AfDB Announces $750,000 Grant to Support Women Entrepreneurs: How 610 Lagos Businesses Can Benefit
- AfDB will provide $750,000 to three Nigerian organisations to support women-owned businesses through a three-year programme
- 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
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Women entrepreneurs in Lagos and other parts of Nigeria are set to benefit from a $750,000 funding initiative announced by the African Development Bank (AfDB) to strengthen women-owned businesses and expand access to financing opportunities.
The three-year programme will support female entrepreneurs through business training, mentorship, financial literacy, business formalisation, and market-access initiatives.
Source: UGC
The funding will be channelled through three Nigerian organisations: the Lagos State Employment Trust Fund (LSETF), Pan African Women Empowerment Network (PAWEN) and ImpactHER Foundation.
Each organisation will receive $250,000 to implement programmes designed to improve the competitiveness and sustainability of women-led enterprises.
For Lagos residents, the initiative offers a significant opportunity, with LSETF expected to support 610 women-owned and women-led businesses.
However, the $750,000 is institutional funding, not a direct cash grant for individual applicants.
How AfDB's $750,000 funding will work
The intervention falls under the AfDB's Affirmative Finance Action for Women in Africa (AFAWA), an initiative established 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.
While each will receive $250,000, the funding will finance entrepreneurship support programmes rather than guaranteed cash payments to beneficiaries.
Lagos women to benefit from funding
LSETF will deploy its allocation to support 610 women-led enterprises across Lagos State.
The intervention will focus on helping participating businesses strengthen their operations, improve financial management and become better positioned to attract investment.
Beneficiaries are expected to receive support in five major areas:
- Business development: Training in business planning, operational management and expansion strategies.
- Financial literacy: Guidance on budgeting, recordkeeping and accessing financial services.
- Business formalisation: Assistance in strengthening business structures and meeting formal operating requirements.
- Mentorship: Advisory support to help entrepreneurs overcome business challenges.
- Market access: Opportunities to develop business connections and explore financing channels.
The initiative could particularly benefit entrepreneurs seeking to expand their businesses but struggling with limited financial knowledge, weak business structures or restricted market opportunities.
Who qualifies for the programme?
The initiative targets women-owned and women-led businesses, with the Lagos component expected to accommodate 610 enterprises.
However, 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.
Consequently, entrepreneurs should not assume that qualifying for an existing LSETF loan automatically guarantees participation in this programme.
PAWEN and ImpactHER will also implement separate interventions using their respective allocations.
Will beneficiaries receive g cash grants?
Although the AfDB has committed $750,000, the funding does not represent a cash-sharing programme for individual entrepreneurs.
The bank has not announced fixed payments for the 610 Lagos businesses.
Instead, the funds will finance training, mentorship, advisory services and other business development activities, according to MSME Africa's report.
Entrepreneurs should therefore disregard claims promising automatic payments or guaranteed selection in exchange for registration fees.
How Lagos women can apply
A dedicated application portal, closing date and detailed selection procedure have not been confirmed in the announcement.
Source: Getty Images
Interested entrepreneurs should monitor official LSETF communications for information about registration, eligibility and beneficiary selection.
They can visit:
LSETF official website: https://lsetf.ng/
LSETF latest announcements: https://lsetf.ng/latest-news
Women entrepreneurs should rely on verified announcements before submitting personal information or making financial commitments.
How to access FG’s N50,000 grant
Legit.ng earlier reported that Nigerians seeking financial relief from the federal government's ₦50,000 grant programme now have several digital channels through which they can check their eligibility and access approved payments without visiting a government office.
The initiative, known as the National Emergency Relief and Stabilisation Intervention (NERSI), is designed to support vulnerable households struggling with rising living costs and other economic pressures.
Source: Legit.ng
