this gap has to do with accessibility, reliability and affordability of power.
Okonjo-Iweala said that no nation can truly digitise without a steady supply of electricity and reliable, affordable internet, as more than half of Nigerians remain disconnected, and this gap must be closed for the country to seize the opportunities of digital trade.
According to her, Nigeria is one of four countries selected for the WEIDE Fund’s 2024 rollout, alongside Jordan, Mongolia, and the Dominican Republic, after a competitive selection process. Nonye Ayeni, Executive Director/CEO, Nigerian Export Promotion Council (NEPC), will implement the programme locally.
From over 67,000 applications, 146 women entrepreneurs were selected as beneficiaries. Sixteen entrepreneurs in the Booster Track will each receive up to $30,000 and 18 months of technical assistance, while 130 entrepreneurs in the Discovery Track will each get up to $5,000 and a year of business support.
“Over 67,000 Nigerian women entrepreneurs applied for the fund. Due to the exceptional quality of entries, the number of beneficiaries was increased from 100 to 146 awardees. Sixteen entrepreneurs in the Booster Track will each receive up to US$30,000 and 18 months of technical assistance.
“One hundred and thirty entrepreneurs in the Discovery Track will each get up to US$5,000 and a year of business support. Beneficiaries operate across sectors such as agriculture, IT, fashion, hospitality, beauty, and manufacturing.”
Beneficiaries span sectors including agriculture, information technology, fashion, hospitality, beauty, and manufacturing.
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Okonjo-Iweala emphasised that Africa’s share of global digital trade remains below one percent, urging inter-ministerial collaboration between the Ministries of Communications, Industry, and Power to close the connectivity gap and improve infrastructure.
“When women trade internationally, they earn almost three times more than those who sell locally. The WEIDE Fund is about giving Nigerian women the tools, skills, and market access to multiply those gains,” she added.
Jumoke Oduwole, Minister of Industry, Trade and Investment, commended the WTO Director-General and the ITC for their continued partnership, noting that digital trade offers unprecedented opportunities for Nigerian women to reach new customers, integrate into global value chains, and showcase their products and services worldwide.
“Women are not just participants in our economy, they are its builders, innovators, and driving force. Empowering women to trade digitally is not just a gender issue; it is an economic imperative.”
She reaffirmed the Federal Government’s commitment to aligning the programme with national digital economy and trade strategies, improving export processes, reducing trade bottlenecks, and expanding financing options for women-led businesses.
Highlighting President Bola Tinubu’s eight-point agenda and the target of achieving a $1 trillion economy by 2030, the Minister said women’s success in digital trade must become a shared national and international priority.
“We want Nigerian women to export not just products, but also ideas, culture, and innovation. Let today mark the beginning of a new era where our women rise, export, and lead on the global stage.”
Also speaking at the launch, Ayeni described the launch as a milestone for women entrepreneurs and a testament to their resilience, determination, and capacity to compete on the global stage.
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She expressed gratitude to Nigeria’s First Lady for her unwavering commitment to women’s advancement, as well as to the World Trade Organisation (WTO) Director-General for envisioning the WEIDE Fund, and Pamela Coke-Hamilton, Executive Director, International Trade Centre (ITC), for her tireless advocacy for women in trade.
Ayeni disclosed that the call for applications received an overwhelming 68,000 entries from across Nigeria’s six geopolitical zones, reflecting the entrepreneurial energy of Nigerian women. The 146 beneficiaries selected will not only receive grants but also capacity-building support, training in digital trade, access to finance, and digital skills to compete in the global market.
“The WEIDE Fund is not just about grants. It is about unlocking the immense potential of our SMEs, particularly women-led businesses,” Ayeni said.
She added that women are central to driving digital trade and economic growth.
