The United Nations Development Programme launched the HerAfCFTA initiative in Nigeria with a $1m seed investment to promote women’s empowerment in the African Continental Free Trade Area.
The United Nations Assistant Secretary-General and Director of the UNDP Regional Bureau for Africa, Ahunna Eziakonwa, said that the initiative, which was launched in Lagos recently, was aimed at enhancing women’s participation in trade and economic activities, promoting gender equality and inclusive economic growth across the continent.
Eziakonwa said in a statement that the initiative underscored 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 and direct support to 300 women-owned SMEs through comprehensive trade readiness and capacity development programs,” she said/
She explained that 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 AfCFTA Secretariat highlighted 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.
The UNDP official stated that HerAfCFTA is dedicated to enhancing trade and investment, with a particular focus on empowering women and youth-owned businesses.
The report by Punch newspaper quoted Eziakonwa as saying that there will be catalytic funding for women’s chambers of commerce, industry, mines and agriculture to advance a pipeline of investment-ready businesses.
It added 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.
Nigeria’s Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite, stated that Africa accounts for just two per cent of global trade and 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 $4tn in investment and consumer spending,” the Minister said.
GIK/APA
UNDP launches HerAfCFTA initiative with $1m seed investment
