Flourish Africa, a female empowerment non-profit founded by businesswoman and philanthropist Folorunso Alakija, has trained 515 female entrepreneurs in its latest cohort, increasing its grant funding to N1.3bn.
The organisation awarded seed grants of up to N3m each to 100 graduates of its Business and Life Skills Training Programme who excelled in business pitch competitions during its Grant Award Ceremony and 8th Annual Conference held recently in Lagos, according to a statement.
Flourish Africa noted that the grants were an increase from the previous N2m, which was attributed to current economic realities.
“The individual grant amount was increased from N2m to N3m in response to current economic conditions, demonstrating the organisation’s commitment to sustainable economic growth across Africa,” it stated.
Flourish Africa disclosed it has made progress since its initial N1bn grant programme launched, equipping 1,539 female entrepreneurs with in-depth business training.
In total, it has disbursed N400m to 200 women-owned enterprises, driving growth in local communities and the broader economy.
Alakija addressed attendees at the ceremony, highlighting the transformative potential of empowering women.
“When women have access to economic resources and equal opportunities, they improve their well-being and that of their families,” she said. “This empowerment enables them to participate in and influence economic decision-making within society, thereby contributing to eradicating poverty and fostering economic growth.”
The conference, themed ‘She-Champions: Elevating Women’s Participation in Economic Development,’ attracted influential business leaders who shared insights on economic empowerment for women.
The founder and Chief Executive Officer of No Left-Overs, Ayodeji Megbope, referenced studies indicating that closing the gender gap in labour force participation could add £28tn to the global Gross Domestic Product by 2025.
The CEO of Sorami Enterprises, Olufunto Igun, emphasised the necessity of mentorship, stating, “Trust, mutual respect, and setting SMART goals are essential. With effective mentorship, women entrepreneurs become self-sufficient and can empower others.”
Further, the Executive Director of Flourish Africa, Folarin Alakija, stressed the economic importance of investing in women, asserting that education and business skills training for women contribute significantly to societal growth.
The four-month intensive training for female-owned Micro, Small, and Medium Enterprises offered instruction in areas including business strategy, finance, legal compliance, marketing, and human resources, designed to help entrepreneurs build sustainable and profitable businesses.
Flourish Africa added that from its launching in 2021 to commemorate Alakija’s 70th birthday; it aims to empower 2,500 female business owners over five years, initially in Nigeria, with plans for expansion across Africa.
Alakija called on individuals and organisations to support the initiative, remarking, “We want to see more African women empowered to reach their potential. With this support, we can extend our reach and deepen our impact across the continent.”
