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Five Ways Women Entrepreneurs in Nigeria Can Access Funds For Their Businesses

by Women Times on

Women entrepreneurs play a critical role in economic development by boosting growth and creating jobs yet, they face numerous challenges to financing and growing a sustainable business, including limited access to capital, technology, networks and knowledge resources. In recent times, government and private organisations have started implementing initiatives to address these challenges and support female entrepreneurs in the areas of business training, development, advisory and access to funds.

Here are five ways women entrepreneurs in Nigeria can access funds for their businesses;

Flourish Africa Grants

The Flourish Africa Grant for female entrepreneurs is a N1billion fund to support and promote female-owned businesses in Nigeria. The programme is designed to empower the entrepreneurial activities of at least 2,500 female business owners through funding and structured training over a five-year period by providing cash and organised training. Through the programme, a minimum of 500 female entrepreneurs would be educated each year, after which the top 100 achievers from the pool would be eligible for grants of up to N2 million each.

Herconomy Enterprise Challenge

The ‘Enterprise Challenge’ by Herconomy is designed to empower female-led businesses financially and through grants and continuous mentorship. The annual challenge is opened to female-owned businesses that address at least one of the Sustainable Development Goals and is registered with CAC. Participants get to pitch their business to a group of judges and get the chance to win grants of up to N3 million and possibly get investments.

MTN Y’ellopreneur

The Y’ellopreneur initiative recently launched by the MTN Foundation, aims to build the entrepreneurship skills of 500 Women and support 100 small and medium businesses across the country with a business loan of 2million naira. The program is targeted at female entrepreneurs who display passion and commitment to self-employment and run an existing business of two years and above, especially in the areas of manufacturing and processing.

Womenpreneur Pitch-a-ton Africa

The Womenpreneur Pitch-a-ton Africa programme is designed to provide female owned businesses across Africa an opportunity to access finance, world-class business training as well as mentoring opportunities. The programme is designed as a 3-month period comprising 12 weeks of mini-MBA training in collaboration with the International Finance Corporation (IFC) and pitching sessions to a Pan-African Jury panel where the top one hundred (100) finalists will pitch their businesses, infusing learnings from the mini-MBA and will stand an opportunity to win financial grants and other consolation prizes.

Women in Tech Incubator

The Women in Tech Incubator (WITI) program aims to support female entrepreneurship, align with calls for more diversity in tech and provide more opportunities for women to develop entrepreneurial and leadership expertise.  The goal of the Women in Tech Incubator in Nigeria is to provide incubation support designed to target early-to-mid stage female professionals from technology and business sectors. The program is targeted at women-led start-up businesses based in Nigeria and which aligns with the United Nations SDG’s.

Credit: The Cable

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Empowerment

NNPC, TotalEnergies Set Up Women Acquisition Centre

by Women Times on

As part of effort to provide an enabling environment for women and young people to learn skills and create employment, the Nigerian National Petroleum Company Limited, TotalEnergies Upstream Nigeria Limited, operator of OML 130, and partners have inaugurated a women development and skills acquisition centre in Omu-Aran, Kwara State.

The development and skills acquisition centre was designed to provide an enabling environment for women and young people to learn skills and create employment in Omu-Aran.

The self-sustaining skill acquisition centre is expected to reduce women and youth unemployment and restiveness in the communities around the state, as well as enable them to generate income.

The centre consists of four training halls for fashion designing and tailoring, catering and hotel management, computer training and mixed training facility.

It has a sick-bay, over 400 seater auditorium and lounge supported with a solar power generating unit.

The Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Bala Wunti, who was represented by Bunmi Lawson, said the project aligned with the sustainable development goals.

The Managing Director and Chief Executive, TotalEnergies Upstream Nigeria Limited, Mike Sangster, who was represented by the Executive Director, People and Country Service, George Oguachuba, pointed out that the project was among eight projects scheduled for inauguration in November 2022.

