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

Weyinmi Eribo is the Director-General of the Women Chamber of Commerce Industry Mines and Agriculture (WCCIMA), an institution dedicated to advancing the development and achievement of Nigerian women in commerce and industry through strategic initiatives, advocacy, and collaboration. In this interview, she speaks on how women entrepreneurs and professionals are supported to contribute significantly to economic growth and development, breaking barriers along the way. Excerpts:

PT: As the Director-General of the Women Chamber of Commerce, how would you assess the current state of women’s participation in Nigeria’s trade and commerce sectors? Are there any specific challenges or opportunities you’ve identified recently?

Women have long been a critical force driving Nigeria’s trade and commerce, contributing significantly to the formal and informal sectors. However, despite their vital role, they face significant barriers that hinder their ability to grow and scale businesses. These barriers include limited access to finance, particularly for startups and micro-enterprises, inadequate market linkages that restrict their exposure to potential customers and suppliers, and a lack of sufficient capacity-building opportunities that would allow them to develop their skills and businesses to a competitive level. Nonetheless, the landscape is evolving. There is an increasing awareness of these challenges, and efforts are being made to bridge the gender gap in commerce. Opportunities in digital trade are growing, particularly with the expansion of e-commerce platforms and social media, which allow women to reach wider markets. The regional market under the African Continental Free Trade Area (AfCFTA) also presents a unique opportunity for Nigerian women entrepreneurs to tap into a larger, integrated market. Additionally, government-led support programs targeting SMEs are becoming more prevalent, providing women with some avenues for growth and development.

PT: What role do you think the Women Chamber of Commerce plays in addressing the unique barriers female entrepreneurs face in Nigeria? Can you share some of the key initiatives that have had the most impact?

The Women Chamber of Commerce, Industry, Mines and Agriculture (WCCIMA) is at the forefront of addressing the barriers that women face in business. We advocate for policies that promote women’s economic empowerment and create a more conducive environment for women-led businesses to thrive. Through our advocacy efforts, we work with government and private sector stakeholders to push for reforms in trade policies and regulations that would reduce the challenges women entrepreneurs face. The Chamber also focuses heavily on financial literacy, providing women with the tools to better understand funding options and navigate the financial system. Furthermore, we provide access to tailored capacity-building and mentorship programs. Key partnerships, such as the collaboration with Henrich Bolle Foundation and Sosai Energies on designing financing options for women’s transition to renewable energy — and the Her-AfCFTA project, focused on putting Nigerian women at the centre of continental trade opportunities, are examples of our commitment to creating sustainable, impactful programs that offer women entrepreneurs the support they need to succeed. Through these initiatives, we aim to enhance a culture of entrepreneurship among women and empower them to lead in key sectors.

PT: In your view, how important is it for women in business to have access to finance and markets? What steps are being taken by the Chamber to enhance women entrepreneurs’ access to these critical resources?

Access to finance remains one of the most significant challenges for women in business, particularly as many women-owned businesses operate in sectors with higher perceived risks and collateral requirements. To bridge this gap, the Chamber collaborates with financial institutions and development partners to provide women entrepreneurs with various funding options, including grants, loans, and equity investments. We have a number of Initiatives being designed to offer financing options to women entrepreneurs at affordable interest rates, which are pivotal in providing tailored financing solutions for women-owned businesses. Additionally, access to markets is equally important. We work closely with several other organisations like UNDP through the HerAfcfta program to facilitate market opportunities and market linkages and build the export readiness of women entrepreneurs. We are also designing tailor-made export mentorship programs and initiatives to help women businesses understand and navigate the complexities of international trade, thereby improving their competitiveness in the global marketplace. We have also built great relationships with regulatory and government institutions to help women entrepreneurs navigate regional, continental and global trade requirements.

PT: With the rise of digital platforms and e-commerce, how can women-owned businesses better leverage these tools to expand their reach both locally and internationally? Are there any programs or strategies being employed to facilitate this transition?

