Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), has announced a $50 million global fund to empower women entrepreneurs in digital trade. She warned that global trade is facing tough times due to rising protectionism and unilateral policies.
The initiative, called the Women Exporters in the Digital Economy (WEIDE) Fund, is a partnership between the WTO and the International Trade Centre. It aims to equip women-owned businesses in developing countries with skills, resources, and networks to compete in global value chains.
Speaking in Abuja on Thursday, Okonjo-Iweala highlighted Nigeria’s challenge with low internet access, noting that only 45% of Nigerians are online—far below the global average of 67%. She stressed that without reliable electricity and affordable internet, Nigeria risks missing out on the fast-growing digital trade market.
“This is more than a program—it’s a movement,” she said. “We want women entrepreneurs not just surviving, but thriving on the world stage.”
Okonjo-Iweala pointed out that while global trade is worth $30.4 trillion, digital trade is the fastest-growing segment, yet Africa’s share is less than 1%. She urged Nigerian women to take advantage of this opportunity.
The WEIDE Fund is launching in four countries this year: Nigeria, Jordan, Mongolia, and the Dominican Republic. Nigeria was selected from over 600 business support organizations worldwide, with the Nigerian Export Promotion Council standing out for its strong application.
Over 67,000 Nigerian women entrepreneurs applied for the fund. Originally set to support 100 businesses, the program expanded to 146 due to the high quality of applicants.
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Sixteen entrepreneurs in the Booster Track will receive up to $30,000 and 18 months of technical support.
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One hundred and thirty entrepreneurs in the Discovery Track will get up to $5,000 and one year of business assistance.
These women come from diverse sectors including agriculture, IT, fashion, hospitality, beauty, and manufacturing. Okonjo-Iweala called them “the heartbeat of Nigeria’s entrepreneurial energy.”
She praised the government’s $2 billion fiber optic project to connect rural areas but emphasized that digital trade needs steady electricity to thrive.
Okonjo-Iweala also highlighted the underrepresentation of women in Nigeria’s ICT sector, which grew from less than 4% of GDP in 2001 to 18% in 2022. She noted that only 30% of Nigerian tech firms are owned by women and called for policies that support rather than hinder women’s participation in digital trade.
She warned against customs duties on cross-border digital trade, saying such taxes could block small women-led businesses from global markets.
Speaking directly to the 146 awardees, Okonjo-Iweala encouraged them to dream bigger and expand their businesses. “When I return in two years, I want to see how many new jobs you have created, markets you have reached, and women you have inspired,” she said.
She concluded, “When women succeed, communities and economies succeed. This is not just a moral case—it’s an economic case. Let’s make it happen.”