A new collaboration between the Lagos State Government and the African Development Bank is set to provide targeted assistance to 610 businesses owned or led by women, with the authorities promising to measure success by improvements in enterprise performance rather than participation figures alone.
The intervention, known as the Affirmative Finance Action for Women in Africa (AFAWA) Women Entrepreneurship Project, will operate through the Lagos State Employment Trust Fund. Somo Africa has been engaged as implementing partner. Its formal unveiling took place at a signing ceremony at Lagos House in Ikeja.
Under the arrangement, the AfDB is making a seed grant available to support the programme. Beneficiaries drawn from micro, small and medium-sized enterprises are expected to receive practical guidance on business operations, financial management, digital adoption and preparation for external financing. The programme also aims to connect participants to buyers, commercial networks and potential new markets.
Governor Babajide Sanwo-Olu, represented by his Deputy Chief of Staff, Sam Egube, described women-owned enterprises as important contributors to Lagos’ economy whose expansion is often constrained by limited access to capital, professional advice and commercial opportunities. He argued that strengthening these businesses could produce wider gains through employment, higher productivity and improved household livelihoods.
Sanwo-Olu asked those administering the project to demonstrate accountability and track outcomes including stronger management practices, market reach, financial preparedness, business sustainability and jobs created. The emphasis, he indicated, should be on changes that entrepreneurs can sustain after receiving assistance.
AfDB Director General and Acting Vice President Abdul Kamara said capital alone would not resolve the difficulties faced by women entrepreneurs. Technical competence, investment readiness and reliable business systems were also necessary if firms were to attract suitable funding and grow competitively. He reaffirmed the bank’s support for women’s economic participation and suggested the Lagos initiative could inform similar programmes elsewhere in Nigeria.
Commissioner for Wealth Creation and Employment Bankole Ajigbotafe welcomed the collaboration among the state, the bank and LSETF. He said the initiative aligned with efforts to widen economic opportunity and help women achieve greater independence through enterprise development.
The project will now face the practical test of converting training, advice and financial support into demonstrable business growth for the 610 intended beneficiaries.
