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A new intervention by the Lagos State Government and the African Development Bank is expected to give 610 women-owned businesses greater opportunities to overcome financial constraints and strengthen their operations.
The programme seeks to address the difficulties women entrepreneurs encounter in securing the resources and expertise needed to grow their businesses. It will focus on improving their readiness to access financing, develop stronger business structures and compete more effectively in the marketplace.
Participating enterprises are expected to benefit from practical business support, including improved financial planning, digital integration and strategies for reaching customers. These measures are intended to help entrepreneurs move beyond the survival stage and establish businesses capable of sustained growth.
The Lagos State Employment Trust Fund is working with the bank’s Affirmative Finance Action for Women in Africa initiative and Somo Africa on the programme. Arrangements also include securing technical support to coordinate activities and help beneficiaries connect with appropriate financing opportunities.
Beyond supporting individual business owners, the intervention is expected to contribute to job creation and economic activity by strengthening enterprises operated by women. The programme also highlights the importance of targeted support in addressing the funding and capacity gaps that continue to affect women in business.
