Last week, in a display of support for female entrepreneurs, Nigeria’s richest woman, Folorunsho Alakijaawarded a staggering 300 million naira in business empowerment grants to 100 Nigerian women. Each of these entrepreneurs received a 3 million naira grant, not as a loan but as seed money, to grow their small businesses, expand their operations, and create jobs within their communities. This annual grant, now in its eighth year, has become a beacon of hope for ambitious women across the country, helping them to build sustainable livelihoods in an often challenging economy.
This initiative is not just about money—it’s about legacy. Thirty years ago, Alakija herself was a thriving fashion designer with dreams beyond the runway. Her close friendship with Nigeria’s then-First Lady, the late Maryam Babangida, transformed her life, opening doors to the oil and gas industry. With Babangida’s support, Alakija secured an oil license, which laid the foundation for Famfa Oil, one of Nigeria’s major indigenous oil companies. Today, as an established business tycoon, she recognizes the importance of passing on that support, paying it forward to women who, like her, just need a little extra help to reach their potential.
For Alakija, this annual grant program is a means of “democratizing luck.” She knows that talent and hard work are essential, but access to opportunity is what truly changes lives. Reflecting on her own story, Alakija emphasizes the transformative power of mentorship and female camaraderie. By funding women-led businesses, she’s helping to shape a new era of Nigerian female entrepreneurs, many of whom lack the resources to scale up their enterprises but have the vision to make an impact.
This year’s 100 beneficiaries represent a diverse array of industries, from agriculture to tech and creative arts. The grants allow them to invest in equipment, hire employees, expand into new markets, and even export their products beyond Nigeria. These women now have the financial breathing room to focus on innovation and growth, contributing to the country’s economic development and helping to address its high unemployment rates. For many, this funding is a once-in-a-lifetime chance to break the cycle of poverty for themselves and their families.
Alakija’s commitment to fostering a strong female entrepreneurial ecosystem is significant for Nigeria’s economy as a whole. Small businesses form the backbone of the country, providing more than half of all jobs, yet many struggle to survive due to insufficient capital. By specifically supporting women entrepreneurs, Alakija is also challenging long-standing barriers that limit women’s economic participation. As a result, these women are better equipped to serve as role models and mentors, inspiring the next generation of female business leaders.
The roots of Alakija’s initiative go beyond simple philanthropy. In her own life, she has experienced the difference that one person’s belief and support can make. Maryam Babangida’s intervention paved the way for Alakija’s entry into the male-dominated oil sector. Now, Alakija is replicating this ripple effect, creating an environment where other women can access similar opportunities for growth and success.
Despite her status as one of Africa’s wealthiest individuals, Alakija remains deeply committed to her mission of empowering women. Her loyalty to the family of the late First Lady Babangida reflects a deep sense of gratitude, but also a recognition of the shared journey that continues to define her. Alakija’s story is a testament to how success and responsibility can go hand in hand, shaping lives beyond one’s immediate reach.
Beyond the numbers, Alakija’s annual grant program is shifting perceptions and reshaping the narrative around Nigerian women in business. As more beneficiaries thrive, they too become champions of female empowerment, contributing to an entrepreneurial culture that values and supports women’s contributions. Through these grants, Alakija is fostering a generation of women who will, in turn, be able to lift up others.
This annual investment into the lives of Nigerian women is much more than a financial gift; it’s an investment in Nigeria’s future. By giving women the means to succeed on their own terms, Alakija is helping to unlock the untapped potential of a critical sector of the population. Her actions speak to a larger vision of economic inclusivity and social transformation, creating a legacy that goes well beyond her individual achievements.
