How our Chamber of Commerce is empowering women, championing continental trade – Weyinmi Eribo

Weyinmi Eribo is the Director-Common of the Ladies Chamber of Commerce Trade Mines and Agriculture (WCCIMA), an establishment devoted to advancing the event and achievement of Nigerian girls in commerce and business by means of strategic initiatives, advocacy, and collaboration. On this interview, she speaks on how girls entrepreneurs and professionals are supported to contribute considerably to financial development and growth, breaking limitations alongside the way in which. Excerpts:

PT: Because the Director-Common of the Ladies Chamber of Commerce, how would you assess the present state of girls’s participation in Nigeria’s commerce and commerce sectors? Are there any particular challenges or alternatives you’ve recognized lately?

Ladies have lengthy been a important drive driving Nigeria’s commerce and commerce, contributing considerably to the formal and casual sectors. Nonetheless, regardless of their very important position, they face vital limitations that hinder their means to develop and scale companies. These limitations embrace restricted entry to finance, notably for startups and micro-enterprises, insufficient market linkages that prohibit their publicity to potential prospects and suppliers, and a scarcity of ample capacity-building alternatives that might permit them to develop their expertise and companies to a aggressive degree. Nonetheless, the panorama is evolving. There’s an growing consciousness of those challenges, and efforts are being made to bridge the gender hole in commerce. Alternatives in digital commerce are rising, notably with the enlargement of e-commerce platforms and social media, which permit girls to succeed in wider markets. The regional market underneath the African Continental Free Commerce Space (AfCFTA) additionally presents a novel alternative for Nigerian girls entrepreneurs to faucet into a bigger, built-in market. Moreover, government-led help packages focusing on SMEs have gotten extra prevalent, offering girls with some avenues for development and growth.

PT: What position do you suppose the Ladies Chamber of Commerce performs in addressing the distinctive limitations feminine entrepreneurs face in Nigeria? Are you able to share a few of the key initiatives which have had essentially the most impression?

The Ladies Chamber of Commerce, Trade, Mines and Agriculture (WCCIMA) is on the forefront of addressing the limitations that ladies face in enterprise. We advocate for insurance policies that promote girls’s financial empowerment and create a extra conducive setting for women-led companies to thrive. By way of our advocacy efforts, we work with authorities and personal sector stakeholders to push for reforms in commerce insurance policies and laws that would cut back the challenges girls entrepreneurs face. The Chamber additionally focuses closely on monetary literacy, offering girls with the instruments to raised perceive funding choices and navigate the monetary system. Moreover, we offer entry to tailor-made capacity-building and mentorship packages. Key partnerships, such because the collaboration with Henrich Bolle Basis and Sosai Energies on designing financing choices for ladies’s transition to renewable vitality — and the Her-AfCFTA undertaking, targeted on placing Nigerian girls on the centre of continental commerce alternatives, are examples of our dedication to creating sustainable, impactful packages that provide girls entrepreneurs the help they should succeed. By way of these initiatives, we purpose to reinforce a tradition of entrepreneurship amongst girls and empower them to steer in key sectors.

PT: In your view, how essential is it for ladies in enterprise to have entry to finance and markets? What steps are being taken by the Chamber to reinforce girls entrepreneurs’ entry to those important assets?

Entry to finance stays one of the vital challenges for ladies in enterprise, notably as many women-owned companies function in sectors with increased perceived dangers and collateral necessities. To bridge this hole, the Chamber collaborates with monetary establishments and growth companions to supply girls entrepreneurs with numerous funding choices, together with grants, loans, and fairness investments. We have now quite a lot of Initiatives being designed to supply financing choices to girls entrepreneurs at reasonably priced rates of interest, that are pivotal in offering tailor-made financing options for women-owned companies. Moreover, entry to markets is equally essential. We work intently with a number of different organisations like UNDP by means of the HerAfcfta program to facilitate market alternatives and market linkages and construct the export readiness of girls entrepreneurs. We’re additionally designing tailored export mentorship packages and initiatives to assist girls companies perceive and navigate the complexities of worldwide commerce, thereby enhancing their competitiveness within the world market. We have now additionally constructed nice relationships with regulatory and authorities establishments to assist girls entrepreneurs navigate regional, continental and world commerce necessities.

PT: With the rise of digital platforms and e-commerce, how can women-owned companies higher leverage these instruments to broaden their attain each regionally and internationally? Are there any packages or methods being employed to facilitate this transition?

