…Initiative to strengthen women’s entrepreneurship, improve access to finance, expand business opportunities in Lagos
The Lagos State Government, through the Lagos State Employment Trust Fund (LSETF), in partnership with the African Development Bank (AfDB), has launched the Affirmative Finance Action for Women in Africa (AFAWA) Women Entrepreneurship Project.
The project, a strategic initiative designed to strengthen women-led businesses and promote inclusive economic growth, was formally launched at a signing ceremony held at Lagos House, Ikeja, on Wednesday.
The initiative underscores the commitment of the Lagos State Government to creating an enabling environment for women entrepreneurs to grow their businesses, improve their competitiveness, access new markets and contribute more significantly to employment generation and economic development.
The African Development Bank is providing a seed grant targeting 610 women-led Micro, Small and Medium-sized Enterprises (MSMEs) in Lagos State, with Somo Africa serving as the implementing partner.
Under the programme, participating entrepreneurs will receive training, mentoring and business advisory services to strengthen their operations, improve financial management, adopt digital tools and prepare their businesses to access appropriate financing. The initiative will also facilitate business connections and market linkages to help participating enterprises reach new customers and explore opportunities for expansion.
Speaking at the event, the Governor of Lagos State, Mr. Babajide Sanwo-Olu, described the partnership as an important step towards addressing the barriers that prevent women-owned businesses from reaching their full potential.
Governor Sanwo-Olu, who was represented by his Deputy Chief of Staff, Mr. Sam Egube, said: “Women remain central to Lagos State’s economic activities, operating businesses across markets, neighbourhoods and various sectors. However, many continue to face challenges accessing finance, business development support and market opportunities.”
According to him, supporting women-led enterprises is not merely an investment in individual entrepreneurs but a strategic investment in the wider Lagos economy, with the potential to strengthen livelihoods, increase productivity and create employment opportunities.
Governor Sanwo-Olu emphasized that the project’s success would be measured by its impact on participating businesses, including improvements in business management, market access, financial readiness, sustainability and job creation. He also called on the implementing partners to maintain strong accountability and ensure that the support provided translates into measurable outcomes.
Speaking at the event, the Director General and Acting Vice President of the African Development Bank, Dr. Abdul Kamara, highlighted the importance of combining access to finance with business development support to address the challenges confronting women entrepreneurs.
He explained that while access to financing remains a significant barrier, entrepreneurs also require the technical knowledge, business management skills and investment readiness needed to build viable enterprises and attract appropriate financial support.
Dr. Kamara reaffirmed the Bank’s commitment to advancing women’s economic empowerment as a critical component of inclusive growth, private-sector development and sustainable job creation. He also described the partnership as a foundation for further interventions that could expand opportunities for women entrepreneurs across Nigeria.
In his remarks, the Lagos State Commissioner for Wealth Creation and Employment, Mr. Akinyemi Bankole Ajigbotafe, described the partnership as an important milestone in the collaborative efforts of the African Development Bank, LSETF and the Lagos State Ministry of Wealth Creation and Employment to promote women’s entrepreneurship and economic independence.
He expressed appreciation to the African Development Bank for its support and acknowledged LSETF’s role in facilitating programmes that strengthen enterprises, promote employment and expand economic opportunities across Lagos State.
The AFAWA Women Entrepreneurship Project aligns with the Lagos State Government’s broader economic development agenda, which prioritizes enterprise growth, innovation, financial inclusion and job creation. By strengthening the capacity of women-led businesses, the initiative is expected to contribute to a more resilient and inclusive business environment.
The project also reinforces the importance of collaboration between government institutions, development partners and enterprise-support organisations in addressing the structural barriers that limit business growth.
As implementation begins, the partners are expected to focus on effective programme delivery, accountability and measurable improvements in the performance and sustainability of participating businesses.
