The United Nations Development Programme (UNDP) on Thursday in Lagos officially unveiled the HerAfCFTA initiative in Nigeria, announcing a $1m seed investment donation.
UN Secretary-General and UNDP Regional Director for Africa, Ms. Ahunna Eziakonwa said the initiative underscores the importance of collective effort in securing a prosperous future for women in the unified African market.
“The $1 million is a seed investment. We will invite more partners to invest in this initiative. The plan is to provide direct support to 300 women-owned SMEs through comprehensive trade readiness and capacity development programs. This vital component will be implemented in collaboration with the Women’s Chamber of Commerce, Industry, Mines and Agriculture, and UN Women.
“A 2022 report by UN Women, UNDP and the African Continental Free Trade Area (AfCFTA) Secretariat highlights significant challenges faced by women small business owners, with 31.9 per cent reporting violence or aggression, particularly in informal cross-border trade which involves 70 per cent women participation.
“HerAfCFTA is dedicated to enhancing trade and investment with a particular focus on empowering women and youth owned businesses. There will be catalytic funding to women chambers of commence, industry and Mines and Agriculture to advance a pipeline of investment-ready businesses.
“We hope to have catalytic funds to UN Women to support growth of women-owned businesses. We are also seeking partnership with the Nigerian Postal Service to repurpose selected post centers into one-stop shops for access to public services. There are so many idle post offices across Nigeria, we’re going to transform all into market hubs. That itself is an innovation.
“These initiatives are more than just an investment. We are also looking at a commitment to creating a more inclusive and prosperous future for women and youth entrepreneurs, driving sustainable economic development and growth across Africa,” Ms. Eziakonwa stated.
In her remarks, Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite, said the continent accounts for just two per cent of global trade, adding that the AfCFTA aims to change this by promoting inter-African trade.
“As we integrate more effectively into the global economy, we enhance our competitiveness on the world stage. For investment and consumer spending, the International Trade Center estimates that AfCFTA’s target market comprises 1.27 billion people.
“This is projected to rise to 1.7 bIllion by 2030. Africa’s aggregate GDP is expected to reach $6.7 trillion. Africa will attract about $4 trillion in investment and consumer spending,” the government official noted.
She said for job creation and SME competitiveness, AfCFTA is not just about numbers but about the people, adding that by facilitating job creation and empowering small, medium-sized enterprises, Nigeria and Africa can lift ordinary citizens.
Speaking on HerAfCFTA initiative, Uzoka-Anite, represented by Nigeria Export Promotion Council CEO Nonye Ayeni, averred that the initiative is a commitment to ensuring that women are not just participants but are leaders in the new era of inter-African trade.
“Our approach is holistic; addressing policy support, trade facilitation, business networking, investment opportunities and digitalisation. We recommend that for women to thrive in every AfCFTA framework, we must dismantle barriers that have long hindered their full participation in trade,” she stressed.
Uzoka-Anite urged stakeholders (government agencies, private sector entities, civil society, international partners) to create an environment where women businesses can flourish beyond borders; where their innovations can find new markets, and where their success stories become the norm rather than the exception.
UNDP unveils HerAfCFTA initiative in Nigeria, donates $1m seed investment