By Ayomide Otitoju
The Lagos State Government and the African Development Bank (AfDB) have launched a programme targeting 610 women-led businesses to strengthen entrepreneurship, improve access to markets and promote economic growth.
The Affirmative Finance Action for Women in Africa (AFAWA) Women Entrepreneurship Project was launched at a signing ceremony held at Lagos House, Ikeja, on Wednesday.
The initiative is being implemented through the Lagos State Employment Trust Fund (LSETF), with Somo Africa serving as the implementing partner. The AfDB is providing a seed grant for the programme.
Participating micro, small and medium-sized enterprises (MSMEs) will receive training, mentoring and business advisory services to improve business management, financial planning and the adoption of digital tools.
The programme will also help participating businesses strengthen their readiness for financing, establish market connections and identify opportunities for expansion.
Speaking at the event, Lagos State Governor Babajide Sanwo-Olu, represented by his Deputy Chief of Staff, Sam Egube, said the partnership would help address barriers limiting the growth of women-owned businesses.
Sanwo-Olu noted that many women entrepreneurs continued to face challenges accessing finance, business development support and market opportunities, despite their significant contributions to the state’s economy.
He said supporting women-led enterprises could strengthen livelihoods, improve productivity and create jobs, adding that the project’s success would be assessed through measurable improvements in business management, market access, financial readiness and sustainability.
The governor also urged the implementing partners to maintain accountability and ensure that the programme delivers tangible benefits to participating businesses.
The Director-General and Acting Vice-President of the AfDB, Dr Abdul Kamara, said access to finance needed to be complemented by business development support to help women entrepreneurs build sustainable enterprises.
He highlighted the importance of technical knowledge, management skills and investment readiness in enabling businesses to attract appropriate financing.
Kamara reaffirmed the bank’s commitment to women’s economic empowerment, describing it as important to inclusive growth, private-sector development and job creation.
Lagos State Commissioner for Wealth Creation and Employment, Akinyemi Bankole Ajigbotafe, described the project as a milestone in efforts by the AfDB, LSETF and the state government to promote women’s entrepreneurship and economic independence.
He commended the AfDB for its support and acknowledged LSETF’s role in programmes aimed at strengthening businesses and expanding employment opportunities across the state.
The project aligns with Lagos State’s economic development priorities, including enterprise growth, financial inclusion, innovation and job creation.
Implementation is expected to focus on accountability and measurable improvements in the performance and sustainability of the participating businesses.
