FSD Africa, backed by funding from the UK Government via the British High Commission in Nigeria, has committed US$335,000 (approximately £247,000) to launch the RiTA Investment Network, a pioneering platform aimed at expanding investment in women-led enterprises across Nigeria.
Established by the pan-African women angel investor network Rising Tide Africa, the platform targets the mobilisation of US$2.7 million (around ₦3.75 billion) from domestic investors, including high-net-worth individuals, angel investors, and family offices. The initiative will focus on 15 small and growing women-led businesses, helping them secure vital growth capital.
Small and growing businesses form a cornerstone of Nigeria’s economy, yet many encounter severe barriers to securing formal finance. According to International Finance Corporation (IFC) estimates, Nigerian small businesses face a financing gap of approximately ₦13 trillion, with 19 out of 20 unable to access formal credit.
This challenge is particularly pronounced for female entrepreneurs. While women own roughly 40% of small businesses in Nigeria, they face credit rejection rates more than three times higher than their male counterparts. Often, the main hurdle is not business viability or repayment capacity, but the lack of traditional collateral, such as land, that banks routinely demand.
Speaking on the launch, Paul Healey, Head of Green Growth and Private Sector Development at the British High Commission, highlighted the UK Government’s broader commitment to enhancing access to finance for promising enterprises:
“Women entrepreneurs are building successful businesses across Nigeria, but many still face barriers to accessing the investment they need to grow. This partnership between the UK Government, FSD Africa and Rising Tide Africa is changing that… The UK is proud to be part of this partnership, working together with talented entrepreneurs to create jobs and contribute to Nigeria’s economy.”
Juliet Munro, Director for Early-Stage Finance at FSD Africa, emphasised the importance of deploying capital locally: “Nigeria does not lack capital. Women angel investors in Rising Tide Africa have shown for years that they will back women-led businesses with their own money. The RiTA Investment Network gives that capital the structure and instrument to grow, in Naira, and at scale.”
Many African businesses traditionally rely on US dollar-denominated growth capital. However, for companies earning in Naira, weakening currency makes dollar debt increasingly expensive.
By leveraging substantial domestic private wealth, the RiTA Investment Network intends to offer financing primarily through revenue-based finance, where repayments adjust dynamically alongside business sales—ideal for profitable enterprises lacking collateral that wish to retain ownership.
Yemi Keri, General Partner and Spokesperson for the RiTA Investment Network, welcomed the catalytic backing as a major step toward the network’s long-term ambition of raising US$10 million in local currency.
The network completed its maiden transaction in September 2026—a syndicated corporate note issued to Ororo Waste Management Limited—and is currently structuring and conducting due diligence on two additional businesses.
