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The Lagos State Government, in partnership with the African Development Bank (AfDB), has launched a women entrepreneurship project targeting 610 women-led businesses to strengthen enterprise growth, improve access to finance and create employment opportunities.
The initiative, known as 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, as part of efforts to address the challenges facing women entrepreneurs and promote inclusive economic growth
Under the programme, the AfDB is providing a seed grant to support 610 women-led micro, small and medium-sized enterprises (MSMEs) in Lagos State. Participating businesses will also receive training, mentoring and business advisory services to strengthen their operations and improve their capacity for growth
The support will focus on improving financial management, adopting digital tools, preparing businesses to access appropriate financing and connecting entrepreneurs to new markets and business opportunities
Speaking at the event, Lagos State Governor Babajide Sanwo-Olu, represented by his Deputy Chief of Staff, Sam Egube, said the partnership was an important step towards addressing the barriers preventing women-owned businesses from reaching their full potential
He noted that women play a significant role in Lagos State’s economic activities but continue to face challenges accessing finance, business development support and market opportunities
According to the governor, supporting women-led enterprises represents an investment in the wider Lagos economy, with the potential to strengthen livelihoods, improve productivity and generate employment
Sanwo-Olu also stressed that the project’s success would be measured by improvements in business management, market access, financial readiness, sustainability and job creation. He called on the implementing partners to ensure accountability and deliver measurable outcomes for participating businesses
The Director General and Acting Vice President of the African Development Bank, Dr Abdul Kamara, highlighted the importance of combining access to finance with business development support to address the challenges confronting women entrepreneurs
Kamara explained that beyond financing, business owners require technical knowledge, management skills and investment readiness to build sustainable enterprises and attract suitable funding
He reaffirmed the bank’s commitment to advancing women’s economic empowerment as part of its broader efforts to promote inclusive growth, private-sector development and sustainable job creation
He also described the partnership as a foundation for further interventions that could expand opportunities for women entrepreneurs across Nigeria
The Lagos State Commissioner for Wealth Creation and Employment, Akinyemi Bankole Ajigbotafe, described the initiative as a milestone in efforts by the AfDB, LSETF and the state government to promote women’s entrepreneurship and economic independence
He commended the development bank for its support and acknowledged LSETF’s role in facilitating programmes that strengthen businesses, promote employment and expand economic opportunities across the state
The AFAWA Women Entrepreneurship Project aligns with Lagos State’s broader economic development agenda, which prioritises enterprise growth, innovation, financial inclusion and job creation
For women-owned MSMEs, the combination of business training, advisory services and market linkages could help address operational challenges, improve financial preparedness and strengthen their ability to pursue growth opportunities
The impact of the initiative will depend on effective implementation, accountability and the extent to which participating businesses translate the support into improved performance, sustainable operations and employment generation
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