UK commits $335,000 to establish RiTA investment network

The UK Government has committed $335,000 to help establish the RiTA Investment Network, a platform intended to channel Nigerian investment to women-led businesses and expand their access to growth capital. Rising Tide Africa, a pan-African network of women angel investors, is setting up the network with support funded through the UK Government and the British High Commission in Nigeria. The initiative aims to mobilise $2.7 million from Nigerian investors and finance 15 small and growing women-led businesses. These are announced targets, not confirmation that the full amount has been raised or distributed. The planned model is designed to connect domestic investors with businesses that may struggle to secure conventional bank loans. According to the initiative’s announcement, Nigerian small businesses face an estimated 13 trillion financing gap, while 19 in 20 cannot access formal finance. Women own about 40% of the country’s small businesses and are rejected for credit at more than three times the rate of men, the announcement says. Lack of traditional collateral, including land, is cited as a barrier. RiTA plans to lend in naira, addressing the risk that businesses earning...