UK Government Invests $335,000 to Support Women Entrepreneurs

The UK Government, via FSD Africa, has committed $335,000 to establish the RiTA Investment Network, which aims to improve access to finance for women-led businesses in Nigeria. This initiative, created by Rising Tide Africa, a pan-African network of women angel investors, intends to mobilize $2.7 million from Nigerian investors over three years to support 15 small and growing businesses led by women.

The funding announcement was made on Wednesday in a statement from FSD Africa, which is supported by the UK Government through the British High Commission in Nigeria. This initiative addresses the significant financing challenges faced by small businesses in Nigeria, where there is an estimated ₦13 trillion financing gap.

Women entrepreneurs particularly struggle to secure loans due to a lack of collateral, such as land. Paul Healey, Head of Green Growth and Private Sector Development at the British High Commission, stated that the partnership would enhance connections between women-led businesses and investors, fostering opportunities for growth and job creation.