Connect with us

News

Okonjo-Iweala unveils $50m fund to empower women in digital trade

Published

on

The Director-General of the World Trade Organisation, Ngozi Okonjo-Iweala,has unveiled a $50 million global fund to empower women entrepreneurs in digital trade, warning that global commerce is facing “extremely challenging times” marked by rising unilateralism and protectionism.

The initiative, known as the Women Exporters in the Digital Economy Fund, is a joint effort of the WTO and the International Trade Centre aimed at equipping women-owned businesses in developing countries with the skills, resources and networks to participate competitively in global value chains.

Speaking in her address on Thursday in Abuja, Okonjo-Iweala warned that Nigeria’s low internet penetration, with more than half of the population still offline, could limit the country’s ability to tap into the fast-growing global digital trade market.

Okonjo-Iweala said only 45 per cent of Nigerians are connected to the internet, far below the global average of 67 per cent.

The WTO DG said, “No nation can truly digitise without a steady supply of electricity and reliable, affordable internet. More than half of Nigerians remain disconnected, and this gap must be closed if we are to seize the opportunities of digital trade.”

“This is more than a programme. This is going to be a movement,” Okonjo-Iweala declared. “We want women entrepreneurs not just surviving, but thriving on the world stage.”

The former Nigerian finance minister said the launch comes at a time when total global trade stands at $30.4tn, with digital trade representing the fastest-growing segment, yet Africa’s share remains under one per cent.

“In 2005, digitally-delivered services like IT, consulting and education were worth about $1tn. Today, that figure has quadrupled to $4.25tn,” she noted. “It is an area where Nigeria’s women can and must take advantage.”

This year, the WEIDE Fund is rolling out in just four countries, Jordan, Mongolia, the Dominican Republic and Nigeria. Okonjo-Iweala said Nigeria’s selection followed a fiercely competitive process involving over 600 business support organisations worldwide.

“The Nigerian Export Promotion Council, under Mrs. Nonye Ayeni, stood out with a strong, well-thought-out application,” she said. “This was not man-no-man or woman-no-woman. Nigerians don’t need a Nigerian at the WTO to win, they win on their merit.”

Over 67,000 Nigerian women entrepreneurs applied for the first cohort. While the original plan was to support 100 businesses, the high quality of applications led to the selection of 146 beneficiaries.

“67,000 Nigerian women entrepreneurs applied for the fund. Due to the exceptional quality of entries, the number of beneficiaries was increased from 100 to 146 awardees.
“Sixteen entrepreneurs in the Booster Track will each receive up to US$30,000 and 18 months of technical assistance.

“One hundred and thirty entrepreneurs in the Discovery Track will each get up to US$5,000 and a year of business support.

“Beneficiaries operate across sectors such as agriculture, IT, fashion, hospitality, beauty, and manufacturing.”, she explained.

“These women come from all over Nigeria, from fashion and textiles to IT, tourism, agri-processing, beauty, and home goods,” Okonjo-Iweala said. “They are the heartbeat of Nigeria’s entrepreneurial energy.”

While lauding the government’s $2bn fibre optic project to connect rural and secondary cities, the WTO chief stressed that digital trade cannot thrive without reliable electricity.

“No nation can truly digitise without a steady supply of power,” she warned. “More than half of Nigerians are still offline, just 45 per cent are connected compared to the global average of 67 per cent.”

She called for inter-ministerial collaboration between the ministries of power, communications, women’s affairs, and trade to sustain and scale the initiative.

Okonjo-Iweala lamented that women remain underrepresented in Nigeria’s booming ICT sector, which contributed 18 per cent to GDP in 2022, up from less than 4 per cent in 2001.

“A study found that only 30 per cent of Nigerian tech firms are owned by women,” she said. “We rank 128th out of 148 countries in the Global Gender Gap Report. We can and must do better.”

She urged policymakers to see women’s empowerment as “smart economics” rather than charity, warning against policies like customs duties on cross-border digital trade that could choke small exporters.

“If countries start taxing digital trade, micro and small businesses, especially those run by women, will lose one of their best pathways into global markets,” she said.

