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UK-backed funding will support a new investment network seeking to raise $2.7 million for 15 women-led Nigerian businesses.
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The initiative aims to connect women entrepreneurs with local investors and reduce barriers to accessing growth finance.
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The network has secured $1.5 million in soft commitments and completed its first investment transaction in September.
October 28, (THEWILL) – The UK Government, through FSD Africa, has committed $335,000 to establish an investment network designed to improve access to finance for women-led businesses in Nigeria.
The initiative, known as the RiTA Investment Network, was established by Rising Tide Africa, a pan-African network of women angel investors. It aims to mobilise $2.7 million from Nigerian investors over three years to support 15 small and growing businesses led by women.
The funding was announced on Wednesday in a statement issued by FSD Africa, which receives support from the UK Government through the British High Commission in Nigeria.
The initiative comes amid persistent financing challenges for small businesses. According to the statement, Nigeria’s small businesses face an estimated ₦13 trillion financing gap, while women entrepreneurs often struggle to secure loans because they lack collateral, such as land.
Paul Healey, Head of Green Growth and Private Sector Development at the British High Commission, said the partnership would strengthen connections between women-led businesses and investors, creating opportunities for business growth and job creation.
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Juliet Munro, FSD Africa’s Director for Early-Stage Finance, said Nigeria had capital that could support women entrepreneurs but needed better structures to channel domestic investment into their businesses.
The network will mainly provide revenue-based finance, allowing repayments to fluctuate with business sales. The model is designed for profitable businesses that lack conventional collateral and want to retain ownership rather than sell equity.
According to the statement, Rising Tide Africa has secured about $1.5 million in soft commitments from its network. The RiTA Investment Network completed its first transaction in September through a syndicated corporate note to Ororo Waste Management Limited, while two other businesses are undergoing structuring and due diligence.
The initiative is also expected to lay the groundwork for a proposed $10 million growth debt fund denominated in naira, with the longer-term goal of attracting institutional investors and expanding financing options for women-led enterprises.
Women-led businesses seeking growth finance can contact investments@risingtideafrica.
Janefrances Ebere Chibuzor is a Tourism Writer at THEWILL
