Seed Grant Increase to N3 Million
In a significant move towards empowering women entrepreneurs, Flourish Africa, the non-governmental organization founded by businesswoman and philanthropist, Apostle Folorunso Alakija, has announced an increase in the Flourish Africa Female Entrepreneurs’ business seed grants. The grants have been raised from N2 million to N3 million and will benefit 100 deserving women enrolled in its Business and Life Skills Training Programme. This strategic initiative is aligned with Flourish Africa's ambitious goal of empowering at least 2500 female entrepreneurs over the next five years.
Empowerment at Scale
Flourish Africa's commitment to women's empowerment has been a consistent theme, and this latest development reflects its dedication to making a substantial impact. The Founder, Apostle Alakija, surprised conference participants with an additional gesture – a cash gift of N20,000 each.
Since the initiation of the N1 billion Grant in 2021, Flourish Africa has made remarkable strides. The organization has successfully trained over 1,005 female entrepreneurs, disbursing a total of N200 million to 200 deserving recipients. This financial support has injected capital into businesses, fostering expansion and creating a positive community impact. Beyond monetary aid, over 1,000 women entrepreneurs have benefited from Flourish Africa's world-class business training.
Fostering Economic Growth in a Digital Economy
The 7th Annual Flourish Africa Conference, held under the theme "She-Champions: Fostering Economic Growth and Participation in a Digital Economy," was a platform for reflection and projection. Apostle Alakija expressed her delight at the program's positive impact on thousands of women through various interventions.
Mrs. Somachi Asoluka, the CEO of Tony Elumelu Foundation, delivered insights on the crucial role of women in driving economic growth in a digital economy. Recognizing the economic power of women as a transformative force, she underscored the challenges and opportunities presented by the digital revolution. She commended Apostle Alakija for championing gender equality and creating a platform for the exchange of ideas.
Insights from the Regional Head of Bank of Industry
Dr. Jack Kings, Regional Head of the Bank of Industry (Lagos Region), shared insights into the challenges faced by businesses in Nigeria. These challenges include limited access to finance, high operational costs, a shortage of trained manpower, poor bookkeeping practices, and vulnerability to market fluctuations.
As Flourish Africa continues to spearhead initiatives for women's empowerment, the organization stands as a beacon for positive change, fostering economic growth, and reshaping the narrative for women entrepreneurs in Africa.