The United Nations Development Programme (UNDP) has officially unveiled the HerAfCFTA initiative in Nigeria along with an announcement of a donation of a seed investment of $1 million to fund the initiative.
The United Nations assistant Secretary-General and director of the UNDP regional bureau for Africa, Ms. Ahunna Eziakonwa, at the launch on Thursday, in Lagos, said the initiative underscores the importance of collective effort in securing a prosperous future for women in the unified African market.
"This is just a seed investment. We are going to invite many more partners to invest in this initiative, as the plan is to provide support for women-owned SMEs, 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 also our sister agency, 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, of which 70 per cent is carried out by women. 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 Nigeria Postal Services, to repurpose selected post centers into one-stop shops for access to public services.
"There are so many idle post offices across this nation. We're going to transform all into market hubs and that's in 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," she stated.
In her remarks, the minister of Industry, Trade and Investment, Hon. Doris Nkiruka Uzoka-Anite, said Africa 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 and is projected to rise to 1.7 trillion by the year 2030.
Africa's aggregate GDP is expected to reach $6.7 trillion. Africa will attract about $4 trillion in investment and consumer spending," she added.
For job creation and SME competitiveness, AfCFTA isn't just about numbers, it's about people, the minister said; by facilitating job creation and empowering African small, medium-sized enterprises, Nigeria can lift ordinary citizens across the country.
Speaking on HerAfCFTA initiative, Uzoka-Anite, who was represented by the CEO of the Nigeria Export Promotion Council, Nonye Ayeni, averred that HerAfCFTA 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 added.
Uzoka-Anite therefore called on all stakeholders, (from government agencies to private sector entities, civil society organizations, to 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.
