Lagos, AfDB Launch Programme to Support 610 Women-Led Businesses

A newly launched program between Lagos State Government and African Development Bank (AfDB) will target 610 women-led enterprises with assistance aimed at promoting business development, financing and job creation. This will assist the women-owned businesses to develop further and access the needed resources for growth and sustainability.

The project is conducted by Affirmative Finance Action for Women in Africa (AFAWA) Women Entrepreneurship Project through the Lagos State Employment Trust Fund (LSETF), in collaboration with implementing agency Somo Africa.

Key Highlights:

• Lagos State and AfDB programme targets 610 women-led businesses for growth
• Seed funding, mentorship, and training aim to improve financial and business readiness
• The initiative seeks to strengthen women’s enterprises, expand market access, and create jobs

AfDB’s seed funding is coupled with training, mentoring, and business advisory services aimed at enhancing the management capacity of entrepreneurs and their business readiness to scale. Areas of assistance to entrepreneurs under this program include finance management, adoption of technology, and business readiness for suitable financing options. The entrepreneurs will also get connected and develop new business networks that can help them scale up their businesses.

This project is part of a broader strategy aimed at helping women entrepreneurs to solve the challenges of developing their business through access to financial assistance and professional knowledge.

Governor of Lagos State Babajide Sanwo-Olu mentioned that although women occupy a prominent place in the state’s economy, they still face problems with finance and access to business development and markets.

He added that the assistance provided to women-owned enterprises is an investment in the overall economy since there is a possibility to increase their productivity, income level and create more jobs. The governor further stressed that the effectiveness of the programme can be measured in terms of business management, financial readiness, sustainability of enterprises, and job creation.

This programme aims to enhance the competitiveness of enterprises managed by women through building their business skills, expanding and increasing their ability to access the local market. This will contribute to helping the firms establish a sound base for sustainable development.

Women owned-MSMEs could increase efficiency in their operations, financial management, and prepare themselves to access funds and explore other business opportunities through such efforts. Emphasizing its commitment towards women empowerment economically, AfDB recognized the importance of women empowerment activities in promoting inclusive economic development, fostering private sector growth, and offering employment sustainability. Moreover, the partnership would open up possibilities for other interventions to empower the women entrepreneurs in Nigeria.

Akinyemi Bankole Ajigbotafe, Lagos State Commissioner for Wealth Creation and Employment referred that the program is crucial in collaboration between AfDB, Lagos State Employment Trust Fund, and Lagos State Government in terms of entrepreneurship and economic empowerment of women. He appreciated the role of LSETF in the implementation of programs that will help businesses grow, create employment and economic opportunities in Lagos State.