African Development Bank Grants $750K to Nigerian Women

Women business owners across Nigeria are getting a powerful boost thanks to a $750,000 investment designed to help them succeed.

The African Development Bank Group announced the three-year grant program will support 610 women-led enterprises through three Nigerian organizations. Each institution will receive $250,000 to deliver business development services, financial training, and connections to funding opportunities.

The Lagos State Employment Trust Fund, Pan African Women Empowerment Network, and ImpactHER Foundation will lead the effort. They'll help female entrepreneurs formalize their businesses, gain mentorship, access markets, and secure the financing they need to expand.

Dr. Abdul Kamara, the AfDB's Acting Vice President for Regional Development, emphasized why this investment matters. "Women-owned and women-led businesses are essential to Nigeria's economic growth and job creation," he said, adding that supporting female entrepreneurs builds stronger, more resilient economies.

The partnership launched in Lagos with strong backing from Governor Babajide Sanwo-Olu, who pointed out that women already make up nearly 60 percent of businesses supported by the Lagos State Employment Trust Fund. Over the past decade, that agency has helped more than 3 million small businesses across the state.

The Ripple Effect

This funding represents far more than financial support for individual businesses. When women entrepreneurs succeed, entire communities benefit through job creation and economic development.

The program addresses real barriers that have limited women's participation in economic activities. By providing the skills, networks, and financing opportunities female business owners need, the initiative creates pathways for sustainable growth that can transform local economies.

The investment builds on the AfDB's first Women Entrepreneurship Enablers Project launched in 2022, which targeted 16,000 women-led businesses across 26 African countries. The bank recently approved an additional $61 million financing package to the Development Bank of Nigeria specifically aimed at expanding access to affordable financing for women-owned businesses.

Governor Sanwo-Olu expressed confidence that the seed funding will produce measurable results in revenue growth, business scalability, and job creation for women-owned micro, small, and medium enterprises. He assured participants they would receive continued support from the state government and its development partners.

The initiative aligns with the AfDB's Nigeria Country Strategy Paper for 2025-2030, which makes inclusive growth and economic opportunities for women and young people a top priority.

For 610 women entrepreneurs across Nigeria, this funding opens doors that may have seemed closed before.