Abuja: The First Lady, Sen Oluremi Tinubu, has expressed her commendation for the World Trade Organisation (WTO), under the leadership of Dr Ngozi Okonjo-Iweala, for establishing a $50 million fund dedicated to women’s empowerment in Nigeria. This announcement came during the inauguration of the Women Exporters in the Digital Economy (WEIDE) Fund.
According to News Agency of Nigeria, the WEIDE Fund is a collaborative initiative between the WTO and the International Trade Centre, aimed at equipping women-owned businesses in developing countries with essential skills, resources, and networks. This initiative is focused on enabling these businesses to participate effectively in global value chains.
Mrs. Tinubu, who was represented by the Wife of the Vice President, Hajiya Nana Shettima, emphasized the importance of the fund, stating, “It gives me great delight and honour to officially launch the Women Exporters in the Digital Economy Fund to support and set up the businesses of Nigerian women entrepreneurs.” She highlighted that the inauguration represents a critical step towards increasing the involvement of Nigerian women in global trade through digital means.
Aligning with the administration’s Renewed Hope Agenda, the initiative is part of President Bola Tinubu’s broader effort to diversify the economy and empower women-led enterprises. The First Lady urged stakeholders, including governments, financial institutions, and non-profit organizations, to continue supporting investment in women-led businesses and to promote inclusive policies that enhance digital access and trade readiness.
Mrs. Tinubu also noted the necessity of inclusivity in governance, stressing how it contributes to success by fostering digital access and competitiveness. She encouraged Nigerian women, professional designers, and tech innovators to harness e-commerce and online platforms to expand their businesses globally, urging them to reflect excellence and innovation in their ventures.
Dr Okonjo-Iweala noted the significance of the inauguration, particularly as global trade has reached a total of $30.4 trillion, with digital trade emerging as its fastest-growing segment. The WEIDE Fund is set to be implemented in four countries, including Jordan, Mongolia, the Dominican Republic, and Nigeria. Nigeria was chosen after a rigorous selection process involving over 600 business support organizations worldwide.
The WTO leader also addressed Nigeria’s challenge of low internet penetration, which affects more than half of the population, cautioning that this could impede the country’s ability to capitalize on the rapidly expanding global digital trade market.