WTO’s WEIDE Fund Selects Nigeria, 3 Others to Boost Women-Led Digital Trade

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In a significant move to enhance women’s participation in global trade, the Women Exporters in the Digital Economy (WEIDE) Fund has selected Nigeria, the Dominican Republic, Jordan, and Mongolia as pilot beneficiaries.

The announcement was made on March 7, just ahead of International Women’s Day, following a competitive selection process led by the World Trade Organisation (WTO) Secretariat and the International Trade Centre (ITC).

Business support organisations in these countries will oversee the implementation of specialised programmes aimed at equipping women entrepreneurs with the tools to expand their businesses through digitalisation and international trade.

In Nigeria, the Nigerian Export Promotion Council (NEPC) will spearhead the initiative, alongside ProDominicana in the Dominican Republic, Jordan Enterprise Development Corporation (JEDCO), and the Mongolian National Chamber of Commerce and Industry (MNCCI).

WTO Director-General Ngozi Okonjo-Iweala, highlighted the potential of digital trade to break traditional market barriers and create new economic opportunities for women entrepreneurs. She noted that digitally delivered services reached an estimated US$ 4.25 trillion in 2023, making digital trade the fastest-growing segment of global commerce.

According to Okonjo-Iweala, the WEIDE Fund represents a transformative opportunity for women to scale their businesses, create jobs, and enter international markets. She further explained that the fund’s rollout in the four selected countries will begin with business plan competitions, offering women entrepreneurs access to tailored financial and technical support.

The initiative aims to empower 400 women entrepreneurs in its first phase, setting a new benchmark for inclusive economic growth.

ITC Executive Director Pamela Coke-Hamilton praised the selected organisations for their track record in supporting women-led businesses and their expertise in digital innovation.

She expressed confidence in their ability to drive meaningful change and accelerate the adoption of new technologies among female entrepreneurs.

The WEIDE Fund provides two key tracks of assistance for women entrepreneurs. The Discovery Track is designed for micro and small businesses, offering grants between US$ 2,000 and US$ 5,000 to improve digital skills, expand networks, and enhance market access.

This programme, which lasts between nine to 12 months, includes business coaching and structured performance checks to ensure effective utilisation of the resources provided.

The Booster Track, targeted at more established businesses that are export-ready, provides grants of up to US$ 30,000 to help women entrepreneurs scale their export operations using digital platforms.

Over an 18-month period, participants will receive personalised coaching and develop business acceleration strategies tailored to international markets.

Launched at the 13th WTO Ministerial Conference (MC13) in Abu Dhabi in February 2024, the WEIDE Fund is focused on increasing the participation of women entrepreneurs in global value chains while driving the adoption of digital technologies.

Since its inception, the fund has already secured US$ 22 million, with a target of reaching US$ 50 million.

As the programme takes off in the selected countries, it is poised to redefine the landscape for women-led businesses, unlocking economic opportunities and driving digital inclusion on a global scale.