The African Development Bank’s $300 million fund for women entrepreneurs will now be accessible to business women in Lagos. The government of Lagos State has made it known that it has entered into a partnership with African Women Innovation Entrepreneurship Forum (AWIEF) , which will make it easier for women in the state to get their businesses funded.
The Commissioner for Economic Planning and Budgeting in Lagos State, Akinyemi Ashade, disclosed on Tuesday that following the agreement signed with AWIEF, the government will be working with the NGO to ensure that more women in the state get the funding for their business that they need. AWIEF will provide training in aspects of the modern business climate, including the use of technological innovations to boost businesses. The minister also urged women interested in accessing the fund to form cooperative societies, as this would make it easier for the funds to be disbursed to them.
Irene Ochem, founder of the NGO, who also spoke about the funding program, said that women running small and medium scale businesses were free to apply. According to her, the new opportunity opened up by the AfDB’s Affirmative Action for Women in Africa (AFAWA) will help to lessen the financial burden faced by women entrepreneurs in the state.