Flourish Africa raises seed grant to N3m at 7th annual conference

By Zika Bobby

Dedicated to empowering women across Africa, Flourish Africa, a non-governmental organisation founded by businesswoman and philanthropist, Apostle Folorunso Alakija, has announced an increase in the Flourish Africa Female Entrepreneurs’ business seed grants from N2 million to N3 million to 100 deserving women in its Business and Life Skills Training Programme.

This initiative aligns with Flourish Africa’s goal of empowering at least 2500 female entrepreneurs over the next five years.

The Founder, Apostle Alakija, also surprised participants with the announcement of a cash gift of N20, 000 each.

Since 2022, Flourish Africa has successfully trained over 1,005 female entrepreneurs, disbursing N200 million to 200 deserving recipients.

Speaking at the 7th Annual Flourish Africa Conference 2023 with the theme: “She-Champions: Fostering Economic Growth and Participation in a Digital Economy,” Alakija expressed her delight for the positive impact the programme had made in lives of thousands of women through various interventions since the inception of the N1 billion Grant in 2021.

According to her, 200 women have received support totaling N400 million, injecting capital to expand businesses and creating community impact. In addition to financial support, over 1,000 women entrepreneurs have benefited from world-class business training.

Mrs. Somachi Asoluka, the Chief Executive Officer of Tony Elumelu Foundation, who spoke at the event, emphasised the critical role of women in fostering economic growth in a digital economy, acknowledging the undeniable economic power of women as a force capable of reshaping the world.

The digital revolution, she argues, presents both challenges and opportunities, and the empowerment and inclusion of women are vital for realizing the global economy’s full potential.

She commended Apostle Alakija for championing gender equality and providing a platform for the exchange of ideas, asserting that the economic power of women is a transformative force.

Dr. Jack Kings, Regional Head of the Bank of Industry (Lagos Region), highlighted challenges faced by businesses in Nigeria. These challenges include limited access to finance, high costs of doing business, lack of trained manpower, poor bookkeeping practices, and vulnerability to market fluctuations.