AfDB Invests $750,000 to Empower Women Entrepreneurs in Nigeria

The African Development Bank Group has committed $750,000 in grants to support women-led businesses across Nigeria as part of a three-year initiative aimed at improving access to finance, strengthening entrepreneurship, and creating jobs. The funding will be distributed equally among three Nigerian institutions: the Lagos State Employment Trust Fund (LSETF), the Pan African Women Empowerment Network (PAWEN), and ImpactHER Foundation, with each receiving $250,000.

The partnership was announced under the second cohort of the Women Entrepreneurship Enablers Project, financed through the AfDB’s Affirmative Finance Action for Women in Africa initiative. The LSETF will utilize its grant to support 610 women-led businesses.

Dr Abdul Kamara, the AfDB’s Acting Vice President for Regional Development, Integration and Business Delivery and Director General for Nigeria, stated that the investment would aid women entrepreneurs in expanding their businesses and contributing to economic development. The program will provide financial literacy training, business formalization support, mentorship, and access to markets and financing opportunities.