…UNDP donates $1m seed fund for women, youths
As part of efforts to empower women who constitute over 70 percent of traders participating in the Africa Continental Free Trade Area (AfCFTA), the federal government through the Ministry of Industry, Trade and Investment in partnership with the United Nations Development Programme (UNDP) has launched the #HerAfCFTA initiative.
The #HerAfCFTA initiative is aimed at empowering women with the requisite resources to thrive while trading within the continent.
The initiative is founded on three pillars – knowledge- to provide participants with knowledge of available markets for their product within the continent as well as access to those markets, network – to provide participants with access to networking opportunities with access capacity building and access to facility- to provide participants with access to funding, logistics, branding and other such aids they may need.
Doris Uzoka-Anite, Minister of Industry, Trade and Investment in her opening address during the launch in Lagos recently, stated that the partnership with the UNDP represents a significant moment for Nigeria as it underscores the government’s commitment to “diversifying and accelerating growth”.
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She noted that the need to empower women who occupy a significant proportion of participants in the AfCFTA will further enhance their business access and equip them to blossom.
She added that the #HerAfrica initiative would strengthen regional ties within the continent, promote growth and broaden market access for participants.
Uzoka-Anite, who was represented by Nonye Ayeni, director general, of Nigeria Export Promotion Council, highlighted that the initiative would further amplify women-owned businesses in Nigeria and by extension, women on the continent.
“This partnership between the Federal Ministry of Industry, Trade and Investment and the United Nations Development Programme (UNDP) represents a pivotal moment for Nigeria and the African continent,” she said.
“For female entrepreneurs, the #HerAfCFTA programme is our commitment to ensure that women are not only participants but are leaders in the new era of intra-Africa trade,” she explained.
“We recognise that for women to thrive, we must dismantle barriers that have long hindered our full participation in trade,” she added.
According to her, the initiative has provided a new era of expanded trade, access to support and trade facilitation, business networking and investment opportunities as well as digitalisation.
“We need to ensure that all segments of the economy are equipped with the necessary tools and resources for success. Today, we call on all stakeholders to join forces in support of the success of this initiative.”
While launching the #HerAfCFTA initiative, Ahunna Eziakhonwa, UN’s assistant secretary general and director of the UNDP regional bureau for Africa, noted that as part of the global body’s commitment to ensure the delivery of the three pillars of the project, the UNDP is donating the sum of $1million as seed fund to women and youth-led enterprises.
“This initiative is made possible through a catalytic investment of $1 million by the UNDP. The $ 1 million is just a seed investment. We invite many more partners to invest in this facility which will do three things. It would empower her with knowledge, network and facility,” Eziakhonwa said.
“We are going to support women-owned SMEs in direct support to 300 small businesses through comprehensive trade readiness and capacity development programmes,” she noted.
“This component would be implemented in collaboration with the Women Chamber of Industry, Mines and Agriculture and also our sister agency UN Women,” she further said.
“Then there would be catalytic funding to the Women Chamber of Commerce, Industry Mines and Agriculture to advance the pipeline of investment-ready businesses. Also, we can have a catalytic fund for UN Women to support the growth of women-owned businesses,” she added.
She also explained that the #HerAfCFTA will partner with the Nigeria Postal Services to repurpose select NIPOST centers into market hubs.
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