Lagos State and the African Development Bank have launched the Women Entrepreneurship Project to support 610 women-led businesses. The initiative pairs a seed grant with training, mentoring and business advice, making business readiness a central part of the support.
Known as the Affirmative Finance Action for Women in Africa (AFAWA) Women Entrepreneurship Project, it is being implemented through the Lagos State Employment Trust Fund, with Somo Africa as implementing partner. The launch took place at a signing ceremony at Lagos House, Ikeja.
Women Entrepreneurship Project Combines Finance and Training
The African Development Bank is providing a seed grant for 610 women-led micro, small and medium-sized enterprises in Lagos State, as detailed in the project announcement. Participating businesses will also receive training, mentoring and advisory services intended to strengthen their operations and capacity for growth.
The support is designed to address several areas of business management. It will focus on financial management, adoption of digital tools, preparation to access appropriate financing, and connections to markets and business opportunities. The Women Entrepreneurship Project therefore links funding with practical preparation for running and developing a business.
Governor Babajide Sanwo-Olu, represented at the event by Deputy Chief of Staff Sam Egube, said the partnership was a step toward addressing barriers that prevent women-owned businesses from reaching their potential. He said women contribute significantly to Lagos State’s economic activity while continuing to face challenges in accessing finance, business development support and markets.
Sanwo-Olu described support for women-led enterprises as an investment in the wider Lagos economy. He said it could strengthen livelihoods, improve productivity and generate employment. He also said success would be measured through improvements in business management, market access, financial readiness, sustainability and job creation, and called on the partners to deliver measurable outcomes with accountability.
Business Readiness Is Part of the Project’s Test
African Development Bank Director General and Acting Vice President Dr Abdul Kamara said finance alone does not address every challenge facing women entrepreneurs. He said business owners also need technical knowledge, management skills and investment readiness to build sustainable enterprises and attract suitable funding.
That emphasis makes the project’s advisory component as central as its grant support. Readers can also explore related Her Forward coverage of digital access. The project’s planned work on digital tools and financial management addresses capabilities named by the initiative, while the source does not specify particular tools or training methods.
Kamara reaffirmed the bank’s commitment to women’s economic empowerment as part of its broader work on inclusive growth, private-sector development and sustainable job creation. He described the Lagos partnership as a foundation for further interventions that could expand opportunities for women entrepreneurs across Nigeria.
Lagos State Commissioner for Wealth Creation and Employment Akinyemi Bankole Ajigbotafe called the initiative a milestone in efforts by the bank, the fund and the state government to promote women’s entrepreneurship and economic independence. He credited the development bank’s support and the fund’s role in programmes aimed at strengthening businesses, promoting employment and expanding economic opportunities.
The project aligns with Lagos State’s economic development agenda, which prioritises enterprise growth, innovation, financial inclusion and job creation. Readers can also find related Her Forward coverage of women’s business grants and capital support for women. The Lagos project’s own support combines a seed grant with training, mentoring, advisory services and market connections.
The source says participating businesses are expected to improve competitiveness, support expansion and increase their participation in local markets. It identifies accountability and implementation as important to the outcome, but gives no timetable for the training, grant distribution or measurement process. The partners’ delivery of the planned support and the project’s assessment of business management, financing readiness and job creation will show how the 610 businesses benefit.
