UK Government Invests $335,000 in Nigerian Women Entrepreneurs

The UK Government has committed $335,000 to establish the RiTA Investment Network, a platform designed to enhance domestic investment in women-led businesses in Nigeria. This initiative, supported by the British High Commission in Nigeria, is being launched by Rising Tide Africa, a pan-African network of women angel investors, with a goal of mobilizing $2.7 million (approximately N3.75 billion) from Nigerian investors.

The funding will assist 15 small and growing women-led businesses across Nigeria, addressing significant financing challenges they face. The International Finance Corporation estimates a N13 trillion financing gap for Nigerian small businesses, with women entrepreneurs facing higher rejection rates for credit.

Paul Healey, Head of Green Growth and Private Sector Development at the British High Commission, stated that this initiative is part of broader efforts to expand financial access for promising businesses. The RiTA Investment Network aims to connect entrepreneurs with investors and establish a formal investment platform to enhance investor confidence.