The United Nations Development Programmes(UNDP) has facilitated $10 million in investment from trade lenders for Nigerian women in business under the #HerAfCFTA initiative.
#HerAfCFTA is a UNDP initiative that aims to help women entrepreneurs in Nigeria to participate in the African Continental Free Trade Area (AfCFTA).
The program offers support in areas such as capacity building, market access, trade facilitation, business networking, investment, and digitalization.
The AfCFTA is a trade agreement that aims to boost inter-African trade and promote economic development. It presents opportunities for women entrepreneurs to formalize their businesses, access new markets, and grow their businesses.
However, women entrepreneurs in Africa face challenges such as gender-based violence, limited market access, and lack of access to business tools.
Speaking at the #HerAfCFTA forum with the theme: Empowering Women-led Micro, Small, and Medium-sized Enterprises for continental trade opportunities, UNDP National Programme Specialist, Ms. Clare Henshaw said the UN agency under the #HerAfCFTA has been able to successfully facilitate the $10 million to seed projects.
The forum is in collaboration with Women Chambers of Commerce, Industry, Mines and Agriculture.
Henshaw also disclosed that there would be more funding for women and youth in business but they have to be ready.
“As we speak, not only have they successfully facilitated a $10 million investment from trade lenders to seed projects, just one business, we’ve also been able to pile up several businesses and partners that are coming your way if only you are ready.”
She also revealed that the about six-month-old #HerAfCFTA initiative has a target of raising $30 million to support women in business.
Speaking on equipping the women to break the barriers confronting them, UNDP Nigeria Resident Representative, Ms. Elsie Attafuah said the initiative focuses on equipping them with tools needed to succeed within the AfCFTA ecosystem.
Attafuah stressed that the initiative is unlocking a wealth of information for Nigerian women entrepreneurs, while at the same time widening their network.
UNDP Nigeria rep who was represented by Mr Tony Muhuuza, Senior Economic Advisor, UNDP said: “Our #HerAfCFTA initiative focuses on equipping women with tools they need to succeed in the continental trade ecosystem.
Under this initiative, we at UNDP have designed three key components to address the unique challenges that women face and to ensure their success in this new trade environment.
“Under #HerAfCFTA, we focus on equipping women entrepreneurs with insights and tools they need to navigate regional and international trade.
“By providing access to market intelligence, policy support and capacity building, we empower women to make informed decisions that enhance their competitiveness.
“We are unlocking a wealth of information for Nigerian women entrepreneurs. Number two is her network. Collaboration is very, very key to scaling up success.”
“This component creates platforms for enhanced business-to-business connections and digital networking. From virtual matchmaking events to in-person dialogues like the one we are having today, our AfCFTA network is about building bridges and fostering relationships that can lead to transformative trade opportunities. The third is her facility.
“This is about scaling a business that requires resources and her facility will focus on normalizing the financial, and technical support needed to make that happen.
“From trade facilitation to investment in logistics to branding and export processes, our facility component ensures that women entrepreneurs are equipped to scale their operations and compete effectively in both the local and regional markets. Today’s masterclass and sessions are an embodiment of this vision.
“By focusing on market intelligence, branding, compliance, and trade facilitation, we are not only addressing immediate challenges but also equipping our entrepreneurs with the tools and knowledge to cross borders, shatter glass ceilings, and redefine trade across Africa.”
She envisioned a continent where women are at the forefront of development.
“Imagine a Nigeria where women-led businesses thrive, where agro-products are skilled to meet export demands, where garments and handmade goods are displayed proudly in shops across Africa, and where women’s voices shape trade policies and negotiations. This vision will start with you.
“As we move forward, we implore you to make collective commitments. Policymakers, women partners, business leaders, and entrepreneurs, need to build a trade ecosystem that is inclusive, innovative, and impactful.
“Let us ensure that the AfCFTA becomes a living testament to Africa and to make sure that we invest in the greatest resource that its people have, especially the women that have the potential to turn these possibilities into realities,” she said.
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