African Development Bank Commits $750,000 to Support Nigerian Women Entrepreneurs
The African Development Bank Group has committed $750,000 in grants to bolster women-led businesses across Nigeria, distributing the funds equally among three local institutions to expand access to finance and create jobs. The funding forms the second cohort of the bank’s Women Entrepreneurship Enablers Project, which operates through the Affirmative Finance Action for Women in Africa initiative.
Under the three-year programme, the Lagos State Employment Trust Fund, the Pan African Women Empowerment Network, and the ImpactHER Foundation will each receive $250,000. While the LSETF plans to direct its share toward supporting 610 specific women-led businesses, PAWEN and ImpactHER will deploy their allocations toward interventions for female entrepreneurs.
Three Nigerian Institutions Share Grant Funding
The three beneficiary organisations serve distinct roles in delivering the programme’s business development services, financial literacy training, and mentorship. The LSETF brings a decade of local experience to the partnership. Representing Lagos State Governor Babajide Sanwo-Olu at the launch, Deputy Chief of Staff Sam Egube noted that the agency has provided affordable financing to over 3 million small businesses over the past ten years, with women accounting for nearly 60 per cent of its portfolio.
With close to 60 per cent women-owned businesses in our portfolio, this seed funding from the AfDB will add catalytic results in the revenue growth, business scalability and job creation factors of these women MSMEs,
Governor Sanwo-Olu said through his representative.
Dr Abdul Kamara, the AfDB Acting Vice President for Regional Development, Integration and Business Delivery and Director General for Nigeria, emphasized the economic necessity of the targeted investments. Investing in women entrepreneurs is not only a matter of inclusion; it is a catalyst for stronger and more resilient economies,
Kamara said in a statement.
Broader Strategy and Regional Context
This $750,000 allocation builds on a larger continental framework. The first cohort of the Women Entrepreneurship Enablers Project launched in 2022 with an initial target of supporting 16,000 women-led businesses across 26 African countries. The current Nigerian initiative aligns directly with the AfDB’s Nigeria Country Strategy Paper for 2025–2030, which prioritizes inclusive economic growth for women and young people.
The new grants also complement a separate $61m financing package recently issued by the AfDB to the Development Bank of Nigeria, designed to expand access to affordable financing for women-owned and women-led businesses nationwide.