He said another 19 projects were under construction and would be inaugurated when completed.

OML 130 partners include NNPC, TotalEnergies Upstream, PRIME (formerly Petrobras), Sapetro and CNOOC.

 

 

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Empowerment

PadHer Named One of the World’s Best Education Innovations, Impacts over 2,000 Girls

by Women Times on

Since its founding in 2021, PadHer, an organization that seeks to eradicate period poverty in Africa, has impacted over 2,000 young African schoolgirls. It was recently named one of the “most impactful and scalable innovations in education” by HundrED.org, an organization that seeks and shares inspiring innovations in K12 education. 

“To make this year’s Global Collection, 188 Academy Members consisting of academics, educators, innovators, funders, and leaders from 113 countries performed 3,488 reviews based on their impact and scalability that HundrED’s Research Team then evaluated to make the final collection” says Crystal Green, the Head of Research, HundrED.

“Each year, HundrED compiles and publishes a renowned list of the top innovations in education. PadHer made it to the list this year, yet we are barely a year old. Being recognized quickly as one of the world’s leading education innovations by such a reputable organization is a great honor. This is the push we need to continue doing what we do at PadHer”, said Chika Nwaogu, the founder of PadHer.

Chika continued, “One in 10 girls in Africa miss school during their periods to avoid the embarrassment of bleeding through their uniforms. Many drop out of school altogether once they begin menstruating. Should our young girls miss 20% of school days or drop out due to a lack of information or sanitary products? The plain answer is NO! There’s already a lot standing in their way. Periods should not be one of them”

“We are providing innovative ways to educate and mentor young African schoolgirls in underserved communities on periods and puberty while making sanitary pads free and accessible. In a nutshell, PadHer is making it free, fun, easy, and comfortable to teach young African schoolgirls from underserved communities about periods and puberty using comic books”, Chika Nwaogu added.

Mike Dunn, Director of College Counselling, U.S.A.: “HundrED’s List of the World’s Top Innovations in Education is packed with innovations that truly move the needle in education reform around the world. Meeting the needs of students, parents, teachers, and communities, these world’s best innovations are a go-to resource for anyone looking to catch a glimpse of the wealth of possibility in education innovation and transformation.”

HundrED is a Finland-based, mission-driven, and global organization, that discovers, researches, and shares inspiring innovations in K12 education. Their goal is to help improve education and foster a movement by encouraging impactful and scalable innovations to spread across the world while staying mindful of context.

PadHer is a women-led non-profit organization that uses comic books to educate and mentor young African schoolgirls from underserved communities about periods, puberty, and SRHR topics in order for them to effectively manage their periods and build the self-confidence they need to take control of their future and succeed.
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Empowerment

RAK Foundation Pioneer, Ogunlende, Empowers Fallen Heroes Widows To Celebrate Nigeria At 62

