UK Government and FSD Africa Invest $335,000 in Women Entrepreneurs

The UK Government, through the British High Commission in Nigeria, and FSD Africa have committed US$335,000 (approximately £247,000) to create the RiTA Investment Network. This platform, established by Rising Tide Africa, aims to increase investment in women-led businesses in Nigeria.

Over the next three years, the initiative seeks to mobilize US$2.7 million (approximately N3.75 billion) from Nigerian investors, including high-net-worth individuals and family offices, targeting 15 small and growing women-led businesses. The announcement was made on Wednesday in Lagos.

The International Finance Corporation estimates that Nigeria’s small businesses face a financing gap of around N13 trillion, with women entrepreneurs facing rejection for credit at more than three times the rate of men. Paul Healey, Head of Green Growth and Private Sector Development at the British High Commission, emphasized the importance of this partnership in overcoming barriers to investment for women entrepreneurs.

Juliet Munro, Director for Early-Stage Finance at FSD Africa, noted that the RiTA Investment Network will structure and mobilize domestic capital effectively.