Addressing the 146 awardees directly, Okonjo-Iweala said, “You earned this through hard work and vision. Use this moment to dream bigger, scale higher and go further. When I return in two years, I want to see how many more people you have hired, how many new markets you have reached, and how many women you have inspired.”

She concluded, “When women succeed, communities succeed, economies succeed. This is not just a moral case, it is an economic case. Let’s make it happen.”

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

President Tinubu holds inaugural meeting with CDS, Service Chiefs at State House

Published

on

President Bola Tinubu on Monday, October 27, met for the first time with the newly appointed Service Chiefs at the Presidential Villa in Abuja.

The Service Chiefs arrived at the Presidential villa at about 3:55 p.m., led by the new Chief of Defence Staff, General Olufemi Oluyede, who previously served as Chief of Army Staff.

Recall that last week, President Tinubu announced a sweeping shake-up of the military leadership, appointing General Oluyede as Chief of Defence Staff to succeed General Christopher Musa. Major General W. Shaibu became Chief of Army Staff, Air Vice Marshal S. K. Aneke was named Chief of Air Staff, and Rear Admiral I. Abbas took over as Chief of Naval Staff. Major General E. A. P. Undiendeye retained the post of Chief of Defence Intelligence.

In his remarks announcing the appointments, the President urged the new appointees to earn the confidence reposed in them by elevating professionalism, vigilance, and camaraderie within the Armed Forces.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

News

Funding crisis derailing fight against violence on women – UN

Published

on

The United Nations gender equality agency, UN Women, has said funding cuts are dismantling the frontline organisations working to end violence against women and girls.

UN Women, in a report published on Monday, warned that aid cuts, shutdown or suspension of one in three women’s anti-violence programmes.

A  report, At Risk and Underfunded, based on a global survey of 428 women’s rights and civil society groups, finds that one in three have suspended or shut down programmes aimed at ending gender-based violence.

More than 40 per cent have scaled back or closed essential services such as shelters, legal aid, psychosocial and healthcare support due to immediate funding shortfalls.

Nearly 80 per cent reported reduced access to services for survivors, while 59 per cent said impunity and the normalisation of violence were increasing.

“Women’s rights organisations are the backbone of progress on violence against women, yet they are being pushed to the brink,” Kalliopi Mingeirou, head of UN Women’s Ending Violence Against Women and Girls section, said.

“We cannot allow funding cuts to erase decades of hard-won gains.

“We call on governments and donors to ringfence, expand and make funding more flexible. Without sustained investment, violence against women and girls will only rise,” it added.

It noted that violence against women remains one of the world’s most pervasive human rights violations.

Around 736 million women – nearly one in three – have experienced physical or sexual violence, most often by an intimate partner, according to UN Women data.

The agency had already warned earlier this year that many women-led organisations in crisis settings were on the brink of closure – a concern now reinforced by At Risk and Underfunded.

Only five per cent of surveyed organisations said they could sustain operations for more than two years, and 85 per cent predicted severe setbacks to laws and protections for women and girls.

Over half also voiced serious concern about rising threats to women human rights defenders.

The report warns that these financial shortfalls are unfolding amid a wider backlash against women’s rights, now evident in one in four countries. As funding dries up, many groups are forced to prioritise emergency services over the long-term advocacy that drives systemic change.

At Risk and Underfunded comes as the world marks 30 years since the Beijing Declaration and Platform for Action, a landmark blueprint for gender equality that placed ending violence against women at its core.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

News

Akpabio, Yilwatda challenge Nigerians to monitor governors on hardship

Published

on

As Nigerians continue to grapple with the rise in the cost of living, the Senate President, Godswill Akpabio, and the National Chairman of the ruling All Progressives Congress, Prof. Nentawe Yilwatda, have called on citizens to hold state governors and local government chairmen accountable for the effective utilisation of increased revenue allocations.

Both leaders spoke separately at events in Abuja on Monday, urging sub-national governments to translate higher statutory allocations into tangible development, improved livelihoods, and job creation.