Digital platforms have emerged as highly effective instruments that may degree the taking part in area for ladies entrepreneurs. With entry to the web and digital instruments, girls can market their merchandise, join with world prospects, and faucet into beforehand inaccessible markets. The Chamber has recognised the transformative potential of digital instruments and has invested in packages to assist girls harness the facility of e-commerce and digital advertising. By way of focused digital coaching, we empower girls with the talents to navigate the web world, construct robust digital manufacturers, and attain world audiences. This not solely expands their enterprise attain but in addition offers them with a possibility to innovate, collaborate, and entry new markets. Along with enhancing e-commerce capabilities, the Chamber additionally encourages girls to utilise digital cost techniques, social media advertising, and on-line enterprise administration instruments to streamline operations and develop their companies sustainably. We additionally lately partnered with Suburban Applied sciences and the FMITI to supply 1000 free web sites for women-owned companies. Nearly 50 girls have already acquired these web sites, and much more are on the way in which.

PT: Commerce insurance policies and laws typically have a big impression on enterprise development. How do you suppose authorities insurance policies might be higher tailor-made to help feminine entrepreneurs, particularly in sectors like agriculture, know-how, and manufacturing?

For ladies entrepreneurs to thrive within the commerce and commerce sector, it’s essential that insurance policies are put in place to cut back systemic limitations. One key space is entry to financing, the place lowering collateral necessities and introducing various lending mechanisms would assist ease the monetary burdens on girls. Ladies in agriculture, know-how, and manufacturing would notably profit from such reforms, as they typically face increased limitations to entry as a result of capital-intensive nature of those sectors. Commerce insurance policies must also deal with simplifying commerce laws, making certain that ladies have equal entry to home and worldwide markets. The Chamber advocates for insurance policies prioritising girls’s financial empowerment, selling girls’s participation in high-value sectors, and inspiring inclusive financing mechanisms. Moreover, there’s a want for the federal government to create specialised packages that provide girls coaching and steering in navigating world commerce frameworks, equivalent to AfCFTA, to make sure that women-led companies aren’t left behind.

PT: Trying forward, what do you consider are essentially the most promising development sectors for ladies entrepreneurs in Nigeria? How is the Ladies Chamber of Commerce positioning itself to help girls in these industries within the coming years?

A number of sectors supply immense potential for ladies entrepreneurs, together with agribusiness, the inventive sector, know-how, and manufacturing. The agricultural sector presents a novel alternative, notably with Nigeria’s wealthy assets in agriculture and agro-processing. Ladies have the chance so as to add worth by means of processing and exporting agricultural merchandise, which might create jobs, cut back meals insecurity, and improve overseas trade earnings. The know-how sector is one other high-growth space the place girls can considerably contribute, notably in digital options, software program growth, and tech-driven companies. By offering coaching and mentorship packages targeted on these industries, the Chamber goals to assist girls leverage their expertise and networks to innovate and develop in these sectors. Moreover, the manufacturing sector stays a important space for development, the place girls can discover sustainable manufacturing processes and create high quality merchandise for native and worldwide markets. The Chamber’s position in positioning girls for fulfillment in these sectors is pivotal, and we repeatedly work to attach girls entrepreneurs with business consultants, funding, and new market alternatives.

READ ALSO: Ladies in Commerce: Empowering economies regionally, throughout Africa, globally

PT: How would you describe the alternatives for ladies in AfCFTA?

The African Continental Free Commerce Space (AfCFTA) represents a transformative alternative for ladies entrepreneurs. With a market measurement of $3.4 trillion, AfCFTA gives entry to a bigger, built-in market that spans 54 African nations, opening up huge alternatives for Nigerian girls entrepreneurs. The Chamber recognises the significance of equipping girls with the talents and information essential to navigate this new panorama. We offer coaching packages, advocacy, and market linkage initiatives designed to organize women-led companies for cross-border commerce and competitors. By leveraging AfCFTA, girls entrepreneurs can entry broader markets for his or her items and companies, have interaction in commerce with new companions, and make the most of favorable commerce phrases inside the area. The Chamber’s efforts purpose to make sure that girls aren’t simply members however key gamers within the AfCFTA, enhancing their visibility and financial impression on a continental scale. By way of focused capacity-building and networking alternatives, we attempt to construct a strong ecosystem the place women-led companies can thrive and lead inside the African commerce house. We’re implementing companions for the HerAfcfta Challenge, a UNDP funded undertaking tailor-made to supply the information, Community and Amenities girls entrepreneurs must succeed underneath the AFCFTA. The Chamber is on the forefront of championing girls for continental commerce.