•Initiative to provide training, mentoring, business advisory services
Emmanuel Addeh in Abuja
The Lagos State Government and the African Development Bank (AfDB) have launched a joint initiative to strengthen 610 women-led businesses in the state through training, mentoring, business advisory services and support to improve access to finance.
The Affirmative Finance Action for Women in Africa (AFAWA) Women Entrepreneurship Project is being implemented through the Lagos State Employment Trust Fund (LSETF), with Somo Africa serving as the implementing partner.
The project was formally launched at a signing ceremony held at Lagos House, Ikeja, yesterday.
Under the programme, the AfDB is providing a seed grant targeting 610 women-led micro, small and medium-sized enterprises (MSMEs) in Lagos State.
Participating entrepreneurs will receive support to improve their business operations, strengthen financial management, adopt digital tools and prepare their enterprises to access appropriate financing.
The initiative will also facilitate business connections and market linkages to enable beneficiaries to reach new customers, expand their operations and improve their competitiveness.
Speaking at the launch, Lagos State Governor, Babajide Sanwo-Olu, said the partnership was an important step towards addressing the barriers preventing women-owned businesses from realising their full potential.
Sanwo-Olu, who was represented by his Deputy Chief of Staff, Sam Egube, noted that women played a significant role in the state’s economic activities but continued to face challenges in accessing finance, business development support and market opportunities.
He said supporting women-led enterprises was not merely an investment in individual entrepreneurs but also a strategic investment in the wider Lagos economy, with the potential to strengthen livelihoods, increase productivity and create jobs.
The governor said the project’s success would be assessed based on measurable improvements in business management, market access, financial readiness, sustainability and employment generation among participating enterprises.
He urged the implementing partners to maintain strong accountability and ensure that the support provided translated into tangible results for beneficiaries.
Also speaking, the Director General and Acting Vice President of the AfDB, Abdul Kamara, said combining access to finance with business development support was essential to addressing the challenges confronting women entrepreneurs.
He explained that beyond financing, women-owned businesses required technical knowledge, sound business management skills and investment readiness to build viable enterprises and attract appropriate financial support.
Kamara reaffirmed the bank’s commitment to women’s economic empowerment, describing it as a critical component of inclusive economic growth, private-sector development and sustainable job creation.
He added that the partnership could provide a foundation for further interventions to expand opportunities for women entrepreneurs across Nigeria.
In his remarks, the Lagos State Commissioner for Wealth Creation and Employment, Bankole Ajigbotafe, described the project as a significant milestone in efforts by the AfDB, LSETF and the state government to promote women’s entrepreneurship and economic independence.
He expressed appreciation to the AfDB for its support and acknowledged the role of LSETF in implementing programmes designed to strengthen businesses, promote employment and expand economic opportunities across the state.