Women-Led Businesses in Nigeria and Beyond Receive Digital Trade Boost

Strategic Insights -

The World Trade Organization (WTO) and the International Trade Centre (ITC) have launched the Women Exporters in the Digital Economy (WEIDE) Fund, a US$ 50-million initiative supporting women-led micro, small and medium enterprises (MSMEs) in developing countries to improve their digital capabilities, financial readiness, and export potential. The fund has selected 146 women-led MSMEs in Nigeria for its first cohort, with beneficiaries from the Dominican Republic and Mongolia to be announced shortly. The program aims to provide targeted support to help these businesses thrive in the global economy.

Key Takeaways:

  • The WEIDE Fund is a US$ 50-million initiative launched by the WTO and ITC to support women-led MSMEs in developing countries.
  • The fund has selected 146 women-led MSMEs in Nigeria for its first cohort, with a total of 67,000 applications received.
  • The program will provide a two-day technical training and capacity-building program for each beneficiary country, combining a high-level launch ceremony with in-person training.
  • The WEIDE Fund aims to improve access to finance, digital skills, international markets, and support networks for women-led MSMEs.
  • Speaking at the announcement event, WTO Director-General Ngozi Okonjo-Iweala stated that the fund aims to give women the tools, knowledge, and resources they need to access global value chains.
  • Research has shown that women who trade internationally earn, on average, 2.8 times more than women who only sell locally.

Statistics:

  • 146 women-led MSMEs in Nigeria have been selected for the first cohort of the WEIDE Fund.
  • A total of 67,000 applications were received for the program in Nigeria.
  • The WEIDE Fund is a US$ 50-million initiative supporting women-led MSMEs in developing countries.
  • Research has shown that women who trade internationally earn, on average, 2.8 times more than women who only sell locally.
  • The program aims to improve access to finance, digital skills, international markets, and support networks for women-led MSMEs.

Sources:

  • World Trade Organization
  • International Trade Centre
  • United Arab Emirates
  • FIFA World Cup Qatar 2022 Legacy Fund
  • Bahrain
  • ProDominicana
  • Jordan Enterprise Development Corporation (JEDCO)
  • Mongolian National Chamber of Commerce and Industry (MNCCI)
  • Nigerian Export Promotion Council (NEPC)