News
Nigerian investment firm exceeds US$20m target to support female-led start-ups
The fund aims to invest in women-focused small and growing businesses in Nigeria and Ghana

A Lagos-based impact investment firm has closed its first institutional fund to support female-led businesses and tackle gender inequality.
Aruwa Capital Management has exceeded its initial US$20m target and aims to bridge the investment gap faced by women in Africa.
The fund will invest between US$500k and US$2.5m in women-focused small and growing businesses in Nigeria and Ghana, targeting investments in sectors such as healthcare, fintech, renewable energy and essential consumer goods.
“Having launched the fund in October 2019, shortly before the COVID-19 pandemic, we are very grateful for the confidence of world-class institutional investors who have put their trust in us and share our vision for the continent: generating superior returns, while having a significant socioeconomic development impact in the countries we invest in,” said Adesuwa Okunbo Rhodes, founder of Aruwa Capital Management and ex-JP Morgan banker.
“We are also delighted to have been able to mobilise 30 per cent of our fund from local investors, who have a first-hand understanding of the operating terrain, as well as mobilising global capital from well-respected names, a trend we hope to see continue.”
She added: “We are excited to continue showcasing women’s untapped potential in society through our investment portfolio at Aruwa Capital.
“Global data has shown that investing with a gender lens improves financial returns as well as providing a multiplier effect for social impact in local communities due to the role women play. We look forward to showcasing this in Africa specifically.”
Adesuwa Okunbo Rhodes founded Aruwa Capital Management in 2019 when she started to address the investment gap women-led enterprises face in Africa.
According to the firm’s research, women comprise 40 per cent of all small and medium enterprises (SMEs) yet receive only one per cent of start-up capital due to the region’s lack of female capital allocators.
“The fund aims to create more sustainable and scalable pathways for economic growth and inclusion in the region,” the founder explained.
To date, the fund has made six investments, committing over 45 per cent of its capital into a diversified portfolio of growing companies.
Its first institutional and anchor investor is Visa Foundation, followed by other investors such as Mastercard Foundation Africa Growth Fund, Nyala Venture, backed by Financial Sector Deepening Africa Investments and other family businesses from Africa, Europe and the US.
Najada Kumbuli, head of investments at Visa Foundation, said: “We are pleased to be the first institutional investor in Aruwa Capital Management.
“We deeply believe that to address the financing gap women-led small businesses face, we need to empower and invest in more women-led investment funds like Aruwa.
“We were impressed by Adesuwa’s track record and approach to tailoring the fund’s financing to small business needs. We believe the team’s deep commitment to driving equitable and inclusive economic growth through investments will support the business owners and their communities.”
Sam Akyianu, chief of party at the Mastercard Foundation Africa Growth Fund, said: “We selected Aruwa Capital as one of our first investments because we were impressed by the team’s grit, conviction and depth of analysis, their value addition for early-growth stage SMEs in Nigeria and their commitment to driving impact for women and youth.
“We look forward to working with the team to help make Aruwa Capital a success story.”
Relatively few African women are turning new businesses into established ones.
Data suggests that limited business networks put women at a distinct disadvantage when it comes to growing a company, as they are less likely to have access to investor networks, know other entrepreneurs or invest in businesses.
A study from the African Development Bank Group found that women entrepreneurs’ perceptions about their business credit-worthiness contributes to the large gender financing gap in Africa, particularly in the north of the continent.
Menopause
Government and NHS urged to work with pharmacies on menopause support

The government and NHS England should work with pharmacies to show how the sector can help women experiencing menopause symptoms, according to a joint statement released by several pharmacy bodies.
A consensus statement endorsed by the Royal College of Pharmacy warned there remains significant unmet need for clear, evidence-based guidance and advice on the condition.
The statement, ‘Menopause, unmissed’, published on 24 April 2026, was endorsed by bodies including the Royal College of Pharmacy, the Company Chemists’ Association and the National Pharmacy Association.
Amandeep Doll, director for England at the Royal College of Pharmacy, said: “Pharmacy teams are highly accessible and already support people experiencing menopause with advice, self-care and signposting to other services.
“We endorsed this statement because improving access to clear information and joined-up care is essential, particularly for those facing inequalities.”
According to the NHS, around 75 per cent of women experience some symptoms during perimenopause and menopause, while 25 per cent report that their symptoms are severe.
In the joint statement, the pharmacy bodies welcomed increased awareness of menopause in recent years but warned this had also led to a sea of misinformation and that there remains significant unmet need, particularly for clear, evidence-based and accessible information and guidance.
The document set out eight recommendations to improve menopause care, including a public awareness campaign on menopause symptoms and opportunities for self-care, alongside guidance on how pharmacies can support women with menopause.
It also recommended that integrated care boards and women’s health hubs should report progress on implementing the upcoming equity framework in menopause care.
In its renewed women’s health strategy for England, published on 15 April 2026, the Department of Health and Social Care set out plans to publish an equity good practice guide to help integrated care boards better understand and reduce inequalities in heavy periods and menopause.
The joint statement asked that the Department of Health and Social Care and NHS England work with champions in minority communities to ensure menopause materials reflect a diverse range of experiences.
It added that women living in areas of high deprivation and those from Black, Asian and minority ethnic communities can experience menopause differently and are more likely to face health inequalities in their care.
Doll said: “With the right support, training and commissioning, community pharmacy can play a greater role in delivering timely, convenient menopause care closer to home, working as part of neighbourhood health teams and in partnership with women’s health hubs.”
Insight
Why the UK’s fertility rate keeps falling – and what it means if you’re trying now

