LASG, AfDB target 610 women-led businesses for growth

Politics Spice Special Features Education Sex & Relationship Interview Columns Opinion Advertise with us LASG, AfDB target 610 women-led businesses for growth News October 15, 2026 12:04 am File photo: Lagos State Governor, Babajide Sanwo-Olu. Photo: LASG

The Lagos State Government and the African Development Bank have launched a programme targeting 610 women-led businesses for business development support, The PUNCH reports.

Both institutions seek to tackle barriers to finance, improve enterprise survival and expand women’s participation in the state’s economy.

The initiative, known as the Affirmative Finance Action for Women in Africa Women Entrepreneurship Project, will provide participating micro, small and medium-sized enterprises with training, mentoring and business advisory services, while helping them improve their readiness to access financing and connect with new markets.

The programme is being implemented through the Lagos State Employment Trust Fund, with Somo Africa serving as the implementing partner. The bank is providing a seed grant to support the intervention.

The project was formally launched on Wednesday with a ceremony at the Banquet Hall, Lagos House, Ikeja, attended by representatives of the state government, the bank and other stakeholders.

Speaking on behalf of Governor Babajide Sanwo-Olu, the Deputy Chief of Staff, Sam Egube, said the programme was intended to address persistent obstacles confronting women entrepreneurs, particularly difficulties accessing finance, business development services and market opportunities.

He said women remained central to Lagos’ commercial activity, running businesses across markets, neighbourhoods and different sectors, but that their economic contributions could be constrained by limited access to the resources required to expand.

Egube said, “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.”

He said the impact of the intervention should be measured by tangible improvements in the businesses selected for support, rather than by the launch of the programme or the number of participants enrolled.

“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.

Under the programme, the 610 businesses are expected to receive support to strengthen their operations, improve financial management, adopt digital tools and prepare to approach appropriate sources of finance.

The intervention will also facilitate business connections and market linkages to help participating entrepreneurs reach more customers and explore opportunities for expansion.

The announcement did not specify the amount of the seed grant, the criteria for selecting beneficiaries or the timetable for disbursing any financial assistance directly to businesses.

Speaking at the launch, the Director-General and Acting Vice-President of the African Development Bank, Abdul Kamara, said finance alone would not resolve the difficulties facing women entrepreneurs.

He argued that businesses also needed the technical expertise, management capacity and investment readiness required to use financing effectively and build sustainable operations.

Kamara said the bank remained committed to advancing women’s economic empowerment as part of its broader agenda for inclusive growth, private-sector development and sustainable job creation.

He described the partnership as a foundation for further interventions that could widen opportunities for women entrepreneurs across Nigeria.

The approach reflects the programme’s emphasis on strengthening the businesses themselves alongside efforts to improve their access to finance. For participating enterprises, training and advisory services are intended to help address weaknesses in business operations, financial management and readiness for expansion.

The Commissioner for Wealth Creation and Employment, Akinyemi Bankole Ajigbotafe, described the partnership between the African Development Bank, LSETF and the Lagos State Ministry of Wealth Creation and Employment as an important step towards promoting women’s entrepreneurship and economic independence.

He commended the bank for its support and acknowledged LSETF’s role in facilitating programmes designed to strengthen enterprises, promote employment and widen economic opportunities across Lagos.

Ajigbotafe said the project aligned with the state government’s wider economic agenda, which prioritises enterprise growth, innovation, financial inclusion and job creation.

He said strengthening women-led businesses could contribute to a more resilient and inclusive business environment, while collaboration between government agencies, development partners and enterprise-support organisations could help address structural constraints to business growth.

The commissioner added that implementation would require effective programme delivery, accountability and measurable improvements in the performance and sustainability of the participating businesses.

The launch comes as the Lagos State Government continues to promote enterprise development and employment as part of its economic growth strategy. The partnership also gives the African Development Bank an avenue to support women-owned businesses through a combination of enterprise development and improved financial readiness.

With 610 businesses targeted, the programme’s eventual impact will depend on the quality of the support delivered, the suitability of financing opportunities available to participants and the extent to which the businesses can translate the intervention into lasting growth.

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