In a major push for women’s participation in global trade, the Women Exporters in the Digital Economy (WEIDE) Fund has selected Nigeria, the Dominican Republic, Jordan, and Mongolia as pilot beneficiaries. The announcement, made on March 7 ahead of International Women’s Day, follows a competitive selection process led by the World Trade Organization (WTO) Secretariat and the International Trade Centre (ITC).

Business support organizations in these four countries will implement tailored programs aimed at helping women entrepreneurs scale their businesses through digitalization and international trade. The Nigerian Export Promotion Council (NEPC) will spearhead the initiative in Nigeria, alongside ProDominicana in the Dominican Republic, Jordan Enterprise Development Corporation (JEDCO), and the Mongolian National Chamber of Commerce and Industry (MNCCI).

Empowering Women to Break Trade Barriers

WTO Director-General Ngozi Okonjo-Iweala emphasized the transformative power of digital trade in unlocking new opportunities for women entrepreneurs.

“As you all know, digital trade is the fastest-growing segment of global commerce, with trade in digitally delivered services reaching an astounding US$ 4.25 trillion in 2023. With digital trade, women entrepreneurs have the opportunity to leapfrog market barriers in a way that was impossible before,” Okonjo-Iweala said.

She added that the WEIDE Fund will kick off with business plan competitions in the four pilot countries, allowing women entrepreneurs to access financial and technical support. The initiative aims to empower 400 women entrepreneurs in its first phase, setting a new standard for inclusive economic growth.

ITC Executive Director Pamela Coke-Hamilton praised the selected business support organizations, highlighting their expertise in digital technologies and commitment to empowering women-led enterprises.

Two Funding Tracks for Women Entrepreneurs

The WEIDE Fund will provide assistance through two key tracks:

Track One – The Discovery Track: This track will support women-led micro and small businesses by enhancing digital skills, expanding professional networks, and improving market access. Participants will receive grants between US$ 2,000 and US$ 5,000, along with technical assistance, coaching, and performance-based business plan development.

Track Two – The Booster Track: Designed for more established, export-ready businesses, this track will help women entrepreneurs expand their global reach through digital platforms. Selected businesses will receive grants of up to US$ 30,000, coupled with tailored coaching and business acceleration support over an 18-month period.

A Growing Initiative with Global Impact

Launched at the 13th WTO Ministerial Conference (MC13) in Abu Dhabi in February 2024, the WEIDE Fund aims to increase the participation of women entrepreneurs in global trade and digital economies. Since its inception, it has raised US$ 22 million, with a target of US$ 50 million to scale its impact.

With the program now rolling out in Nigeria and three other countries, the WEIDE Fund is set to reshape the landscape for women-led businesses, driving economic growth and digital inclusion on a global scale.