Article produced in association with Spital Clinic
The UK’s fertility rate has fallen for a third consecutive year to the lowest level ever recorded. That headline gets written every year, and it is easy to read it as a purely demographic story.
For anyone currently trying for a baby, the figure is something more practical: the conditions that produced the statistic are the same conditions shaping your own chances.
The decline has a clear pattern, and it is mostly not about couples being unable to conceive.
The change sits in when people start trying, and in what happens to fertility during the years by which most are now ready to have children.
What the numbers actually show
Figures from the ONS put the total fertility rate in England and Wales at 1.41 children per woman in 2024, down from 1.42 in 2023. The rate has been in overall decline since 2010 and has now recorded its lowest value three years running.
The figure sounds abstract until you compare it with the replacement level of 2.1 – the rate required for a population to sustain itself without net migration.
The UK has been below that line since the early 1970s, but the gap is now wider than at any point on record.
The data also shows where the decline is happening. Age-specific fertility rates for women in their twenties are the lowest of any generation since 1920. Rates for women in their thirties are holding up, and in some parts of the country rising.
Mothers are having babies later, not necessarily in smaller numbers. The average age of a first-time mother in England and Wales is now 31.0, up from 30.9 the year before. Regional variation matters too: London sits at 1.35, the West Midlands at 1.59.
Why the rate is falling
None of this is new. Every decade since the 1970s has seen the same trend, and it has accelerated in recent years. What has changed is the pace.
The shift is primarily social: delayed partnership formation, high housing costs, expensive childcare, and careers structured around full-time work through the exact years fertility is easiest.
The same pattern shows up across the EU, where the total fertility rate sat at 1.5 in 2022.
These forces compound. People meet later, partner later, feel financially ready later, and start trying later.
For many couples, first attempts happen in the early thirties, by which point fertility has begun its slow and uneven decline. A low national TFR is the population-level consequence of millions of individual timing decisions made under real-world constraints.
What this means for individuals trying now
Around one in seven couples in the UK will struggle to conceive naturally.
That figure has been stable for decades; the population of people seeking help, however, has grown – not because fertility itself has worsened, but because more people are trying during the window where it becomes harder.
UK fertility treatment data from the HFEA shows around 52,400 patients had over 77,500 IVF cycles in 2023, making 1 in every 32 UK births IVF-conceived.
The average age of a first-time IVF patient in the UK is now just over 35 – nearly six years older than the average first-time mother in the population overall.
NHS-funded IVF cycles have fallen from 40 per cent of the total in 2012 to 27 per cent in 2022, and to 24 per cent in England in 2023. The private sector has absorbed the rest.
When to get checked – and what it involves
Current NHS advice is to see a GP after a year of regular unprotected sex without a pregnancy, or sooner if you are 36 or older.
That threshold reflects the fact that every additional six months of trying is more clinically informative in the years when fertility is starting to shift.
The first set of investigations is usually straightforward.
For women, this typically covers hormone testing (AMH, FSH, LH, TSH and prolactin), rubella immunity, chlamydia screening, a mid-luteal progesterone and a transvaginal ultrasound.
For men, a semen analysis is the first step.
A private trying-to-conceive screening covers the same ground without the NHS waiting list, with the advantage that results can be reviewed in a single consultation.
The purpose of early screening is not to diagnose infertility – most couples conceive naturally within a year or two – but to identify specific, treatable issues before more time passes.
The fertility window is narrower than most people think
The uncomfortable truth behind the falling TFR is that the biological fertility window has not changed. The subtle decline begins around age 32, and accelerates from the late thirties.
The chance of natural conception in any given month is substantially lower at 40 than at 30, and falls sharply through the early forties.
IVF success rates track the same curve.
For patients aged 18 to 34, the average birth rate per embryo transferred was around 35 per cent in 2022; for those aged 40 to 42, around 10 per cent using their own eggs.
This is why the growth areas in UK fertility care are now pre-conception screening and elective egg freezing – HFEA data shows egg storage cycles rose from 4,700 in 2022 to 6,900 in 2023, one of the fastest-growing treatments in the sector.
A focused fertility consultation earlier in the timeline – in the late twenties or very early thirties, before there is a known problem – tends to produce better decisions than a consultation triggered by a year of trying without success.
The wider picture
The UK’s falling fertility rate is the product of a society that has reorganised when people have children, not one in which couples have become less capable of conceiving.
There is no need for alarm in that finding. The practical takeaway is that the old default of ‘wait and see’ assumes a timeline no longer matching the one most people now live.
For anyone currently trying, or planning to try soon, the single most useful move is to understand your own numbers earlier than previous generations did.
The national trend is not going to reverse quickly.
A clear picture of your own fertility window – and the information to use it well – is within reach in a way the headline statistics are not.
If you are trying to conceive or thinking about starting, a structured pre-conception review is a reasonable first step.
Disclaimer: This article is produced for informational purposes only and does not constitute medical advice, diagnosis or treatment. Clinical guidance referenced reflects published NHS, ONS and HFEA data as at April 2026. Individual circumstances vary; readers are advised to consult a qualified healthcare professional before acting on any information in this article. This piece was produced in association with Spital Clinic, which provided background clinical information for editorial purposes. Hyperlinks to external sources are included for reference only and do not represent an endorsement of any product, service or organisation.
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