In Focus: Some resources for women entrepreneurs like schemes, initiatives and grants in Nigeria
#WomenEntrepreneurs #NigeriaBusiness #EconomicEmpowerment #AfricanInnovation #FemaleFounders
Nigeria, often referred to as the “Giant of Africa” is a nation rich in resources, culture, & potential. With its vast population and dynamic economy, the country is emerging as a hub for entrepreneurial innovation. However, women entrepreneurs in Nigeria face unique challenges – including limited access to funding, cultural barriers & systemic inequalities. To address these obstacles, a range of resources and initiatives has been established to support & empower women-led businesses.
Women Entrepreneurs in Nigeria: Rising Above Challenges with Supportive Resources
Government initiatives such as the Women Empowerment Fund aim to provide financial aid and capacity-building programs for women entrepreneurs. Meanwhile, organizations like the African Women’s Development Fund and the Tony Elumelu Foundation offer grants, training & mentorship to women entrepreneurs. Programs such as the Nigerian Export-Import Bank’s Female Entrepreneurship Fund provide targeted financial backing to women in export-focused industries, while the Women Enterprise Fund supports small & medium enterprises.
Nigeria’s Growing Ecosystem for Women-Led Businesses
These efforts are fostering greater economic participation – enhancing women’s ability to contribute to Nigeria’s economic growth, and breaking the barriers to financial independence. With resources like these, women entrepreneurs in Nigeria are driving change, inspiring communities & also shaping a more inclusive economy.
Let us study some resources like initiatives, schemes and grants that are available for women entrepreneurs in Nigeria.
> Women’s World Banking
What is evident is that only 35% of women and 55% of men in Nigeria have access to financial services; so, the country faces a significant financial inclusion gender gap. But there are organizations like Women’s World Banking which are at the forefront – implementing strategies to drive savings mobilization, leverage remittances for increased access, provide capital to women-owned enterprises and support resilience through insurance.
But, with the help of Women’s World Banking efforts in Nigeria, the country has forged ahead; and in 2022 it was seen that women were holding the position of Chief Executive Officer in eight out of its 24 commercial banks! Consequently, as women gain access to credit, savings and insurance products, they are better equipped to start a business, also improve their households’ economic stability too and become financially independent.
> Global Initiative for Girls’ Rights Education and Empowerment
Founded in 2019, this NGO has been regularly implementing many projects – to promote education for Nigerian women and raise awareness about menstrual hygiene management.
Consequently, their achievements include empowering many rural women in Benue with skills in leadership, accounting and artisanal capabilities – to improve their economic status and participation in decision-making in their homes and community.
> The Association for Women in Business – Creating the African Women Power Network
The Association for Women in Business has become a leading platform for African women entrepreneurs, facilitating their business success and growth. This happens through various initiatives such as – pitch competitions for young entrepreneurs, agribusiness training for women farmers and the DREAM Initiative to help secondary school students develop business plans.
This organization envisions sustainable change through women empowerment as it aims to empower African women entrepreneurs – by providing them with training and support, with a particular focus on technology.
> Give Girls A Chance
This non-profit organization is dedicated to bridging the educational gap between men and women by addressing barriers such as limited access, low awareness of the significance of education and inadequate infrastructure in educational institutions.
They focus on the approach involving community and family engagement, providing need based scholarships and offering mentorship programs.
As of 2020, they impacted the lives of 100+ girls and young women through scholarships – enabling them to either return to or continue their education. Besides, the organization has connected these beneficiaries with mentors who invest their time in nurturing their psychosocial well-being, fostering a supportive environment for their personal and educational growth.
> The Nigerian Women Trust Fund
The proportion of women in elective and professional positions in Nigeria is currently at 4.8%. By 2027, the organization has a goal of achieving 35% female representation.
And, through endorsements, the creation of a database of high-profile female candidates and fundraising to support female political campaigns in Nigeria, they seek to achieve this valuable target.
