The initiative, known as the Affirmative Finance Action for Women in Africa Women Entrepreneurship Project, targets micro, small and medium-sized enterprises (MSMEs). It is being implemented through the Lagos State Employment Trust Fund (LSETF), with Somo Africa as the implementing partner. The AfDB is providing a seed grant to support the project.

The programme was officially launched on Wednesday at the Banquet Hall, Lagos House, Ikeja, with government officials, bank representatives and other stakeholders in attendance.

Representing Governor Babajide Sanwo-Olu, Deputy Chief of Staff Sam Egube said the initiative would address barriers facing women entrepreneurs, particularly limited access to finance, business development services and markets.

He noted that women play a significant role in Lagos’ commercial activities but often lack the resources needed to expand their businesses.

“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.”

Egube said the programme’s success would be measured by improvements in business management, market access, financial readiness, sustainability and job creation.

“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. Implementing partners should maintain strong accountability and ensure that the support provided translates into measurable outcomes,” he said.

The beneficiaries are expected to receive support to improve financial management, adopt digital tools, strengthen operations and prepare to access appropriate financing. The programme will also connect them with potential customers and new markets.

However, the announcement did not specify the seed grant amount, beneficiary selection criteria or when any direct financial assistance would be disbursed.

Speaking at the launch, AfDB Director-General and Acting Vice-President Abdul Kamara said finance alone could not resolve the challenges facing women entrepreneurs. He stressed that businesses also needed technical expertise, management capacity and investment readiness to use funding effectively and remain sustainable.

Kamara reaffirmed the bank’s commitment to women’s economic empowerment through inclusive growth, private-sector development and sustainable job creation. He described the partnership as a foundation for further interventions to expand opportunities for women entrepreneurs across Nigeria.

Lagos State Commissioner for Wealth Creation and Employment Akinyemi Bankole Ajigbotafe described the collaboration between the AfDB, LSETF and the Lagos State Ministry of Wealth Creation and Employment as an important step towards women’s entrepreneurship and economic independence.

He commended the bank’s support and LSETF’s role in strengthening businesses, promoting employment and widening economic opportunities.

Ajigbotafe said the project aligned with the state’s priorities of enterprise growth, innovation, financial inclusion and job creation. He added that stronger women-led businesses could help build a more resilient and inclusive economy.

He emphasised that effective implementation, accountability and measurable improvements in business performance would be essential to achieving the programme’s objectives.

The initiative forms part of Lagos State’s broader efforts to promote enterprise development and employment. Its impact will depend on the quality of support delivered, access to suitable financing and the ability of participating businesses to achieve sustainable growth.

Source: The PUNCH