Women’s empowerment non-governmental organization, Flourish Africa, has successfully trained its third cohort of 515 women entrepreneurs and increased its funding to N1.3 billion.

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

The individual grant amount has been increased from N2 million to N3 million in response to current economic conditions, demonstrating the organization’s commitment to sustainable economic growth across Africa.

Since the launch of the initial N1 billion grant programme, Flourish Africa has enabled 1,539 women entrepreneurs to benefit from comprehensive business training and distributed N400 million in capital to 200 women entrepreneurs, resulting in a significant impact on local economies and communities.

Speaking at the ceremony, Flourish Africa founder 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 this program enables women to participate and influence economic decision-making within society, thereby contributing to the eradication of poverty and fostering economic growth. The conference, themed “She-Champions: Elevating Women’s Participation in Economic Development,” brought together renowned business leaders sharing their insights on women’s economic empowerment.

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

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

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

The four-month intensive training program, which trained 515 women-owned micro, small and medium enterprises (MSMEs), provided participants with expert advice on business strategy, financial management, compliance legal, marketing and human resources.

This comprehensive program aims to equip entrepreneurs with the skills needed to create sustainable and profitable businesses.

Alakija said she aims to empower 2,500 women business owners through funding and structured training over five years, starting in Nigeria with plans to expand across the continent, representing a significant milestone towards reducing the gender gap in African entrepreneurship. She urged individuals and organizations to support the initiative, enabling its expansion to reach more women across Africa and beyond.