Flourish Africa Empowers 515 Female Entrepreneurs, Raises Grant To N1.3bn

Flourish Africa, a non-governmental female empowerment organisation founded by leading businesswoman and philanthropist Apostle Folorunso Alakija, has successfully trained its third cohort of 515 female entrepreneurs and increased its grant funding to N1.3 billion.

At the recent Grant Award Ceremony and 8th Annual Conference in Lagos, 100 graduates of the Business and Life Skills Training Programme received seed grants of up to N3 million each after excelling in business pitch competitions. The individual grant amount was increased from N2 million to N3 million in response to current economic conditions, demonstrating the organisation’s commitment to sustainable economic growth across Africa.

Since launching the initial N1 billion grant programme, Flourish Africa has empowered 1,539 female entrepreneurs with comprehensive business training. The organisation has distributed N400 million in capital funding to 200 women entrepreneurs, significantly impacting local economies and communities.

“When women have access to economic resources and equal opportunities, they improve their well-being and that of their families”, said Apostle Alakija at the ceremony. “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”, featured notable business leaders sharing insights on women’s economic empowerment. Ayodeji Megbope, Founder and CEO of No Left-Overs, highlighted research indicating that closing the gender gap in labour force participation could contribute £28 trillion to global GDP by 2025.

Olufunto Igun, CEO of Sorami Enterprises, emphasised the crucial role of mentorship in entrepreneurial success, noting that “Trust, mutual respect, and setting SMART goals are essential. With effective mentorship, women entrepreneurs become self-sufficient and can empower others.”

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

The four-month intensive training programme, targeting female-owned Micro, Small and Medium Enterprises (MSMEs), provided participants with expert guidance in business strategy, finance management, legal compliance, marketing, and human resources. This comprehensive curriculum aims to equip entrepreneurs with the skills needed to build sustainable and profitable businesses.

Flourish Africa’s vision extends beyond individual success stories. The organisation aims to empower 2,500 female business owners through funding and structured training over five years, starting in Nigeria with plans to expand across the continent. This initiative, launched on Apostle Alakija’s 70th birthday in July 2021, represents a significant step toward closing the gender gap in African entrepreneurship.

The movement serves as a catalyst for African women’s advancement, providing female millennials and adults with resources for both professional and personal development. Apostle Alakija urged individuals and organisations to support this socio-economic empowerment initiative, enabling its expansion to reach more women throughout Africa and beyond.

During the intensive training program, 515 selected female entrepreneurs were exposed to world-class training and business mentoring from industry experts on various modules ranging from business strategy, finance strategy, legal and regulatory requirements, marketing strategy, Human Resources Management amongst others.