The Ooni of Ife, Oba Adeyeye Ogunwusi, together with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), has launched a N1 billion fund to support women-owned micro businesses. Named Women-Owned Micro Businesses (WOMB), this initiative honors Madam Abibatu Mogaji Tinubu, the mother of the Nigerian president.
The WOMB initiative aims to provide financial support, training, mentorship, and market access to female entrepreneurs throughout Nigeria. This project aligns with the Ooni of Ife’s vision to uplift individuals from “grass to grace.”
The fund was unveiled during the 2024 4th Royal African Young Leadership Forum (RAYLF) at Oduduwa Hall, Obafemi Awolowo University (OAU), Ile-Ife. At the event, 100 African youths were also recognized for their excellence in various fields.
In his speech on the theme “African of the future: Better together,” the Ooni reiterated his commitment to nurturing young African leaders capable of addressing the continent’s critical challenges. He stressed the importance of collective efforts for Africa’s advancement.
Charles Odii, SMEDAN’s Director General, highlighted the importance of the partnership with RAYLF to formally launch the WOMB project. He announced that SMEDAN has committed N1 billion to this initiative, which aims to enhance the capabilities of female entrepreneurs through various support programs.
Comprehensive Support for Women Entrepreneurs
The WOMB project will provide extensive training, funding, mentorship, and access to local, regional, and global markets. This initiative is designed to empower women entrepreneurs, ensuring the successful implementation and sustainability of their businesses.
The collaboration between the Ooni of Ife and SMEDAN represents a significant step towards empowering women entrepreneurs in Nigeria.