Okonjo-Iweala warns Nigeria could miss out on $4.25trn digital trade market

Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has warned that Nigeria risks being left behind in the fast-growing $4.25 trillion global digital trade economy unless it urgently tackles its poor internet connectivity and infrastructure deficits.

Speaking in Abuja on Thursday at the launch of the Women Exporters in the Digital Economy (WEIDE) Fund, Okonjo-Iweala said that only 45% of Nigerians have internet access, well below the global average of 67%, and stressed that without affordable, reliable connectivity and stable electricity, the country cannot fully embrace the digital economy.

“No nation can truly digitise without steady power and accessible internet,” she said. “Closing this gap is essential if Nigeria is to harness the immense opportunities digital trade presents.”

Nigeria is one of just four countries, alongside Jordan, Mongolia, and the Dominican Republic, selected for the 2024 rollout of the WEIDE Fund after a competitive selection process.

The Nigerian Export Promotion Council (NEPC), under the leadership of Executive Director Nonye Ayeni, will oversee the programme locally.

Interest in the scheme was overwhelming, with over 67,000 Nigerian women entrepreneurs applying. Organisers expanded the number of beneficiaries from 100 to 146 to accommodate the high quality of submissions.

Under the Booster Track, 16 entrepreneurs will each receive up to $30,000 in funding and 18 months of technical support, while the Discovery Track will provide 130 entrepreneurs with up to $5,000 each and one year of business assistance. Beneficiaries operate in sectors ranging from agriculture, IT and manufacturing to fashion, hospitality, and beauty.

Okonjo-Iweala noted that Africa’s share of global digital trade remains below 1%, urging Nigeria’s Ministries of Communications, Industry, and Power to collaborate in bridging the connectivity gap, upgrading infrastructure, and empowering women-led enterprises.

“When women trade internationally, they earn almost three times more than when they sell locally,” she said. “The WEIDE Fund equips Nigerian women with the tools, skills, and market access to multiply those gains.”

Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, pledged government support for the initiative, describing empathy as women’s “superpower” in creating transformative solutions.

President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dr. Dele Oye, hailed the programme as a significant boost to Nigeria’s digital trade aspirations and a step towards building a $1 trillion economy.