$335,000 UK investment to spur women-led businesses in Nigeria

At least 15 women-led businesses in Nigeria are in for a swell time after the United Kingdom Government committed $335,000 to establish the RiTA Investment Network.

The new platform is designed to channel more domestic investment into women-led businesses.

The initiative, supported through the British High Commission in Nigeria, is being established by Rising Tide Africa, a pan-African network of women angel investors, with the aim of mobilising $2.7 million, equivalent to about N3.75 billion, from Nigerian investors.

A statement by the British High Commission explained the funding is expected to support 15 small and growing women-led businesses across the country, helping them secure capital to expand operations.

The initiative seeks to address persistent financing challenges facing Nigerian small businesses, particularly those owned by women, who often struggle to meet conventional lending requirements.

The statement noted that women entrepreneurs face additional barriers, despite owning around 40% of the country’s small businesses as they are rejected for credit at more than three times the rate of men.

Head of Green Growth and Private Sector Development at the British High Commission, Paul Healey, said the initiative forms part of the UK Government’s broader efforts to expand access to finance for promising small and growing businesses.

“Women entrepreneurs are building successful businesses across Nigeria, but many still face barriers to accessing the investment they need to grow. This partnership between the UK Government, FSD Africa and Rising Tide Africa is changing that,” he said.

“Together, we are building stronger connections between women-led businesses and investors, creating opportunities for more businesses to start, grow, and thrive.”

Healey added that the partnership would help create jobs and support Nigeria’s economy by connecting entrepreneurs with investors and laying the groundwork for further investment in women-led enterprises.

Director for Early-Stage Finance at FSD Africa, Juliet Munro, said the network could help mobilise domestic capital and channel it into businesses requiring growth financing.

“Nigeria does not lack capital. Women angel investors in Rising Tide Africa have shown for years that they will back women-led businesses with their own money. The RiTA Investment Network gives that capital the structure and instrument to grow, in Naira, and at scale,” Munro said.