NGO give N3 million seed grants to 100 businesses

Non-governmental female empowerment organisation, Flourish Africa, has successfully trained its third cohort of 515 female entrepreneurs and increased its grant funding to N1.3 billion.

At its grant award ceremony and eighth annual conference held in Lagos recently, 100 graduates of the business and life skills training programme received seed grants of up to N3 million each after excelling in business pitch competitions.

The individual grant amount was increased from N2 million to N3 million in response to current economic conditions, demonstrating the organisation’scommitment to sustainable economic growth across Africa.

Since launching the initial N1 billion grant programme, Flourish Africa has empowered 1,539 female entrepreneurs with comprehensive business training and has distributed N400 million in capital funding to 200 women entrepreneurs, significantly impacting local economies and communities.

Speaking at the ceremony, founder, Flourish Africa, Folorunso Alakija, said when women have access to economic resources and equal opportunities, they improve their well-being and that of their families.

She said the scheme enables women participate in and influence economic decision-making within society, thereby contributing to eradicating poverty and fostering economic growth. The conference, themed, “She-Champions: Elevating Women’s Participation in Economic Development”, featured notable business leaders sharing insights on women’s economic empowerment.

Founder and CEO, No Left-Overs, Ayodeji Megbope, highlighted that closing the gender gap in labour force participation could contribute £28 trillion to the global GDP by 2025.

CEO, Sorami Enterprises, Olufunto Igun, emphasised the crucial role of mentorship in entrepreneurial success, noting that with effective mentorship, women entrepreneurs become self-sufficient and can empower others.

Executive Director, Folarin Alakija, reinforced the economic imperative of women’s participation, stating that investing in women’s education and business skills is not only socially responsible but economically prudent for overall societal growth.

The four-month intensive training programme, which trained 515 selected female-owned Micro, Small and Medium Enterprises (MSMEs), provided participants with expert guidance in business strategy, finance management, legal compliance, marketing, and human resources.

This comprehensive curriculum aims to equip entrepreneurs with the skills needed to build sustainable and profitable businesses.

Alakija said they aim to empower 2,500 female business owners through funding and structured training over five years, starting in Nigeria with plans to expand across the continent, representing a significant step toward closing the gender gap in African entrepreneurship. She urged individuals and organisations to support the initiative, enabling its expansion to reach more women throughout Africa and beyond.