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The African Development Bank Group (AfDB) has committed $750,000 in grants to support women-led businesses across Nigeria under a three-year programme aimed at improving access to finance, strengthening entrepreneurship and creating jobs.
The funding will be shared equally among three Nigerian institutions, with each receiving $250,000 to deliver business development support to female entrepreneurs
The AfDB disclosed this in a statement issued on Friday, announcing a partnership with the Lagos State Employment Trust Fund (LSETF) under the second cohort of its Women Entrepreneurship Enablers Project
The three beneficiary institutions are LSETF, the Pan African Women Empowerment Network (PAWEN) and ImpactHER Foundation
According to the statement, LSETF will use its $250,000 grant to support 610 women-led businesses, while PAWEN and ImpactHER Foundation will each receive the same amount to implement interventions targeting female entrepreneurs
The statement said the three partnerships represent a combined $750,000 investment to strengthen women-owned and women-led enterprises across Nigeria through tailored support
Speaking on the initiative, the AfDB’s Acting Vice President for Regional Development, Integration and Business Delivery and Director General for Nigeria, Dr. Abdul Kamara, said the investment would help women entrepreneurs expand their businesses and contribute to economic development
“Women-owned and women-led businesses are essential to Nigeria’s economic growth and job creation. Through these partnerships, we are helping entrepreneurs gain the skills, networks, and financing opportunities they need to grow sustainable enterprises and participate more fully in the country’s economic development,” Kamara said
He added that investing in women entrepreneurs was a catalyst for stronger and more resilient economies
The programme, financed through the AfDB’s Affirmative Finance Action for Women in Africa initiative, will provide financial literacy training, business formalisation support, mentorship, business development services, and access to markets and financing opportunities
The bank said the interventions were designed to address barriers limiting women’s participation in economic activities and strengthen the capacity of female-owned enterprises to expand and generate employment
At the launch in Lagos, Governor Babajide Sanwo-Olu, represented by his Deputy Chief of Staff, Sam Egube, welcomed the partnership, describing it as a boost to existing efforts to support small businesses in the state
Sanwo-Olu said the LSETF had provided targeted business support and access to affordable financing to more than three million small businesses in Lagos State over the past decade
He noted that women accounted for nearly 60 per cent of businesses supported by the agency, expressing optimism that the AfDB funding would improve their performance
“With close to 60 per cent women-owned businesses in our portfolio, this seed funding from the AfDB will add catalytic results in the revenue growth, business scalability and job creation factors of these women MSMEs,” he said
The governor assured participating entrepreneurs of continued support from the state government and its development partners
The AfDB said the initiative formed part of its broader efforts to promote inclusive economic growth and expand opportunities for women entrepreneurs across Africa
It recalled that the first cohort of the Women Entrepreneurship Enablers Project was launched in 2022, with a target of supporting 16,000 women-led businesses across 26 African countries
The latest intervention also aligns with the bank’s Nigeria Country Strategy Paper for 2025–2030, which prioritises inclusive growth and economic opportunities for women and young people
The $750,000 commitment complements a recent $61 million financing package to the Development Bank of Nigeria aimed at expanding access to affordable financing for women-owned and women-led businesses nationwide
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