The Lagos State Government has partnered with the African Development Bank (AfDB) to strengthen women-owned businesses through a new entrepreneurship support programme targeting 610 Micro, Small and Medium-sized Enterprises (MSMEs) across the state.
The initiative, known as the Affirmative Finance Action for Women in Africa (AFAWA) Women Entrepreneurship Project, was officially launched at a signing ceremony held at Lagos House, Ikeja, on Wednesday. The Lagos State Employment Trust Fund (LSETF) is coordinating the initiative, with Somo Africa serving as its implementing partner.
The programme is designed to help women entrepreneurs improve business performance, expand their reach and build sustainable enterprises through training, mentorship, business advisory services and improved financial readiness.
Under the arrangement, the African Development Bank will provide a seed grant to support the project. Beneficiaries will receive guidance on financial management, digital adoption and business operations, alongside assistance in establishing market connections and identifying opportunities for growth.
Speaking at the launch, Lagos State Governor, Mr. Babajide Sanwo-Olu, described the partnership as a significant move towards addressing the challenges confronting women in business.
The governor, who was represented by the Deputy Chief of Staff, Mr. Sam Egube, noted that women contribute substantially to Lagos’ economic activities but continue to encounter difficulties accessing finance, business development resources and wider markets.
He said investing in women-led enterprises would generate benefits beyond individual businesses by strengthening household livelihoods, improving productivity and creating employment opportunities across the state.
Sanwo-Olu stressed that the impact of the programme should be assessed through tangible improvements in the businesses it supports, particularly in management practices, access to markets, financial preparedness, long-term sustainability and job creation. He also urged the partners to maintain accountability throughout implementation.
Also speaking, the Director General and Acting Vice President of the African Development Bank, Dr. Abdul Kamara, emphasised that financial support alone would not adequately address the challenges faced by women entrepreneurs.
He explained that business owners also need the right skills, technical guidance and management capabilities to operate effectively, attract suitable financing and build enterprises capable of sustained growth.
Kamara reaffirmed the bank’s commitment to women’s economic empowerment, describing it as an important driver of inclusive development, private-sector growth and sustainable employment. He added that the collaboration could provide a foundation for expanding similar opportunities for women entrepreneurs across Nigeria.
The Lagos State Commissioner for Wealth Creation and Employment, Mr. Akinyemi Bankole Ajigbotafe, welcomed the partnership, describing it as a key step in ongoing efforts by the African Development Bank, LSETF and the state ministry to advance women’s entrepreneurship and economic independence.
He commended the bank for its support and acknowledged LSETF’s contribution to programmes focused on enterprise development, employment generation and broader economic participation.
The project forms part of Lagos State’s wider economic development agenda, which prioritises financial inclusion, innovation, business expansion and job creation. Through targeted support for women-led enterprises, the initiative aims to improve business resilience and create a more inclusive environment for entrepreneurship.
Its implementation will require sustained cooperation among government agencies, development institutions and enterprise-support organisations to ensure that participating businesses achieve meaningful and measurable results.