Speaking at the public presentation of “Vicious Red Circle,” a book on human trafficking authored by Alex Oriaku, Prof. Yilwatda said Nigerians must begin to demand people-oriented projects from their state and local governments, given the huge fiscal inflows now accruing to them.

Yilwatda said, “No governor in Nigeria collects less than three times, up to four times what they used to collect before — none. Who knows that two years ago, there was a sharing of about N400bn per month—but today, the last sharing they did was N2.2tn.

“So, they can do more for their people. No governor collects less than three times— none. They are focusing now on bigger projects. And to me, this is a turnaround that we need in governors. I would say, talk to your governors. Talk to your local government chairmen. Let them do more.”

Yilwatda, who assumed leadership of the APC amid mounting criticism of government economic policies, maintained that the administration of President Bola Tinubu was on the right track.

He expressed optimism that the party would drive the country towards economic recovery.

On his part, Akpabio, while speaking at the joint graduation ceremony of the National Institute for Legislative and Democratic Studies (NILDS) and the University of Benin, also urged State Houses of Assembly to hold governors accountable for how they deploy the increased allocations.

Akpabio said the National Assembly’s enhanced oversight and legal reforms had significantly boosted revenue inflows to the Consolidated Revenue Fund.

This, according to him, in turn leads to higher allocations for both federal and state governments.

He said, “We have no other country to call our own and so, we must invest for the overall good of our country. As members of the 10th Senate, we will continue to do our part to strengthen existing legal frameworks and enhance our oversight responsibilities of public institutions to ensure that they deliver effective public service.

“Our efforts in this direction have contributed tremendously to increasing the revenue that accrues to the Consolidated Revenue Fund, hence, it has translated to higher revenue allocation to states and the federal government.

“Therefore, as the 10th National Assembly is using its instrument of oversight to ensure that the Federal Government delivers effectively on public services, I also call on state legislatures to ensure that the increased revenue to their governors and states translates to improved livelihood and job creation for citizens.”

Also speaking at the event, the Speaker of the House of Representatives, Tajudeen Abbas, reaffirmed the National Assembly’s commitment to reforming Nigeria’s budget process to ensure fiscal discipline and accountability.

“The reforms of President Bola Tinubu’s administration are yielding results. Though we may have different experiences to tell, what is clear is that our economy is on a better growth trajectory today than it would have been under a business-as-usual scenario,” Abbas said.

He noted that inflation had declined below 20 per cent and the naira was appreciating against major global currencies, adding:

“Though it is not yet uhuru, the country is racing closer to a single-digit inflation rate and healthier exchange rate position.

“Just as the President has led the way with the Fiscal Policy and Tax Reforms, the 10th House of Representatives is also committed to reforming the budget process to ensure commitment to budget timelines as it applies to budget preparation, enactment, implementation, and oversight.”

On his part, the Director-General of NILDS, Prof. Abubakar Sulaiman, called on both federal and state governments to increase funding for tertiary education in the 2026 budget, warning that low investment could further weaken human capital development.

“The funding of higher institutions has a direct relationship with human capacity development.

“Invariably, low funding would translate to poor quality graduates,” he said, urging authorities to find a lasting solution to the incessant ASUU strikes disrupting the university system.

Meanwhile, at the book presentation, discussions also touched on the menace of human trafficking, with the Director-General of the National Intelligence Agency, Mohammed Mohammed, describing it as one of the world’s most dangerous transnational crimes, comparable to drug and arms trafficking.

“Human trafficking has eroded our social fabric and robbed some of our people of their dignity and future,” he said, stressing that the NIA continues to support the National Agency for the Prohibition of Trafficking in Persons with intelligence and operational backing.

Reviewer of the 198-page book, Dr. Ike Neliaku, President of the Nigerian Institute of Public Relations, examined the link between corruption, manipulation, and exploitation, urging Nigerians to reject the “culture of silence” that sustains such evils.

In his remarks, author Alex Oriaku said “Vicious Red Circle” seeks to expose the cycle of exploitation and silence fueling human trafficking. “It’s a circle that preys on the desperate, the vulnerable, and the unseen,” he said.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

Trending