The Ooni of Ife, Oba Adeyeye Ogunwusi, in partnership with the Small and Medium Enterprise Development Agency (SMEDAN), has launched the N1 billion Women Owned Micro Businesses (WOMB) initiative. This fund aims to support businesses owned by women and is named after Madam Abibatu Mogaji Tinubu, the mother of the president.
The announcement took place at the Oduduwa Hall, Obafemi Awolowo University (OAU), during the 2024 4th Royal African Young Leadership Forum (RAYLF), where the monarch also honored 100 outstanding African youths for their achievements.
Speaking on the theme “African of the Future: Better Together,” the Ooni emphasized the forum’s goal of uplifting individuals from grass to grace. He stated, “We will raise a lot of people from grass to grace. The Africa Chamber of Commerce will continue to drive this initiative.”
The Ooni reiterated his commitment to empowering young Africans and addressing critical challenges facing the continent. “Through RAYLF, I am committed to leading young people across Africa to reshape the future of the continent,” he said.
Charles Odii, Director General of SMEDAN, expressed that the new RAYLF initiative will be pivotal in driving economic growth. He explained that the partnership aims to formalize the launch of the N1 billion WOMB project, which will train, fund, mentor, and support female entrepreneurs across Nigeria.
“The collaboration aims to enhance the capacity of WOMB through comprehensive training, funding, mentorship, and access to market programs administered by RAYLF,” Odii stated.
Both parties have committed to ensuring the successful implementation and sustainability of the WOMB project, underscoring their dedication to fostering economic growth and empowering female entrepreneurs in Nigeria.