Another successful campaign includes the training of 100 Nigerian women in their mentorship program – to foster female leadership and the end of violence against Women and Girls.
https://borgenproject.org/empowering-women-in-nigeria/
> Womenpreneur Pitch-a-ton
The Womenpreneur Pitch-a-ton program was launched in 2019, and it is the first women-in-business support initiative of its kind in the industry offered by Access Bank’s W Initiative.
The program in its maiden edition provided a free mini-MBA certification to 50 women entrepreneurs in Nigeria as well as financial grants worth N9Million to the top 3 applicants. This was achieved in conjunction with the International Finance Corporation (IFC, a member of the World Bank Group). Subsequently, the program was extended to 10 other African countries (where Access Bank’s W initiative has its presence). The program has since awarded the Mini-MBA training to 645 women entrepreneurs and provided over $175,000 in grants across Africa. Then Nigeria hosted the 6th season of the Womenpreneur Pitch-a-ton which sought to provide mini-MBA certification to another 120 women entrepreneurs as well as grants worth over N17.5 million Naira.
> Nigerian Women s Association of Nigeria (NWAN)
Basically, the Nigerian Women’s Association of Nigeria (NWAN) is a non-governmental organization. And it aims to promote the welfare and empowerment of women in Nigeria.
The association focuses on issues such as – education, healthcare, economic development, and human rights. NWAN provides a platform for women to network, share experiences, and work together to address challenges facing women in Nigeria.
They also partner with government agencies, international organizations, and other stakeholders – to advance women’s rights and interests.
And, NWAN has local chapters across Nigeria, making it a prominent voice for women’s empowerment in the country.
> The Nigerian Association for Women’s Advancement (NAWA)
The Nigerian Association for Women’s Advancement (NAWA) is a registered not for profit, non-governmental, educational and social welfare trust. It was founded in 1992 with aiming to focus on the education of women and girls.
NAWA believes that the education of women and girls enables them to become self-supporting, providing them with access to equal opportunities in the labour market, professional growth and promotion of the dignity of work in the home through proper
professional preparation.
Their mission is very focused – to see every Nigerian woman equipped with an integral education that will enable her play her unique role in the home, work place and the larger society.
– To elaborate, their mission is – Women Empowerment through education.
– To recognize her role as backbone of the family.
– To make free and responsible choices.
– To be an agent of change by upholding ethical and moral values in all her activities.
Grants
> Tony Elumelu Foundation (TEF) Grant
The Tony Elumelu Foundation (TEF) happens to be one of the best business grants for entrepreneurs. It was in 2020 that Tony O. Elumelu established the foundation as an African non-profit organization with its headquarters in Lagos, Nigeria. Since 2010, the Foundation has supported 18,000+ African businesses in 54 African nations.
If you are approved as a TEF entrepreneur, it will open up opportunities. You will have access to a premium network of mentors, tools, and support to help you turn your company concept into a reality, scale up, and expand rapidly. You will also get $5,000 in non-refundable initial cash to help you launch your business.
You can visit tefconnect to fill out and submit your application.
> Bank of Industry (BOI) Grants
The Bank of Industry is Nigeria’s biggest, most successful, and oldest development finance organization. To trace its origin, it was in 2001, the BOI was formed by the merger of the Nigerian Industrial Development Bank (NIDB) Limited. However, the NIDB has been in existence since 1964.
The Bank of Industry offers different direct financing solutions. These include asset finance, secured loans, working capital loans & more. The BOI distributes this money to enterprises across a broad variety of industries. Among the primary focus areas are – agriculture, agro-processing, information and communication technology, oil and gas, solid minerals & the creative industries. Other financial incentives include – competitive interest rates and relatively extended payback durations. Loan facilities have tenors ranging from one to five years (and higher).
To apply for the business fund, visit https://www.boi.ng.
> Youth Empowerment and Development Initiative (YEDI) Grants
Founded in 2004 GroFin was and is headquartered in Mauritius. The organization offers financing and support to SGBs in 14 countries in Africa and the Middle East; and the countries include – Nigeria, Kenya, South Africa, Zambia, Ghana, Ivory Coast, Senegal, Uganda, Tanzania, Rwanda, Egypt, Iraq, Jordan or Oman.
