The Women Exporters in the Digital Economy (WEIDE) Fund, launched by the WTO Secretariat and the International Trade Centre (ITC) in 2024, announced on 14 August the first cohort of women-led micro, small and medium enterprises (MSMEs) in Nigeria to benefit from the Fund. They will receive targeted support to boost their digital capabilities, financial readiness and export potential.
The call for applications in Nigeria generated robust interest, with 146 beneficiaries selected from over 67,000 applications received. Selected beneficiaries in the Dominican Republic and Mongolia will be announced shortly, while Jordan is preparing to launch its call for applications.
WTO Director-General Ngozi Okonjo-Iweala said at the announcement event in Abuja: "The goal of the fund is simple, but ambitious: to give women the tools, the knowledge, the networks, and the resources they need to access global value chains, so their businesses are not just surviving, but thriving, on the world stage."
"At the WTO, we found that women who trade internationally earn, on average, 2.8 times more than women who only sell locally," the Director-General added. "That’s a game-changer. And if you add the power of digital trade, the opportunities multiply even further."
ITC Executive Director Pamela Coke-Hamilton said in a video message: "We know that running a business is never easy, and that women face even greater barriers than men in everything from access to finance to access to skills training. We know that when it comes to exporting, the road for women-led businesses is even harder — and the digital economy can help as much as it can hurt. We hear you, and we will continue walking alongside you, fighting for a trading system and business environment that finally reflects and empowers all of society."
In each beneficiary country, the selected women-led MSMEs will participate in a two-day programme combining a high-level launch ceremony with in-person technical training and capacity-building. These events will officially kick off their 12-month WEIDE programme.
The WEIDE Fund, made possible through the support of United Arab Emirates, the FIFA World Cup Qatar 2022 Legacy Fund, and Bahrain, is a US$ 50-million fund supporting women-led MSMEs to overcome barriers to trade by improving access to finance, digital skills, international markets and support networks.
The following four business support organizations will be supporting implementation in the beneficiary countries: ProDominicana, the Jordan Enterprise Development Corporation (JEDCO), the Mongolian National Chamber of Commerce and Industry (MNCCI), and the Nigerian Export Promotion Council (NEPC).
More information on the WEIDE Fund can be accessed here.