by Women Times on
Philanthropist and the Pioneer of Real Act of Kindness (RAK Foundation), Mobolaji Ogunlende, has empowered widows of fallen heroes in Badagry to mark the 62nd Independence anniversary of Nigeria.
Speaking at the event, Ogunlende said that he would continue to encourage everyone in his life to keep working for Nigeria’s greatness.
“I am happy and delighted that this is the only way I have chosen. We have carefully selected this group of people to be empowered today for so many reasons.
“I want to sincerely express my condolences to the loss of your loved ones to active service to the country.
“I decided to celebrate my own Independence Day to empower their widows in my own little way.
“This is to let you know that your husband’s did not labour in vain. This is to keep you going in my own little way and I think other Nigerians will emulate this little way,” he said.
Ogunlende further expressed that this act was inline with the Nigeria National Anthem that says “The Labour of our Heroes past shall not be in vain”.
Ogunlende said that the money was to help the widows upgrade their businesses or increase whatever they were doing.
RAK Foundation pioneer commended the THEMES agenda administration of Gov. Babajide Sanwo-Olu.
“The last S stands for security. Security is everything, no matter how rich or poor you are, security of life and property come first.
“If you don’t have security, you are not saved. I appreciate the dedication of the Nigeria security agencies to their duties,” he said.
Ogunlende said 15 widows were selected from Military and Police to empower with ₦20,000.
According to him, five are from the 243 Recce Battalion Barracks Ibereko, five from 15 Engineering Regiment, Topo Barracks and five from Badagry Police station.
He urged the widows to take the little gift from him to support their businesses.
Representative of Major Liadi, the Commanding Officer, 15 Engineering Regiment Topo Barracks, commended Ogunlende for extending his merciful hands to the widows in the Barracks.
He hoped that others in the country would emulate this gesture and extend it to the headquarters in Abuja.
Representative of Col. MA Abba, the Commanding Officer, 243 Recce Battalion Barracks Ibereko, Badagry Lagos, said that Ogunlende is a hero.
According to him, any person that empowers a hero’s wife is a hero.
“It is the heart of the man that makes him a man.
“Ogunlende gives without expecting anything for one. God will reward him,” he said.
Also speaking, Mrs Sesi Ogungbe, the Supervisor for Women Affairs and Poverty Alleviation (WAPA) Badagry-West Local Council Development Area (LCDA) urged the widows to make judicious use of the money.
She said that it takes the spirit of God to be able to give out nowadays.
Mrs. Chinessa Kpanikwu, one of the widows thanked Ogunlende for the gift and promised to use the money to extend her frozen food business.
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Empowerment

Crown Flour Mill Empowers Women With Baking Training Certification

by Women Times on

Crown Flour Mill (CFM) Limited, the flour milling subsidiary of Olam Agri, a leading agribusiness in food, feed, and fibre, has successfully empowered a group of indigent women by equipping them with valuable skills in baking. The beneficiaries of the empowerment initiative tagged Crown Flour Angels (CFA) were presented with the National Business and Technical Examinations Board (NABTEB) examination certificates at an event organised by the flour milling business on Friday, September 23, 2022, in Lagos.

The training and certification sponsored by CFM will offer the women the opportunity to take up employment in the hospitality sector, even as a good number of them are expected to set up their very own baking outfits.

Speaking about the Crown Flour Angels initiative, launched in 2021, Ashish Pande, the Country Head for Olam Agri Nigeria, said, “We are committed to enriching the lives of the people across our operating market by providing nutritious, safe and affordable food for the population as well as enabling the actualization of the fine aspirations of the individuals within the population by supporting the economic development agenda of the government.”

According to Pande, “The Crown Flour Angels initiative is one of the valuable levers we are pulling continuously to deliver on the Seeds for the Future programme, our signature value chain development initiative that focuses on supporting farming communities, enabling wider education and skill development for young people, empowering indigent women and promoting health and nutrition across the country.” He congratulated the women and urged them to make the best use of the skills they have acquired at the baking academy.

The Lagos State Commissioner for Women Affairs and Poverty Alleviation, Mrs Cecilia Bolaji Dada, who was the special guest at the event and presented the certificates to the women, commended CFM for its economic development focus and strong support for women.

“The Lagos State Government is aware of the prevailing economic situation and has been initiating valuable schemes that focus on empowering the active segment to boost their productivity and incomes levels. The CFM Crown Flour Angels Initiative would add to the various poverty alleviation and empowerment efforts embarked on by the administration of our hardworking Governor, His Excellency Governor Babajide Sanwo-Olu. On this note, I thank CFM for being a worthy partner of our dear state,” said the Commissioner.

Mrs Bola Adeniji, the General Manager/Head of Marketing, CFM, highlighted the importance of the CFA initiative. She explained that the contribution of women to the growth of developing nations is receiving growing attention and that research has shown that a 1% increase in women’s contribution to an economy often raises the level of GDP by 58.4%.

