The Lagos State Government, in partnership with the African Development Bank (AfDB), has launched a programme to support 610 women-led businesses with training, mentoring and improved access to finance.
The initiative, known as the Affirmative Finance Action for Women in Africa (AFAWA) Women Entrepreneurship Project, was launched on Wednesday at Lagos House, Ikeja, through the Lagos State Employment Trust Fund (LSETF). Somo Africa will serve as the implementing partner.
The project aims to strengthen women-owned micro, small and medium-sized enterprises (MSMEs), improve their competitiveness, expand market access and promote job creation across the state.
Under the programme, participating entrepreneurs will receive business training, mentoring and advisory services to improve their operations, strengthen financial management, adopt digital tools and prepare to access suitable financing.
The initiative will also facilitate business connections and market linkages to help beneficiaries reach new customers and explore expansion opportunities.
Speaking at the launch, Governor Babajide Sanwo-Olu, represented by his Deputy Chief of Staff, Mr Sam Egube, said the partnership would help address barriers limiting the growth of women-owned businesses.
He noted that women play a significant role in Lagos’ economic activities but continue to face challenges in accessing finance, business development support and market opportunities.
According to the governor, investing in women-led enterprises would benefit not only individual entrepreneurs but also the wider economy through improved productivity, stronger livelihoods and increased employment.
Sanwo-Olu said the project’s success would be assessed through measurable improvements in business management, financial readiness, market access, sustainability and job creation.
He also urged the implementing partners to maintain accountability and ensure that the intervention delivers tangible benefits to participating businesses.
The Director General and Acting Vice President of the AfDB, Dr Abdul Kamara, stressed the importance of combining access to finance with business development support to help women entrepreneurs build sustainable enterprises.
He said entrepreneurs needed technical knowledge, sound management skills and investment readiness alongside financing to establish viable businesses and attract appropriate financial support.
Kamara reaffirmed the bank’s commitment to women’s economic empowerment, describing it as an important component of inclusive growth, private-sector development and sustainable job creation. He added that the partnership could provide a foundation for further interventions supporting women entrepreneurs across Nigeria.
The Lagos State Commissioner for Wealth Creation and Employment, Mr Akinyemi Bankole Ajigbotafe, described the initiative as a milestone in efforts by the AfDB, LSETF and the ministry to promote women’s entrepreneurship and economic independence.
He commended the bank for its support and acknowledged LSETF’s role in implementing programmes that strengthen businesses, promote employment and expand economic opportunities.
The AFAWA project aligns with the Lagos State Government’s economic development agenda, which prioritises enterprise growth, innovation, financial inclusion and job creation.
Implementation will focus on effective programme delivery, accountability and measurable improvements in the performance and sustainability of the beneficiary businesses.