The United Nations Development Programme (UNDP) has unveiled the HerAfCFTA initiative in Nigeria, backed by a $1 million seed investment. This groundbreaking programme aims to boost women’s participation in the African Continental Free Trade Area (AfCFTA), fostering gender equality and inclusive economic growth across the continent.
Key Highlights:
- An initiative launched in Lagos to enhance women’s role in trade and economic activities
- $1 million seed investment to kickstart the programme
- Goal: to support 300 women-owned SMEs through trade readiness and capacity development.
Ahunna Eziakonwa, United Nations Assistant Secretary-General and Director of the UNDP Regional Bureau for Africa, emphasised the initiative’s collaborative nature: “This seed investment is just the beginning. We’re inviting partners to join us in supporting women-owned SMEs and providing direct assistance to 300 businesses through comprehensive development programmes.”
The initiative addresses critical challenges faced by women entrepreneurs:
- A 2022 report by UN Women, UNDP, and the AfCFTA Secretariat revealed that 31.9% of women small business owners experience violence or aggression.
- 70% of informal cross-border trade is conducted by women.
HerAfCFTA’s Multi-Faced Approach:
- Enhancing trade and investment opportunities for women- and youth-owned businesses
- Providing catalytic funding for women’s chambers of commerce, industry, mines, and agriculture
- Partnering with Nigeria Postal Services to transform post offices into market hubs and one-stop shops for public services
Doris Nkiruka Uzoka-Anite, Minister of Industry, Trade, and Investment, highlighted AfCFTA’s potential:
- Africa currently accounts for only 2% of global trade.
- AfCFTA aims to boost inter-African trade and global competitiveness.
- Projected market of 1.7 trillion people by 2030
- Expected $6.7 trillion in aggregate GDP and $4 trillion in investment and consumer spending
The Minister, represented by Nonye Ayeni, CEO of the Nigeria Export Promotion Council, stressed the importance of the HerAfCFTA initiative: “This programme ensures women are not just participants but leaders in the new era of inter-African trade. Our holistic approach addresses policy support, trade facilitation, business networking, investment opportunities, and digitalization.”
The launch of HerAfCFTA marks a significant step towards dismantling barriers that have historically hindered women’s full participation in trade. By empowering women entrepreneurs, the initiative aims to drive sustainable economic development and growth across Africa, creating a more inclusive and prosperous future for all.