On behalf of the beneficiaries of the initiative, Ms Samuel Oluwaseun Oluwatosin, also a participant in the training scheme, appreciated the efforts of the agribusiness. She said the training they received would economically uplift them and their families and reinvigorate a desire to contribute to the nation’s economy positively.

A three-day accelerated bakers’ training was organised in Lagos to kick-start the project. The training was facilitated by an International Cake Exploration Société (ICES) expert, amongst others. So far, CFM has trained over 120 ICES women mostly selected from the lower rung of the socioeconomic spectrum.

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OpportunitiesEmpowerment

Lagos Vows to Promote Women Empowerment

by Women Times on

The Lagos State Government has said its continued partnership with Non-Governmental Organisations will promote the empowerment and safety of vulnerable women in the state.

The state Commissioner for Women Affairs and Poverty Alleviation, Mrs Bolaji Dada, disclosed this, according to a statement on Monday, during a forum held in Agege, Punch reported.

She said, “The objective of this interactive session is to rub minds on issues concerning the progress and development of NGOs registered with WAPA, who have a common goal of easing the plights of vulnerable women across the state through initiatives which promote economic self-reliance, equal access to the labour market and social security systems, among others.

“Since the inception of Governor Babajide Sanwo-Olu’s administration, he has embarked on different initiatives to ensure financial independence and the welfare of Lagosians through the THEMES agenda to achieve the vision of a greater and smarter Lagos.”

In her contribution, the Commander of the Special Female Squad, Nigeria Security and Civil Defence Corps, Lagos State Command, Ada Agada, urged NGOs to encourage their members to speak up against all forms of bullying, rape, harassment, and gender-based violence so that perpetrators can feel the full weight of the law to serve as a deterrence to intending culprits.

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OpportunitiesEmpowerment

Wema Bank Partners SheCan to Empower Nigerian Women

by Women Times on

Wema Bank, Nigeria’s most innovative bank has explained that its belief in the potential of the Nigerian woman is the reason it partnered with SheCan Nigeria, a non-governmental organization to hold the fourth series of the annual skills acquisition training conference themed ‘SheCan Do More 4.0.’ The bank made this position known during a chat with a cross-section of the media recently.

Funmilayo Falola, Head, Marketing Communications and Investor Relations of Wema Bank stated that the Gross Domestic Product (GDP) of the country can become better if there is a structure in place to empower more women to do much more.

“At Wema Bank, we believe that Nigerian women are as naturally endowed and can do much more if given the right support and opportunities. Therefore, we constantly seek to support and empower women so they can optimally contribute to their families, and the economy.”

She quoted a report by McKinsey that shows that Nigeria’s GDP could grow by 23 percent or USD229 billion by 2025 if women took part as much as men in the economy, explaining that its partnership with SheCan Nigeria aims at improving the lives of girls and women, by organizing skills acquisition training and workshops.

She informed that this year’s skills acquisition programme, which was held from 5 to 9 September, trained over 2,000 women in various skills including photography, 3D graphics design, mural painting, culinary class, ankara/leather works, craft (fascinator) and digital marketing.

The one-week training had several resource persons and industry leaders teach and mentor the participants. They include Tara Fela-Durotoye, entrepreneur and founder of House of Tara; Kelechi Amadi-Obi, ace photographer, and publisher of Mania Magazine; Olusegun Adeniyi, Chief Digital Officer Wema Bank; and Ezinne Ezeani, founder of SheCan Nigeria; just to mention a few.

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Opportunities

Access Bank’s ‘W’ Initiative Set to Empower 5,000 Women

by Women Times on

Access Bank ‘W’ Initiative has concluded plans to empower over 5000 women in its third edition of its annual women’s Health Month program.

The program holds in October 2022 with an array of healthcare offerings and financing.

The month-long campaign seeks to significantly decrease the mortality rate from preventable diseases, educate women on health-related concerns and elevate the overall quality of healthcare available to women in Nigeria.

