The United Nations Development Programme established the HerAfCFTA program in Nigeria with a $1 million seed investment to promote women’s empowerment within the African Continental Free Trade Area.
The program, which was just inaugurated in Lagos, seeks to increase women’s engagement in trade and economic activities while supporting gender equality and inclusive economic growth across the continent.
This was disclosed in a statement by the United Nations Assistant Secretary-General and Director of the UNDP Regional Bureau for Africa, Ahunna Eziakonwa stating that the program emphasized the need of collaboration in ensuring 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 and direct support to 300 women-owned SMEs through comprehensive trade readiness and capacity development programs,” she explained.
According to Eziakonwa, this critical component will be executed in partnership with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture and UN Women.
A 2022 research by UN Women, UNDP, and the AfCFTA Secretariat identified considerable problems faced by women small business entrepreneurs, with 31.9% reporting abuse or hostility, notably in informal cross-border trade, of which women account for 70%.
According to the UNDP official, HerAfCFTA was created to promote trade and investment, with a specific emphasis on strengthening women and youth-owned enterprises.
She stated that there would be catalytic funding for women’s chambers of commerce, industry, mines, and agriculture to help build a pipeline of investment-ready firms.
Eziakonwa said the UNDP is also seeking a partnership with the Nigeria Postal Services to repurpose selected post centres into one-stop shops for access to public services.
“There are so many idle post offices across this nation. We are going to transform them all into market hubs, and that 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.
Meanwhile, the minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite stated that Africa accounts for only two per cent of global trade, and that the AfCFTA wants to reverse this by encouraging 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 $4tn in investment and consumer spending,” Uzoka-anite said.
Uzoka-anite represented by the CEO of the Nigeria Export Promotion Council, Nonye Ayeni, stated that AfCFTA is about people rather than numbers when it comes to job development and SME competitiveness.
“By facilitating job creation and empowering African small, and medium-sized enterprises, Nigeria can lift ordinary citizens across the country, she added.