The foundation focuses on small businesses operating in education, healthcare, agri-processing, manufacturing and key services (water, energy and sanitation).
You can also get up to $1.5 million US dollars or a minimum of $100k.
To apply please visit the official website of GroFin.
> IB Plc Hero’s Foundation KickStart Program
The Kickstart program is an International Breweries PLC corporate social investment (CSI) project (managed by its subsidiary IB PLC Hero’s Foundation). It aims to develop an entrepreneurial culture among Nigerian teenagers – by encouraging them to turn their big ideas into sustainable enterprises or grow their current firms via the provision of material and financial assistance.
The program has a three-pronged strategy for training and developing young entrepreneurial capability, mentoring and coaching to help experienced professionals exploit their skills, as well as grant funding.
https://reg.smetoolkit.ng/EDC/program/kickstart-nigeria
> African Entrepreneurship Award
The African Entrepreneurship Award (AEA) was established in 2014, with assistance from President Obama at Stanford’s Global Entrepreneurship Summit. The AEA is Africa’s biggest private-sector prize dedicated completely to assisting technology-based firms. Its main objective is to help generate employment and improve people’s lives throughout Africa. It is entirely supported by BMCE Bank of Africa, the second biggest bank in Morocco, North Africa.
The AEA has over 50 African university partners, and over half of the 4000 participants in the tournament are current students or recent graduates. The AEA awards $1 million to winners and is sponsored by BMCE Bank of Africa.
EFN launched its cooperation with the AEA in 2016, offering worldwide mentors, judges, trainers, and coaches – both electronically and during the Africa finals.
https://entrepreneurfutures.org/african-entrepreneurship-award/
> Central Bank of Nigeria (CBN) AGSMEIS Loan Scheme
The Agri-Business/Small and Medium Enterprise Investment Scheme is an initiative that supports the Federal Government’s efforts – to promote agricultural businesses for long- term economic development and job creation.
If you do want to apply for this loan you must ensure you completed the NIRSAL MFB Entrepreneurship Development Institute (EDI) program. This loan presently has an annual interest rate of five percent (5%) and does not need collateral.
> African Women Development Fund
What is special is that African Women Development Fund is a female-only grant organization founded in 2001. The organization works to advance women’s rights & women-led organizations throughout the continent. And, it has granted more than $40 million in funding for women throughout the years.
The fund provides grants to groups that address topics such as – body and health rights, women’s economic security and justice, leadership, participation, and peace.
The grant price for this fund is not specified, and various firms get different amounts.
https://www2.fundsforngos.org/
> Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) Grant
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) was founded by the SMEDAN Act of 2003 to encourage the growth of Nigeria’s MSME sector.
If you are an adult with a company, you may apply for this grant. To apply for the grant, visit usadf.gov and fill out the form.
> Youth Empowerment Nigeria (YEN)
Youth Empowerment Nigeria is a non-profit project organization that works towards empowering youth. The program sponsors skill acquisition programs and other projects for Nigerian youth.
The project helps in job creation, leadership, social work and more. All the projects conducted are usually Youth-led and created. So, if you have a project in mind you can apply to get a grant to do your project.
To apply for YEN you can visit youthempowermentnigeria.org, sign up & complete the form.
> Innovation Prize for Africa
Innovation Prize for Africa is another organization that provides grants for entrepreneurs in 2024. The grant is aimed at encouraging innovation-driven solutions to the myriad of challenges in Africa by Africans.
The grant focuses on projects on – Agriculture, Biodiversity and Sustainability, Digital Communication / ICTs, Life Sciences, and Health. The First prize is $1000,000, the Second prize is $25,000, the Third prize is $25,000, and the Recognition prize is $5000.
https://www.makemoney.ng/business-grants-for-nigeria-entrepreneurs/
Avtar Madan
Himanshu
Shree Lahiri