In a statement, Group Head, ‘W’ Initiative at Access Bank PLC, Ms. Abiodun Olubitan said: “In the few years we have spearheaded this initiative, the impact we have recorded has been nothing short of awe-inspiring,” commented,

“Staying true to our mantra to provide ‘More Than Banking’, our focus will be on providing thousands of women with accessible healthcare across eight pre-selected states of the Federation. One of the objectives of the ‘W’ Initiative is to change the health narrative for many Nigerian women, especially those in underserved communities, and this is what we will be striving to achieve with the forthcoming Health Month. We have seen positive results across previous editions and we will deepen the impact this year by offering free cancer checks and educational programs, open fertility clinics, amongst others, ”Olubitan added.

The bank noted that it would leverage its partnership with prominent healthcare outfits Chronicare Diabetes Management Centre, Hephzibah Eye Care, Skipper Eye Q, Evercare Hospital, Grandville Medical and Laser, and the Fibroid Care Centre at Nordica.

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Opportunities

Women In Tech Nigeria, VBank Upskill 1,000 Women to Bridge Gender Skills Gap

by Women Times on
L-R: Director, Incubation, The Nest Incubation Hub, Segun Maleghemi; Programs Director, Women in Tech Nigeria, Kemi Ogunkoya; Co-Founder, The Nest Incubation Hub, Joba Oloba; Country Director, Women in Tech Nigeria, Solape Akinpelu; Events Manager, Vbank, Seun Ogunmodede and Sales Manager, Vbank, Yonodu Okeugo, during the graduation ceremony of 1,000 trainees of the Vbank sponsored Women in Tech Nigeria Makeathon in Lagos recently

In alignment with its commitment to tackling the scourge of unemployment by bridging the gender skills gap and helping more women embrace technology, no fewer than 1,000 girls and women from 28 Nigerian states have graduated from the inaugural edition of Women In Tech Nigeria’s Makeathon sponsored by leading digital financial services platform, VBank.

 

The 1,000 beneficiaries of the maiden edition of the Makeathon initiative took part in a four-months free, capacity building, digital literacy exercise which began in March 2022 and ended in June 2022. They were equipped with digital, deep tech, and soft skills including Cybersecurity, Digital Marketing, Data Analytics, Product Management and Software Programming to build their tech competencies and enable them to contribute to the growth of Nigeria’s tech ecosystem.

 

The Makeathon initiative goes beyond upskilling girls and women within the ages of 18 to 45 years with requisite tech skills to seeking internship opportunities for them in leading technological organisations in Nigeria and abroad. Thus far, more than 10 tech global firms have committed to offer some of the beneficiaries’ internship opportunities to put their skills to test.

 

To provide the intensive skills training for the beneficiaries, Women In Tech Nigeria partnered with Cybersafe Foundation, Girl Code Academy, and The Nest Incubation Hub.

 

Speaking during the graduation event held in Lagos on Friday, July 15, 2022, the Country Manager, Women In Tech Nigeria, and Co-Founder, HerVest, Solape Akinpelu said; “We are delighted to help girls and women who have a desire to get into tech roles build their tech competencies in such a short time. We are proud of their commitment to learning as it is a testament to their dedication and resolve. We are pleased that we are changing the narratives and have added to the growing number of women equipped with tech skills who can go on to become champions at different sectors.”

 

In his remarks, the Managing Director, VFD Microfinance Bank (VBank), Gbenga Omolokun said; “We are proud of the graduands and how far they have come to be here today. We are pleased to be associated with an initiative that is committed to bridging skills and economic gender gaps in the society. It is inspiring to have women with zero skills about tech come into the space to learn and showcase their talents. We are committed to this initiative and will continue to do this to help more women embrace tech roles.”

