AfDB Commits $750,000 Grants to Nigerian Women Entrepreneurs

The African Development Bank Group has committed $750,000 in grants to support women-led businesses across Nigeria under a three-year programme. The funding is aimed at improving access to finance, strengthening entrepreneurship and creating jobs.

The grant will be shared equally by three Nigerian institutions, each receiving $250,000 to provide business development support to female entrepreneurs. The AfDB announced the funding in a statement issued on Friday.

Three institutions receive $250,000 each

The beneficiary institutions are the Lagos State Employment Trust Fund, the Pan African Women Empowerment Network and ImpactHER Foundation. Each will receive $250,000 under the arrangement.

The AfDB said the programme is under the second cohort of its Women Entrepreneurship Enablers Project. The bank also announced a partnership with the Lagos State Employment Trust Fund for the cohort.

Lagos employment fund leads partnership

The Lagos State Employment Trust Fund is one of the three beneficiaries and the AfDB’s partner for the second cohort. The fund will use its allocation to provide business development support to female entrepreneurs, alongside the other two institutions.

The three-year programme is designed to reach women-led businesses with support that improves access to finance and strengthens entrepreneurship. It also targets job creation.

What it means for women-led businesses

The grants give the three institutions funding to support female entrepreneurs in Nigeria. For women running small businesses, the programme is aimed at improving access to finance and business development support, areas that often determine whether small firms grow or stall.

The AfDB’s $750,000 commitment is split evenly, so each institution gets $250,000. The programme will run for three years.