Lagos and AfDB Empower 610 Women Businesses

Lagos State and AfDB Launch Strategic Initiative to Empower 610 Women-Led Businesses

The Lagos State Government, in a strategic partnership with the African Development Bank (AfDB), has officially launched a landmark economic intervention targeting 610 women-led businesses across the state. 

The landmark partnership, titled the Affirmative Finance Action for Women in Africa (AFAWA) Women Entrepreneurship Project, was unveiled at a high-level signing ceremony held at the Banquet Hall, Lagos House, Ikeja. Aimed at tackling deep-seated systemic barriers preventing women from expanding their enterprises, the initiative injects critical funding and professional capacity building directly into the heart of Nigeria’s commercial nerve centre. 

Core Objectives of the AFAWA Project in Lagos

The AFAWA initiative focuses on building resilient, sustainable, and highly competitive female-driven enterprises. The programme is specifically structured around four key operational pillars:

Access to Finance: Bridging the traditional credit and capital gaps faced by female founders through dedicated seed grants. 

Punch Newspapers

Capacity Building: Supplying rigorous business training, mentoring, and administrative guidance to improve long-term enterprise survival rates. 

Market Linkage: Connecting grassroots and urban female entrepreneurs directly with expanding local and regional supply chains. 

Investment Readiness: Preparing micro, small, and medium-sized enterprises (MSMEs) to transition into formal corporate structures capable of attracting international equity and commercial loans. 

Institutional Framework and Statistical Overview

To guarantee seamless execution, accountability, and maximum grassroots impact, the project integrates local governance machinery with continental development expertise.

The African Development Bank (AfDB) provides financial steering and seed grants, while the programme is actively managed locally by the Lagos State Employment Trust Fund (LSETF). To bridge the gap between policy and practice, Somo Africa serves as the primary ground-level implementing partner. 

Key Strategic Metrics of the Initiative

Project Parameter Statistical Data & Specifications Institutional Alignment

Target Beneficiaries 610 women-led businesses MSME & Micro-Enterprise sectors

Financing Structure Seed Grant Funding Disbursed via the AfDB AFAWA framework

Target Segments Micro, Small, & Medium Enterprises (MSMEs) High-growth, female-founded entities

Local Management LSETF Primary Lagos state socioeconomic vehicle

Field Execution Partner Somo Africa Ground-level training and tracking

Economic Rationale: Why Women Hold the Key to Lagos' Economy

Representing Lagos State Governor Babajide Sanwo-Olu, the state's economic expert Sam Egube emphasized that the administration's long-term economic plans cannot succeed without placing women at the centre of commercial policy.

In Lagos State, female entrepreneurs dominate the informal economy and micro-retailing landscape. However, institutional bottlenecks—ranging from a lack of titled property collateral to high borrowing costs—frequently throttle their growth. By pairing financial injection with technical mentoring, the AFAWA project directly addresses the underlying vulnerabilities that lead to high early-stage mortality rates for small businesses. 

The initiative underscores Lagos State’s broader commitment to accelerating job creation, diversifying state domestic productivity, and generating inclusive economic opportunities that lift entire communal ecosystems. 

Independent Newspaper Nigeria

How to Follow the Program's Impact

As the rollout commences, Somo Africa and LSETF are expected to publish formal application guidelines, evaluation metrics, and selection intervals for qualifying female founders across Lagos' 20 Local Government Areas (LGAs) and 37 Local Council Development Areas (LCDAs). Eligible business owners are encouraged to follow official state communications to position their enterprises for upcoming selection rounds.

SPONSORED

Learn How to Start WhatsApp TV and Make Money Online

Discover practical tips and learn how to build your WhatsApp TV business.

LEARN MORE →