 

Also speaking during the graduation ceremony, the Founder and Chief Executive Officer of Women In Tech Global, Ayumi Moore said; “These women whom we are celebrating today have been equipped with digital skills they can deploy across sectors. We are proud to have contributed to helping 1,000 women gain employable skills they can use to drive the growth of the tech ecosystem.”

 

Expressing her fulfillment at the completion of her Cybersecurity program, Grace Emmanuel who was hacked multiple times over two years where she lost her savings said; In January 2022, I told a friend that I was going into tech, but I wasn’t sure what career path I wanted. Getting into the Makeathon program was a dream come true as I learnt so much on information security, networking, web applications, the fundamentals, and levels of cyber protection. The learning was impactful, and I am grateful for this opportunity.”

 

Another beneficiary, Okosun Elizabeth who got training on Software Programming said; “When I got the opportunity to learn Software Programming, I was super excited because programming was a course I wanted to learn but couldn’t get the opportunity. At first, I thought I wouldn’t understand the whole magic behind coding but when classes started, coding became a walk in the park. Thank you, Women In Tech Nigeria and VBank, for this wonderful opportunity.”

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Opportunities

Ecobank Unveils Leadership Training Programme For Women-Owned Businesses in Africa

by Women Times on

Ecobank Commercial Banking, part of the Pan-African banking Group, Ecobank, has launched its Ellevate Leadership Training Programme in partnership with the Global Business School Network (GBSN).

The Ellevate Leadership Training Programme forms part of ‘Ellevate Equip’, the brand name for all capability and training support initiatives for Ellevate by Ecobank, the bank’s gender financing programme. This Leadership Training programme is being delivered to an initial cohort of 40 top tier Ellevate customers from 10 African countries: Cameroon, Ghana, Kenya, Liberia, Malawi, Nigeria, Sierra Leone, Uganda, Zambia and Zimbabwe.

Josephine Anan-Ankomah, Group Executive, Commercial Banking, Ecobank, said: “Ecobank launched Ellevate to serve and nurture the success of women-owned and women-led businesses by providing them with a comprehensive suite of financial and non-financial solutions. It aims to help them reach their full potential and increase their commercial and economic impact. ‘Ellevate Equip’ is a natural extension of these aims and has been designed by the Ecobank Academy to empower African women leaders by providing them with the right tools and skill sets to lead themselves, their businesses and support their communities effectively.”

This is a unique training programme designed and delivered by the Ecobank Academy in partnership with the Global Business School Network and supported by its members, School of Business, INSEAD Africa Initiative and INSEAD Emerging Markets Institute (EMI), Lagos Business School, MIT Sloan Global Programs, Stanford Seed, and the University of Cape Town Graduate School of Business.

Speaking at the launch, Dan LeClair, Chief Executive Officer, Global Business School Network said: “The Global Business School Network is excited to partner with Ecobank Academy in alignment with our mission to improve access to quality, locally-relevant management and entrepreneurship education for the developing world. We are especially excited – through our diverse membership – to bring so many world-leading academics together to present this Leadership program. As a network we see this as a mutual learning experience where we encourage the cohort to take full advantage of the teaching expertise, but also confident that the faculty will look to absorb just as much about the local contexts within which these women leaders operate.”

The selected business leaders will learn how to: Identify and work on key leadership challenges, Master leadership perspectives – reframe challenges with a growth mindset, Think strategically to advance individual and corporate objectives, and Build resilience – effectively manage stress, uncertainty, and setbacks.

Also, leverage on action learning to identify new business opportunities and improve other areas for business growth, Gain a complete view of themselves as leaders, and Effectively lead high performance teams.

Graduating participants will receive a certificate of completion from the Ecobank Group and GBSN.

Ellevate by Ecobank is a multi-award-winning solution designed for businesses owned by women, managed by women, businesses with a high percentage of female board members or employees and companies that manufacture products for women. Ellevate customers benefit from smarter cash management solutions, favorable lending rates and value-added services such as leadership training and networking opportunities designed to bridge the financing gap and scale their businesses.

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