Nigeria's richest woman, Folorunsho Alakija, through her NGO Flourish Africa, has donated N300 million to 100 selected female entrepreneurs after a ri
Nigeria’s richest woman, Folorunsho Alakija, through her NGO Flourish Africa, has donated N300 million to 100 selected female entrepreneurs after a rigorous training and competition process. Each female entrepreneur received a N3 million free grant to support their small business.
Out of 409 submitted business plans, 200 advanced to pitch sessions, and an independent panel selected 100 winners. Alakija said the narrow selection process was intentional, arguing that money without preparation can drown a young business as quickly as it can lift it.
Alakija framed the grants as a bet on women who already drive Nigeria’s small business economy. She emphasized that capital must come with structure for a venture to survive Nigeria’s challenging terrain and grow into an employer.
The 100 selected female entrepreneurs were selected from various sectors, including manufacturing, agribusiness, food processing, fashion, beauty, and services. Alakija while explaining why her NGO backs only female entrepreneurs, she noted that backing women-owned enterprises has a ripple effect, as families tend to eat better, children stay in school longer, and communities gain locally rooted jobs when women’s businesses thrive.