Digital platforms have emerged as powerful tools that can level the playing field for women entrepreneurs. With access to the internet and digital tools, women can market their products, connect with global customers, and tap into previously inaccessible markets. The Chamber has recognised the transformative potential of digital tools and has invested in programs to help women harness the power of e-commerce and digital marketing. Through targeted digital training, we empower women with the skills to navigate the online world, build strong digital brands, and reach global audiences. This not only expands their business reach but also provides them with an opportunity to innovate, collaborate, and access new markets. In addition to enhancing e-commerce capabilities, the Chamber also encourages women to utilise digital payment systems, social media marketing, and online business management tools to streamline operations and grow their businesses sustainably. We also recently partnered with Suburban Technologies and the FMITI to provide 1000 free websites for women-owned businesses. Almost 50 women have already received these websites, and a lot more are on the way.

PT: Trade policies and regulations often have a significant impact on business growth. How do you think government policies could be better tailored to support female entrepreneurs, especially in sectors like agriculture, technology, and manufacturing?

For women entrepreneurs to thrive in the trade and commerce sector, it is crucial that policies are put in place to reduce systemic barriers. One key area is access to financing, where reducing collateral requirements and introducing alternative lending mechanisms would help ease the financial burdens on women. Women in agriculture, technology, and manufacturing would particularly benefit from such reforms, as they often face higher barriers to entry due to the capital-intensive nature of these sectors. Trade policies should also focus on simplifying trade regulations, ensuring that women have equal access to domestic and international markets. The Chamber advocates for policies prioritising women’s economic empowerment, promoting women’s participation in high-value sectors, and encouraging inclusive financing mechanisms. Furthermore, there is a need for the government to create specialised programs that offer women training and guidance in navigating global trade frameworks, such as AfCFTA, to ensure that women-led businesses are not left behind.

PT: Looking ahead, what do you believe are the most promising growth sectors for women entrepreneurs in Nigeria? How is the Women Chamber of Commerce positioning itself to support women in these industries in the coming years?

Several sectors offer immense potential for women entrepreneurs, including agribusiness, the creative sector, technology, and manufacturing. The agricultural sector presents a unique opportunity, particularly with Nigeria’s rich resources in agriculture and agro-processing. Women have the opportunity to add value through processing and exporting agricultural products, which would create jobs, reduce food insecurity, and increase foreign exchange earnings. The technology sector is another high-growth area where women can significantly contribute, particularly in digital solutions, software development, and tech-driven services. By providing training and mentorship programs focused on these industries, the Chamber aims to help women leverage their skills and networks to innovate and grow in these sectors. Additionally, the manufacturing sector remains a critical area for growth, where women can explore sustainable production processes and create quality products for local and international markets. The Chamber’s role in positioning women for success in these sectors is pivotal, and we continuously work to connect women entrepreneurs with industry experts, funding, and new market opportunities.

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PT: How would you describe the opportunities for women in AfCFTA?

The African Continental Free Trade Area (AfCFTA) represents a transformative opportunity for women entrepreneurs. With a market size of $3.4 trillion, AfCFTA offers access to a larger, integrated market that spans 54 African countries, opening up vast opportunities for Nigerian women entrepreneurs. The Chamber recognises the importance of equipping women with the skills and knowledge necessary to navigate this new landscape. We provide training programs, advocacy, and market linkage initiatives designed to prepare women-led businesses for cross-border trade and competition. By leveraging AfCFTA, women entrepreneurs can access broader markets for their goods and services, engage in trade with new partners, and take advantage of favorable trade terms within the region. The Chamber’s efforts aim to ensure that women are not just participants but key players in the AfCFTA, enhancing their visibility and economic impact on a continental scale. Through targeted capacity-building and networking opportunities, we strive to build a robust ecosystem where women-led businesses can thrive and lead within the African trade space. We are implementing partners for the HerAfcfta Project, a UNDP funded project tailored to provide the knowledge, Network and Facilities women entrepreneurs need to succeed under the AFCFTA. The Chamber is at the forefront of championing women for continental trade.