AfDB puts $750,000 behind Nigerian women-owned businesses, LSETF to support 610 in Lagos

The African Development Bank (AfDB) is providing $750,000 to three Nigerian organisations to support women-owned businesses under a three-year programme. The Lagos State Employment Trust Fund (LSETF) will use its $250,000 share to support 610 women-led Lagos businesses with training, mentoring and market access.

The funding is not a direct cash grant. Entrepreneurs should watch official LSETF channels for application details.

How the funding is split

The AfDB will channel the $750,000 through LSETF, Pan African Women Empowerment Network (PAWEN) and ImpactHER Foundation. Each organisation will receive $250,000 to run programmes that improve the competitiveness and sustainability of women-led enterprises.

The intervention falls under the AfDB’s Affirmative Finance Action for Women in Africa (AFAWA), an initiative set up to address financing challenges confronting female entrepreneurs. Through its Women Entrepreneurship Enablers Project, the bank supports organisations providing business development services and improving women’s access to financial opportunities. The three Nigerian organisations were selected under the project’s second cohort.

PAWEN and ImpactHER will also implement separate interventions using their respective allocations. The funds will finance entrepreneurship support programmes, not guaranteed cash payments to beneficiaries.

What Lagos firms get

LSETF will deploy its allocation to support 610 women-owned and women-led enterprises across Lagos State. The support will focus on helping participating businesses strengthen operations, improve financial management and become better positioned to attract investment.

Beneficiaries are expected to receive support in five major areas. Business development will cover training in business planning, operational management and expansion strategies. Financial literacy will cover guidance on budgeting, recordkeeping and accessing financial services. Business formalisation will assist firms in strengthening business structures and meeting formal operating requirements. Mentorship will provide advisory support to help entrepreneurs overcome business challenges. Market access will offer opportunities to develop business connections and explore financing channels.

The initiative could particularly benefit entrepreneurs seeking to expand but struggling with limited financial knowledge, weak business structures or restricted market opportunities. The AfDB has not announced fixed payments for the 610 Lagos businesses.

No full eligibility list yet

The AfDB announcement does not provide a comprehensive eligibility checklist. Specific requirements concerning business registration, annual turnover, years of operation and priority sectors have not been disclosed. Qualifying for an existing LSETF loan does not automatically guarantee participation in this programme.

A dedicated application portal, closing date and detailed selection procedure have not been confirmed. Interested entrepreneurs should monitor official LSETF communications for information about registration, eligibility and beneficiary selection. They can visit https://lsetf.ng/ and https://lsetf.ng/latest-news.

Entrepreneurs should disregard claims promising automatic payments or guaranteed selection in exchange for registration fees. They should rely on verified announcements before submitting personal information or making financial commitments.

For Nigerian businesses, the programme is capacity-building support, not working capital. It may improve how women-led firms plan, keep records and approach financiers, but it will not provide direct cash to the 610 Lagos businesses.