The Lagos State Government and the African Development Bank (AfDB) have launched a programme targeting 610 women-led businesses for business development support, with the aim of improving access to finance, strengthening enterprise sustainability and expanding women’s participation in the state’s economy.
The initiative, known as the Affirmative Finance Action for Women in Africa (AFAWA) Women Entrepreneurship Project, will provide participating micro, small and medium-sized enterprises with training, mentorship and business advisory services to improve their financial readiness and access to new markets.
The programme is being implemented through the Lagos State Employment Trust Fund (LSETF), with Somo Africa serving as the implementing partner, while the AfDB is providing a seed grant to support the intervention. The project was formally launched on Wednesday at the Banquet Hall, Lagos House, Ikeja, with government officials, development partners and other stakeholders in attendance.
Speaking on behalf of Governor Babajide Sanwo-Olu, the Deputy Chief of Staff, Sam Egube, said the initiative was designed to address challenges facing women entrepreneurs, particularly limited access to finance, business development services and market opportunities.
Egube noted that women played a significant role in Lagos’ commercial activities but often lacked the resources needed to expand their businesses. He described support for women-led enterprises as an investment in the wider economy, with the potential to improve livelihoods, boost productivity and create jobs.
He stressed that the programme’s success would be determined by measurable improvements in participating businesses rather than the number of beneficiaries enrolled. He urged implementing partners to ensure accountability and deliver tangible results in business management, financial readiness, market access, sustainability and employment generation.
Under the initiative, the 610 selected businesses are expected to receive support to strengthen their operations, improve financial management, adopt digital tools and prepare to access appropriate financing opportunities. The programme will also facilitate business connections and market linkages to help entrepreneurs reach more customers and expand their operations.
However, details on the amount of the seed grant, beneficiary selection criteria and the timeline for disbursing any direct financial assistance to participating businesses were not disclosed at the launch.
The Director-General and Acting Vice-President of the AfDB, Abdul Kamara, said access to finance alone was insufficient to address the challenges confronting women entrepreneurs. He emphasised the need for technical expertise, stronger management capacity and investment readiness to help businesses utilise financing effectively and achieve sustainable growth.
Kamara reaffirmed the bank’s commitment to women’s economic empowerment as part of its broader agenda for inclusive growth, private-sector development and sustainable job creation. He also described the partnership as a foundation for expanding opportunities for women entrepreneurs across Nigeria.
Similarly, the Lagos State Commissioner for Wealth Creation and Employment, Akinyemi Bankole Ajigbotafe, described the collaboration among the AfDB, LSETF and the state ministry as a significant step towards promoting women’s entrepreneurship and economic independence.
Ajigbotafe commended the bank for its support and acknowledged LSETF’s role in implementing initiatives aimed at strengthening businesses, promoting employment and widening economic opportunities across the state.
He added that the programme aligned with the Lagos State Government’s economic agenda, which prioritises enterprise growth, innovation, financial inclusion and job creation. He stressed that effective implementation, accountability and measurable improvements in business performance would be essential to achieving the project’s objectives.
The initiative forms part of broader efforts by the Lagos State Government and development partners to strengthen enterprise development and employment. Its long-term impact will depend on the quality of support provided, access to suitable financing and the ability of participating businesses to translate the intervention into sustainable growth.
