UK Government and FSD Africa to Fund Women Entrepreneurs

The UK Government and FSD Africa have committed $335,000 to establish an investment network that aims to mobilize $2.7 million (approximately N3.6 billion) from Nigerian investors to support women-led businesses. This investment, funded by the UK Government through the British High Commission in Nigeria, will facilitate the creation of the RiTA Investment Network by Rising Tide Africa, a pan-African network of women-led angel investors.

The initiative seeks to attract capital from high-net-worth individuals, angel investors, and family offices to finance 15 small and growing women-led businesses over the next three years. Paul Healey, Head of Green Growth and Private Sector Development at the British High Commission, stated that the partnership aims to improve access to finance for women entrepreneurs.

Juliet Munro, Director for Early-Stage Finance at FSD Africa, emphasized the network's role in mobilizing domestic capital for growth financing. The initiative addresses a significant financing gap faced by Nigerian small businesses, particularly those owned by women, who experience higher credit rejection rates.