Woman's First Lady commends Okonjo-Iweala for $50 million initiative aimed at female empowerment
The Women Exporters in the Digital Economy (WEIDE) Fund, a joint initiative of the World Trade Organisation (WTO) and the International Trade Centre, was recently inaugurated in Abuja, Nigeria. The Fund aims to equip women-owned businesses in developing countries with the skills, resources, and networks necessary for global participation.
The inauguration was attended by the First Lady of Nigeria, Sen Oluremi Tinubu, who commended the WTO led by Dr Ngozi Okonjo-Iweala for the 50 million dollars fund for women empowerment in Nigeria. Tinubu underscored the need for women to embrace investment opportunities, while leveraging on digital platforms.
The total global trade stands at 30.4 trillion dollars, with digital trade representing the fastest-growing segment. Okonjo-Iweala highlighted that the inauguration of the WEIDE Fund came at a time when total global trade stood at this impressive figure.
Nigeria's selection for the WEIDE Fund followed a fiercely competitive process involving over 600 business support organizations worldwide. The First Lady emphasized the importance of inclusivity in governance for digital access, trade readiness, and competitiveness.
However, Nigeria's ability to tap into the fast-growing global digital trade market could be limited due to low internet penetration. More than half of the population still remains offline. Okonjo-Iweala advised Nigeria on this issue, emphasizing the need for investment in digital infrastructure and policies that foster digital access and trade readiness.
Tinubu emphasized the need for Nigerian women, professional designers, and Afro-processor tech innovators to leverage e-commerce, online platforms, and payment systems to grow their businesses across the world. She urged stakeholders, including governments, financial institutions, and non-profit organizations, to sustain investment in women-led enterprises and continue to support inclusive policies that foster digital access, trade readiness, and competitiveness.
The WEIDE Fund will roll out in four countries, including Jordan, Mongolia, the Dominican Republic, and Nigeria. While the WTO boss did not mention any specific amount for the fund in Nigeria, the initiative to grant 50 million dollars for women's participation in Nigeria was initiated by the African Development Bank (AfDB).
The First Lady stated that the initiative aligns with the Renewed Hope Agenda of the current administration and its efforts to diversify the economy and empower women-led enterprises. The WEIDE Fund is a significant step towards achieving this goal, providing Nigerian women with the tools they need to thrive in the global digital economy.
