FSD Africa, with funding from the UK Government by the British High Commission in Nigeria, has dedicated US$335,000 (roughly £247,000) to set up the RiTA Investment Network, a brand new platform designed to improve investment in women-led businesses in Nigeria.
Established by Rising Tide Africa, a women-led, pan-African community of angel traders, the platform goals to mobilise US$2.7 million (roughly N3.75 billion) from Nigerian traders, together with high-net-worth people, angel traders and household places of work.
The investment will goal 15 small and rising women-led businesses throughout Nigeria, serving to them entry the capital they want to increase.
Nigeria’s small and rising businesses are an vital a part of the economic system, however many battle to entry the finance they want to develop.
The IFC estimates that Nigeria’s small businesses face a financing hole of round N13 trillion, with 19 in 20 unable to entry formal finance.
The problem is especially acute for ladies entrepreneurs, who personal round 40% of Nigeria’s small businesses however are rejected for credit score at greater than 3 times the speed of males.
For many ladies, the barrier isn’t their means to construct profitable businesses or repay loans, however a scarcity of property, comparable to land, that banks historically require as safety.
Speaking whereas asserting the investment, Head of Green Growth and Private Sector Development on the British High Commission, Paul Healey, famous that this initiative varieties a part of the UK Government’s broader help to increase entry to finance for promising small and rising businesses.
He mentioned: “Women entrepreneurs are constructing profitable businesses throughout Nigeria, however many nonetheless face boundaries to accessing the investment they want to develop. This partnership between the UK Government, FSD Africa and Rising Tide Africa is altering that.
“Together, we’re constructing stronger connections between women-led businesses and traders, creating alternatives for extra businesses to begin, develop, and thrive.
“The UK is proud to be part of this partnership, working together with talented entrepreneurs to create jobs and contribute to Nigeria’s economy. By building these connections now, we can open the door to even more investment in women-led businesses in the years ahead.”
Juliet Munro, Director for Early-Stage Finance at FSD Africa hailed the potential of the brand new investment at mobilising home capital and deploying it in precedence areas to present progress capital and to create employment,
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